CVG (NASDAQ: CVGI), a diversified industrial products and services
company, today announced financial results for its third quarter
ended September 30, 2023.
Third Quarter
2023 Highlights (Compared with
prior year, where comparisons are noted)
- Revenues of $246.7
million, down 1.9% due primarily to higher revenue in the prior
year as a result of a COVID backlog in Asia-Pacific which offset an
increase in revenue in Electrical Systems in 2023.
- Operating income of
$12.4 million, up 30.5%; adjusted operating income of $12.5
million, up 17.9%. Improved operating income was driven primarily
by improved pricing and cost management, partially offset by volume
decreases.
- Net income and
adjusted net income were both $7.3 million, or $0.22 per diluted
share, compared to net income of $3.6 million, or $0.11 per diluted
share and adjusted net income of $5.1 million, or $0.15 per diluted
share.
- Adjusted EBITDA of
$16.6 million, up 16.1% with an adjusted EBITDA margin of 6.7%, up
from 5.7%.
- New business wins
year-to-date are expected to be approximately $140 million when
fully ramped. The majority of the new business awards continue to
be in the Electrical Systems segment.
- Strong free cash
flow and debt pay down reduced our leverage ratio down to 1.5x from
2.7x.
Robert Griffin, Chairman of the Board and
Interim President and Chief Executive Officer, said, “CVG continues
to execute on its strategic long-term plan, which again delivered
year-over-year bottom line improvements in the quarter. Electrical
Systems remains a key growth area for the Company, as evidenced by
the strong revenue growth compared to last year and the successful
start-up at our new Electrical Systems facilities in Aldama,
Mexico, and Tangier, Morocco, which has gone very well. As always,
I would like to thank our global CVG teams for their hard work,
dedication, and commitment as we continue to execute our strategic
goals.”
Andy Cheung, Chief Financial Officer, added,
“CVG continued executing on our strategy, delivering strong
year-over-year improvements in profitability during the quarter.
Despite the strong performance, revenues declined slightly
year-over-year against a tough comparable base year in 2022, when
our Asia-Pacific business benefited from a post-COVID increase in
backlogged sales orders. We also had improved earnings and
generated strong free cash flow of $12.5 million during the
quarter, further strengthening our financial foundation, and
reduced our leverage to 1.5x from 2.7x in the third quarter last
year.”
“Going forward, we remain committed to driving
strong free cash flow, paying down debt, and investing to support
our growing, diverse portfolio of businesses.”
Third Quarter Financial
Results(amounts in millions except per share data and
percentages)
|
Third Quarter |
|
|
|
|
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
Revenues |
$ |
246.7 |
|
|
$ |
251.4 |
|
|
$ |
(4.7 |
) |
|
(1.9)% |
Gross profit |
$ |
33.9 |
|
|
$ |
26.8 |
|
|
$ |
7.1 |
|
|
26.5% |
Gross margin |
|
13.7 |
% |
|
|
10.7 |
% |
|
|
|
|
Adjusted gross profit 1 |
$ |
34.0 |
|
|
$ |
27.4 |
|
|
$ |
6.6 |
|
|
24.1% |
Adjusted gross margin 1 |
|
13.8 |
% |
|
|
10.9 |
% |
|
|
|
|
Operating income |
$ |
12.4 |
|
|
$ |
9.5 |
|
|
$ |
2.9 |
|
|
30.5% |
Operating margin |
|
5.0 |
% |
|
|
3.8 |
% |
|
|
|
|
Adjusted operating income
1 |
$ |
12.5 |
|
|
$ |
10.6 |
|
|
$ |
1.9 |
|
|
17.9% |
Adjusted operating margin 1 |
|
5.1 |
% |
|
|
4.2 |
% |
|
|
|
|
Net income |
$ |
7.3 |
|
|
$ |
3.6 |
|
|
$ |
3.7 |
|
|
102.8% |
Adjusted net income 1 |
$ |
7.3 |
|
|
$ |
5.1 |
|
|
$ |
2.2 |
|
|
43.1% |
Earnings per share,
diluted |
$ |
0.22 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
100.0% |
Adjusted earnings per share, diluted 1 |
$ |
0.22 |
|
|
$ |
0.15 |
|
|
$ |
0.07 |
|
|
46.7% |
Adjusted EBITDA 1 |
$ |
16.6 |
|
|
$ |
14.3 |
|
|
$ |
2.3 |
|
|
16.1% |
Adjusted EBITDA margin 1 |
|
6.7 |
% |
|
|
5.7 |
% |
|
|
|
|
1 See Appendix A
for GAAP to Non-GAAP reconciliation |
|
|
|
|
|
|
|
|
|
Consolidated Results
Third Quarter 2023 Results
- Third quarter 2023
revenues were $246.7 million, compared to $251.4 million in the
prior year period, a decrease of 1.9%. The overall decrease in
revenues was due to higher revenue in the prior year as a result of
a COVID backlog in Asia-Pacific. Foreign currency translation also
favorably impacted third quarter 2023 revenues by $2.0 million, or
0.8%.
