Welcome to our dedicated page for Commercial Veh Group news (Ticker: CVGI), a resource for investors and traders seeking the latest updates and insights on Commercial Veh Group stock.
Commercial Vehicle Group Inc (CVGI) delivers essential components for commercial vehicles across global markets, specializing in cab systems, electrical solutions, and industrial automation. This news hub provides investors and industry professionals with timely updates on corporate developments, financial milestones, and technological advancements.
Access authoritative coverage of CVGI's earnings reports, product innovations, strategic partnerships, and leadership updates. Our curated collection ensures you stay informed about critical announcements impacting the commercial vehicle sector, from new contract wins to manufacturing expansions.
Key updates include quarterly financial results, major OEM supply agreements, automation technology launches, and aftermarket service expansions. All content is sourced directly from verified corporate communications and regulatory filings.
Bookmark this page for streamlined access to CVGI's latest developments. Combine our news tracking with fundamental analysis tools to maintain a complete perspective on the company's market position and growth trajectory.
CVG (NASDAQ: CVGI) reported Q3 2021 revenues of $239.6 million, a 27.7% increase year-over-year, driven by warehouse automation business and material cost pass-throughs. Net income rose to $7.5 million, or $0.23 per diluted share. Adjusted EBITDA was $16.9 million, up 3.0%.
The company secured $168 million of net new annualized business year-to-date and is advancing its organic growth program. However, the legacy truck business faces challenges due to supply chain disruptions, inflation, and increasing operational costs.
On October 25, 2021, CVG (NASDAQ: CVGI) notified Volvo Group of its intention to terminate their agreement, effective one year from the notice date unless new terms are negotiated. The company aims to enhance profitability by implementing price increases on products that are not meeting margin targets. This strategic move emphasizes CVG's commitment to improving its financial performance and operational efficiency.
CVG (NASDAQ: CVGI) has announced a quarterly conference call scheduled for November 3, 2021, at 10:00 a.m. ET to discuss its third quarter 2021 financial results. A press release and presentation will precede the call. Participants can join via toll-free and international numbers, and the call will also be webcast on CVG's investor relations page, where it will be archived for a year. CVG is a global provider of vehicle components and assemblies, as well as products for warehouse automation and military technology integrators.
CVG (NASDAQ: CVGI) announced a $5+ million investment in two new 2500+ ton injection molding machines for its AdvancTEK division, aimed at expanding capacity for non-commercial vehicle markets. The machines will be installed in the Saltillo, Mexico facility, which has a reputation for quality service. This investment supports AdvancTEK's productivity and sustainability goals through energy-efficient technology and innovative production solutions. The company aims to grow in new markets, leveraging its extensive experience and establishing a multi-year expansion plan.
CVG (NASDAQ: CVGI) announced the appointment of Peter Ingemi as Vice President of Aftermarket, NPI, and Ecommerce. Reporting to CEO Harold Bevis, Ingemi will lead initiatives in the Global Aftermarket & Accessories Business, NPI Strategic Program Management, and Marketing & Ecommerce. Bevis expressed optimism about Ingemi's experience in ecommerce driving growth in these key areas. Ingemi, previously Chief Commercial Officer at Omnimax International, aims to leverage his expertise to enhance CVG's sales and margins.
CVG (NASDAQ: CVGI) announced the appointment of Kristin Mathers as Chief Human Resources Officer, effective September 1, 2021. Harold Bevis, CEO, expressed enthusiasm for Mathers’ expertise in talent management and team performance, crucial for the company's transformation into a higher-profit growth firm. Mathers joins from Baker Hughes, where she spent 21 years, most recently as Vice President of Talent Management. She holds a Bachelor of Science in Mathematics and an MBA. CVG focuses on providing components for the global vehicle market and U.S. technology integrators.
CVG (NASDAQ: CVGI) announced that its President and CEO, Harold Bevis, and CFO, Christopher Bohnert, will participate in upcoming virtual investor conferences. The Sidoti Virtual Investor Conference is scheduled for August 18-19, with a presentation on August 18 at 10:45 a.m. (ET). They will also meet with registered investors. The Colliers Securities Conference will occur on September 9, and the D.A. Davidson Conference is set for September 22-23. Investors can access the webcast details on the company's website.
CVG reported second quarter 2021 results with revenues of $257.9 million, a 103.3% increase year-over-year. Key drivers include new business wins in Warehouse Automation and growing demand in North American OEM trucks. Operating income rose to $16.3 million, and net income reached $5.1 million. Adjusted EPS was $0.33, reflecting a significant recovery from the pandemic-impacted Q2 2020. The company secured an estimated $129 million in net new annualized business and refinanced debt, enhancing financial flexibility.
CVG (NASDAQ: CVGI) will host a quarterly conference call on August 4, 2021, at 10:00 a.m. ET, to discuss its second quarter 2021 financial results. A press release and presentation will precede the call. Participants can join via toll-free number (833) 235-5650 or internationally at (647) 689-4139, both using conference code 6090559. The call will also be webcast and archived for a year on CVG's investor website. A telephonic replay will be available for two weeks after the call.
CVG (NASDAQ: CVGI) has elected Ruth Gratzke and J. Michael Nauman as independent directors, effective July 1, 2021. Gratzke, with over 25 years of experience in industrial manufacturing and strategic planning, previously served as President at Siemens Smart Infrastructure. Nauman brings over 35 years of leadership and operational expertise, currently serving as President and CEO of Brady Corporation. Both directors will stand for re-election at the 2022 Annual Meeting. The election follows the retirement of Janice Stipp from the Board. CVG aims to enhance its strategic capabilities with this new leadership.
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