- Operating income in
the third quarter 2023 was $12.4 million compared to $9.5 million
in the prior year period. The increase in operating income was
attributable to improved pricing and cost management, partially
offset by volume decreases. Third quarter 2023 adjusted operating
income was $12.5 million, excluding special charges.
- Interest associated
with debt and other expenses was $2.6 million and $2.8 million for
the third quarter 2023 and 2022, respectively.
- Net income was $7.3
million, or $0.22 per diluted share, for the third quarter 2023
compared to net income of $3.6 million, or $0.11 per diluted share,
in the prior year period.
On September 30, 2023, the Company had $5.0
million of outstanding borrowings on its U.S. revolving credit
facility and $4.1 million outstanding on its China credit
facility, $46.3 million of cash and $152.0
million of availability from the credit facilities, resulting
in total liquidity of $198.3 million.
Third Quarter 2023 Segment
Results
Vehicle Solutions Segment
- Revenues were
$145.4 million compared to $154.0 million for the prior year
period, a decrease of 5.6%, due to higher revenue in the prior year
as a result of a COVID backlog in Asia-Pacific.
- Operating income
was $10.9 million, compared to $9.6 million in the prior year
period, an increase of 14.0%, primarily attributable to price
increases, material and freight cost reduction improvements,
partially offset by volume decreases.
Electrical Systems Segment
- Revenues were $53.9
million compared to $46.1 million in the prior year period, an
increase of 16.8%, primarily resulting from increased sales volume,
pricing and favorable foreign exchange.
- Operating income
was $5.9 million compared to $5.2 million in the prior year period,
an increase of 13.7%. The increase in operating income was
primarily attributable to increased sales volume and pricing,
partially offset by startup costs related to new facilities.
Aftermarket & Accessories
Segment
- Revenues were $34.4
million compared to $37.1 million in the prior year period, a
decrease of 7.4%, primarily resulting from decreased sales
volume.
- Operating income
was $4.5 million compared to $5.0 million in the prior year period,
a decrease of 9.1%. The decrease in operating income was primarily
attributable to cost inflation, partially offset by increased
pricing.
Industrial Automation
Segment
- Revenues were $13.0
million compared to $14.1 million in the prior year period, a
decrease of 7.8%, primarily due to lower sales volume due to
decreased customer demand.
- Operating income
was $0.7 million compared to an operating loss of $1.0 million in
the prior year period. The increase in operating income was
primarily attributable to profit reported from the liquidation of
certain excess inventories. Adjusted operating income was $0.8
million.
2023 Demand Outlook
According to ACT Research, the 2023 North
American Class 8 truck production levels are expected to be at
336,000 units, compared to approximately 315,000 units in 2022.
Class 8 estimates from FTR for 2023 are 327,000 units, slightly
lower than ACT Research for Class 8 truck builds. Class 5-7
production levels are expected to be at 266,000 units in 2023. The
2024 forecast Class 8 truck builds according to ACT Research is
approximately 274,000 units.
According to Transparency Market Research Inc,
the global commercial and automotive vehicle wire harness market is
growing at approximately 5% per year.
According to Interact Analysis, the Global
Off-Highway vehicle market is expected to increase approximately 5%
in 2023. Beyond 2023, the Off-Highway vehicle market is expected to
grow in the 4-5% range.
According to MacKay and Company, North American
aftermarket truck parts are expected to see at least 4% growth in
2023. Compounded annual growth of at least 4% is forecasted for
2023-2027.
GAAP to Non-GAAP
Reconciliation
A reconciliation of GAAP to non-GAAP financial
measures referenced in this release is included as Appendix A to
this release.
Conference Call
A conference call to discuss this press release
is scheduled for Thursday, November 2, 2023, at 10:00 a.m. ET.
Management intends to reference the Q3 2023 Earnings Call
Presentation during the conference call. To participate, dial (888)
259-6580 using conference code 93330617. International participants
dial (416) 764-8624 using conference code 93330617.
This call is being webcast and can be accessed
through the “Investors” section of CVG’s website at ir.cvgrp.com,
where it will be archived for one year.
A telephonic replay of the conference call will be available for
a period of two weeks following the call. To access the replay,
dial (877) 674-7070 using access code 051647 and international
callers can dial (416) 764-8692 using access code 051647.
Company ContactAndy CheungChief
Financial OfficerCVGIR@cvgrp.com
Investor Relations ContactRoss
Collins or Stephen PoeAlpha IR GroupCVGI@alpha-ir.com
About CVG
At CVG, we deliver real solutions to complex
design, engineering and manufacturing problems while creating
positive change for our customers, industries and communities we
serve. Information about the Company and its products is available
on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to risks and uncertainties. These
statements often include words such as “believe”, “anticipate”,
“plan”, “expect”, “intend”, “will”, “should”, “could”, “would”,
“project”, “continue”, “likely”, and similar expressions. In
particular, this press release may contain forward-looking
statements about the Company’s expectations for future periods with
respect to its plans to improve financial results, the future of
the Company’s end markets, changes in the Class 8 and Class 5-7
North America truck build rates, performance of the global
construction equipment business, the Company’s prospects in the
wire harness, warehouse automation and electric vehicle markets,
the Company’s initiatives to address customer needs, organic
growth, the Company’s strategic plans and plans to focus on certain
segments, competition faced by the Company, volatility in and
disruption to the global economic environment and the Company’s
financial position or other financial information. These statements
are based on certain assumptions that the Company has made in light
of its experience as well as its perspective on historical trends,
current conditions, expected future developments and other factors
it believes are appropriate under the circumstances. Actual results
may differ materially from the anticipated results because of
certain risks and uncertainties, including those included in the
Company’s filings with the SEC. There can be no assurance that
statements made in this press release relating to future events
will be achieved. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results over time. All subsequent written and oral
forward-looking statements attributable to the Company or persons
acting on behalf of the Company are expressly qualified in their
entirety by such cautionary statements.
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSThree Months and Nine Months Ended
September 30, 2023 and
2022(Unaudited)(Amounts in
thousands, except per share amounts) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Revenues |
$ |
246,687 |
|
$ |
251,412 |
|
$ |
771,590 |
|
$ |
746,635 |
Cost of revenues |
|
212,763 |
|
|
224,570 |
|
|
664,056 |
|
|
672,531 |
Gross profit |
|
33,924 |
|
|
26,842 |
|
|
107,534 |
|
|
74,104 |
Selling, general and
administrative expenses |
|
21,476 |
|
|
17,304 |
|
|
64,498 |
|
|
49,955 |
Operating income |
|
12,448 |
|
|
9,538 |
|
|
43,036 |
|
|
24,149 |
Other expense |
|
383 |
|
|
1,924 |
|
|
488 |
|
|
2,798 |
Interest expense |
|
2,614 |
|
|
2,813 |
|
|
8,308 |
|
|
6,892 |
Loss on extinguishment of
debt |
|
— |
|
|
— |
|
|
— |
|
|
921 |
Income before provision for income taxes |
|
9,451 |
|
|
4,801 |
|
|
34,240 |
|
|
13,538 |
Provision for income
taxes |
|
2,161 |
|
|
1,250 |
|
|
8,110 |
|
|
3,520 |
Net income |
$ |
7,290 |
|
$ |
3,551 |
|
$ |
26,130 |
|
$ |
10,018 |
Earnings per Common
Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
$ |
0.11 |
|
$ |
0.79 |
|
$ |
0.30 |
Diluted |
$ |
0.22 |
|
$ |
0.11 |
|
$ |
0.78 |
|
$ |
0.30 |
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
33,100 |
|
|
32,460 |
|
|
33,010 |
|
|
32,950 |
Diluted |
|
33,350 |
|
|
32,922 |
|
|
33,408 |
|
|
33,645 |
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)(Amounts in
thousands, except per share amounts) |
|
ASSETS |
September 30, 2023 |
|
December 31, 2022 |
Current assets: |
|
|
|
Cash |
$ |
46,293 |
|
|
$ |
31,825 |
|
Accounts receivable, net |
|
159,863 |
|
|
|
152,626 |
|
Inventories |
|
128,192 |
|
|
|
142,542 |
|
Other current assets |
|
29,892 |
|
|
|
12,582 |
|
Total current assets |
|
364,240 |
|
|
|
339,575 |
|
Property, plant and equipment,
net |
|
71,554 |
|
|
|
67,805 |
|
Intangible assets, net |
|
12,041 |
|
|
|
14,620 |
|
Deferred income taxes |
|
11,181 |
|
|
|
12,275 |
|
Other assets, net |
|
37,026 |
|
|
|
35,993 |
|
Total assets |
$ |
496,042 |
|
|
$ |
470,268 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
105,110 |
|
|
$ |
122,091 |
|
Accrued liabilities and other |
|
52,999 |
|
|
|
42,809 |
|
Current portion of long-term debt and short-term debt |
|
18,331 |
|
|
|
10,938 |
|
Total current liabilities |
|
176,440 |
|
|
|
175,838 |
|
Long-term debt |
|
135,573 |
|
|
|
141,499 |
|
Pension and other
post-retirement benefits |
|
9,325 |
|
|
|
8,428 |
|
Other long-term
liabilities |
|
28,150 |
|
|
|
24,463 |
|
Total liabilities |
$ |
349,488 |
|
|
$ |
350,228 |
|
Stockholders’ equity: |
|
|
|
Preferred stock |
$ |
— |
|
|
$ |
— |
|
Common stock |
|
330 |
|
|
|
328 |
|
Treasury stock |
|
(15,322 |
) |
|
|
(14,514 |
) |
Additional paid-in capital |
|
263,641 |
|
|
|
261,371 |
|
Retained deficit |
|
(69,465 |
) |
|
|
(95,595 |
) |
Accumulated other comprehensive loss |
|
(32,630 |
) |
|
|
(31,550 |
) |
Total stockholders’ equity |
|
146,554 |
|
|
|
120,040 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
496,042 |
|
|
$ |
470,268 |
|
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIESBUSINESS SEGMENT FINANCIAL
INFORMATION(Unaudited)(Amounts in
thousands) |
|
|
Three Months Ended September 30, |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
$ |
145,393 |
|
$ |
154,024 |
|
$ |
53,862 |
|
$ |
46,129 |
|
$ |
34,412 |
|
$ |
37,143 |
|
$ |
13,020 |
|
$ |
14,116 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
246,687 |
|
$ |
251,412 |
Gross profit |
|
17,661 |
|
|
13,839 |
|
|
7,881 |
|
|
6,210 |
|
|
6,605 |
|
|
6,389 |
|
|
1,777 |
|
|
404 |
|
|
|
— |
|
|
|
— |
|
|
|
33,924 |
|
|
26,842 |
Selling, general &
administrative expenses |
|
6,761 |
|
|
4,279 |
|
|
2,018 |
|
|
1,055 |
|
|
2,104 |
|
|
1,436 |
|
|
1,087 |
|
|
1,371 |
|
|
|
9,506 |
|
|
|
9,163 |
|
|
|
21,476 |
|
|
17,304 |
Operating income (loss) |
$ |
10,900 |
|
$ |
9,560 |
|
$ |
5,863 |
|
$ |
5,155 |
|
$ |
4,501 |
|
$ |
4,953 |
|
$ |
690 |
|
$ |
(967 |
) |
|
$ |
(9,506 |
) |
|
$ |
(9,163 |
) |
|
$ |
12,448 |
|
$ |
9,538 |
|
Nine Months Ended September 30, |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
Revenues |
$ |
458,707 |
|
$ |
436,966 |
|
$ |
172,236 |
|
$ |
133,350 |
|
$ |
108,870 |
|
$ |
99,530 |
|
$ |
31,777 |
|
|
$ |
76,789 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
771,590 |
|
$ |
746,635 |
Gross profit |
|
58,035 |
|
|
35,657 |
|
|
26,524 |
|
|
16,857 |
|
|
21,620 |
|
|
13,341 |
|
|
1,355 |
|
|
|
8,249 |
|
|
— |
|
|
|
— |
|
|
|
107,534 |
|
|
74,104 |
Selling, general &
administrative expenses |
|
19,609 |
|
|
18,269 |
|
|
6,932 |
|
|
3,998 |
|
|
6,017 |
|
|
4,636 |
|
|
3,588 |
|
|
|
4,242 |
|
|
28,352 |
|
|
|
18,810 |
|
|
|
64,498 |
|
|
49,955 |
Operating income (loss) |
$ |
38,426 |
|
$ |
17,388 |
|
$ |
19,592 |
|
$ |
12,859 |
|
$ |
15,603 |
|
$ |
8,705 |
|
$ |
(2,233 |
) |
|
$ |
4,007 |
|
$ |
(28,352 |
) |
|
$ |
(18,810 |
) |
|
$ |
43,036 |
|
$ |
24,149 |
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIESAppendix A: Reconciliation of GAAP to
Non-GAAP Financial
Measures(Unaudited)(Amounts in
thousands, except per share amounts and percentages) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Gross profit |
$ |
33,924 |
|
|
$ |
26,842 |
|
|
$ |
107,534 |
|
|
$ |
74,104 |
|
Restructuring |
|
70 |
|
|
|
607 |
|
|
|
1,443 |
|
|
|
2,958 |
|
Adjusted gross profit |
$ |
33,994 |
|
|
$ |
27,449 |
|
|
$ |
108,977 |
|
|
$ |
77,062 |
|
% of revenues |
|
13.8 |
% |
|
|
10.9 |
% |
|
|
14.1 |
% |
|
|
10.3 |
% |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Operating income (loss) |
$ |
12,448 |
|
|
$ |
9,538 |
|
|
$ |
43,036 |
|
|
$ |
24,149 |
|
Restructuring |
|
70 |
|
|
|
647 |
|
|
|
1,501 |
|
|
|
3,387 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
341 |
|
Executive transition |
|
— |
|
|
|
329 |
|
|
|
— |
|
|
|
329 |
|
Total operating income adjustments |
|
70 |
|
|
|
1,079 |
|
|
|
1,501 |
|
|
|
4,057 |
|
Adjusted operating income |
$ |
12,518 |
|
|
$ |
10,617 |
|
|
$ |
44,537 |
|
|
$ |
28,206 |
|
% of revenues |
|
5.1 |
% |
|
|
4.2 |
% |
|
|
5.8 |
% |
|
|
3.8 |
% |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Net income |
$ |
7,290 |
|
|
$ |
3,551 |
|
|
$ |
26,130 |
|
|
$ |
10,018 |
|
Operating income adjustments |
|
70 |
|
|
|
1,079 |
|
|
|
1,501 |
|
|
|
4,057 |
|
Pension settlement |
|
— |
|
|
|
1,116 |
|
|
|
— |
|
|
|
1,116 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
921 |
|
Hryvnia fair value adjustments on forward exchange contracts |
|
— |
|
|
|
(153 |
) |
|
|
— |
|
|
|
98 |
|
Adjusted provision for income taxes1 |
|
(18 |
) |
|
|
(511 |
) |
|
|
(375 |
) |
|
|
(1,548 |
) |
Adjusted net income |
$ |
7,342 |
|
|
$ |
5,082 |
|
|
$ |
27,256 |
|
|
$ |
14,662 |
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.22 |
|
|
$ |
0.11 |
|
|
$ |
0.78 |
|
|
$ |
0.30 |
|
Adjustments to diluted EPS |
$ |
— |
|
|
$ |
0.04 |
|
|
$ |
0.04 |
|
|
$ |
0.14 |
|
Adjusted diluted EPS |
$ |
0.22 |
|
|
$ |
0.15 |
|
|
$ |
0.82 |
|
|
$ |
0.44 |
|
-
Reported Tax Provision adjusted for tax effect of special charges
at 25%
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Net income |
$ |
7,290 |
|
|
$ |
3,551 |
|
|
$ |
26,130 |
|
|
$ |
10,018 |
|
Interest expense |
|
2,614 |
|
|
|
2,813 |
|
|
|
8,308 |
|
|
|
6,892 |
|
Provision for income taxes |
|
2,161 |
|
|
|
1,250 |
|
|
|
8,110 |
|
|
|
3,520 |
|
Depreciation expense |
|
3,639 |
|
|
|
3,749 |
|
|
|
10,615 |
|
|
|
11,043 |
|
Amortization expense |
|
847 |
|
|
|
851 |
|
|
|
2,544 |
|
|
|
2,563 |
|
EBITDA |
$ |
16,551 |
|
|
$ |
12,214 |
|
|
$ |
55,707 |
|
|
$ |
34,036 |
|
% of revenues |
|
6.7 |
% |
|
|
4.9 |
% |
|
|
7.2 |
% |
|
|
4.6 |
% |
|
|
|
|
|
|
|
|
EBITDA adjustments |
|
|
|
|
|
|
|
Restructuring |
$ |
70 |
|
|
$ |
647 |
|
|
$ |
1,501 |
|
|
$ |
3,387 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
341 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
921 |
|
Hryvnia fair value adjustments on forward exchange contracts |
|
— |
|
|
|
(153 |
) |
|
|
— |
|
|
|
98 |
|
Executive transition |
|
— |
|
|
|
329 |
|
|
|
— |
|
|
|
329 |
|
Pension settlement |
|
— |
|
|
|
1,116 |
|
|
|
— |
|
|
|
1,116 |
|
Adjusted EBITDA |
$ |
16,621 |
|
|
$ |
14,256 |
|
|
$ |
57,208 |
|
|
$ |
40,228 |
|
% of revenues |
|
6.7 |
% |
|
|
5.7 |
% |
|
|
7.4 |
% |
|
|
5.4 |
% |
|
Three Months Ended September 30, 2023 |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
10,900 |
|
|
$ |
5,863 |
|
|
$ |
4,501 |
|
|
$ |
690 |
|
|
$ |
(9,506 |
) |
|
$ |
12,448 |
|
Restructuring |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
70 |
|
Adjusted operating income
(loss) |
$ |
10,900 |
|
|
$ |
5,863 |
|
|
$ |
4,501 |
|
|
$ |
760 |
|
|
$ |
(9,506 |
) |
|
$ |
12,518 |
|
% of revenues |
|
7.5 |
% |
|
|
10.9 |
% |
|
|
13.1 |
% |
|
|
5.8 |
% |
|
|
|
|
5.1 |
% |
|
Nine Months Ended September 30, 2023 |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
38,426 |
|
|
$ |
19,592 |
|
|
$ |
15,603 |
|
|
$ |
(2,233 |
) |
|
$ |
(28,352 |
) |
|
$ |
43,036 |
|
Restructuring |
|
423 |
|
|
|
8 |
|
|
|
— |
|
|
|
1,070 |
|
|
|
— |
|
|
|
1,501 |
|
Adjusted operating income
(loss) |
$ |
38,849 |
|
|
$ |
19,600 |
|
|
$ |
15,603 |
|
|
$ |
(1,163 |
) |
|
$ |
(28,352 |
) |
|
$ |
44,537 |
|
% of revenues |
|
8.5 |
% |
|
|
11.4 |
% |
|
|
14.3 |
% |
|
|
(3.7 |
)% |
|
|
|
|
5.8 |
% |
|
Three Months Ended September 30, 2022 |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
9,560 |
|
|
$ |
5,155 |
|
|
$ |
4,953 |
|
|
$ |
(967 |
) |
|
$ |
(9,163 |
) |
|
$ |
9,538 |
|
Restructuring |
|
66 |
|
|
|
|
|
445 |
|
|
|
136 |
|
|
|
|
$ |
647 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
103 |
|
Executive transition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
329 |
|
|
|
329 |
|
Adjusted operating income
(loss) |
$ |
9,626 |
|
|
$ |
5,155 |
|
|
$ |
5,398 |
|
|
$ |
(728 |
) |
|
$ |
(8,834 |
) |
|
$ |
10,617 |
|
% of revenues |
|
6.2 |
% |
|
|
11.2 |
% |
|
|
14.5 |
% |
|
(5.2 |
)% |
|
|
|
|
4.2 |
% |
|
Nine Months Ended September 30, 2022 |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
17,388 |
|
|
$ |
12,859 |
|
|
$ |
8,705 |
|
|
$ |
4,007 |
|
|
$ |
(18,810 |
) |
|
$ |
24,149 |
|
Restructuring |
|
270 |
|
|
|
571 |
|
|
|
1,440 |
|
|
|
800 |
|
|
|
306 |
|
|
|
3,387 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
341 |
|
|
|
— |
|
|
|
341 |
|
Executive transition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
329 |
|
|
|
329 |
|
Adjusted operating income
(loss) |
$ |
17,658 |
|
|
$ |
13,430 |
|
|
$ |
10,145 |
|
|
$ |
5,148 |
|
|
$ |
(18,175 |
) |
|
$ |
28,206 |
|
% of revenues |
|
4.0 |
% |
|
|
10.1 |
% |
|
|
10.2 |
% |
|
|
6.7 |
% |
|
|
|
|
3.8 |
% |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
Cash flows from operating activities |
$ |
18,468 |
|
|
$ |
38,301 |
|
|
$ |
29,990 |
|
|
$ |
33,794 |
|
Purchases of property, plant and equipment |
|
(6,017 |
) |
|
|
(3,925 |
) |
|
|
(15,196 |
) |
|
|
(12,541 |
) |
Free cash flow |
$ |
12,451 |
|
|
$ |
34,376 |
|
|
$ |
14,794 |
|
|
$ |
21,253 |
|
Use of Non-GAAP Measures
This earnings release contains financial
measures that are not calculated in accordance with U.S. generally
accepted accounting principles (“GAAP”). In general, the non-GAAP
measures exclude items that (i) management believes reflect the
Company’s multi-year corporate activities; or (ii) relate to
activities or actions that may have occurred over multiple or in
prior periods without predictable trends. Management uses these
non-GAAP financial measures internally to evaluate the Company’s
performance, engage in financial and operational planning and to
determine incentive compensation.
Management provides these non-GAAP financial
measures to investors as supplemental metrics to assist readers in
assessing the effects of items and events on the Company’s
financial and operating results and in comparing the Company’s
performance to that of its competitors and to comparable reporting
periods. The non-GAAP financial measures used by the Company may be
calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the
Company should not be considered a substitute for, or superior to,
financial measures calculated in accordance with GAAP. The
financial results calculated in accordance with GAAP and
reconciliations to those financial statements set forth above
should be carefully evaluated.
Commercial Vehicle (NASDAQ:CVGI)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Commercial Vehicle (NASDAQ:CVGI)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024