Commercial Vehicle Group Inc
For the period ended Aug 5, 2024. Filed Aug 5, 2024.
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Aug 5, 2024 · Filed Aug 5, 2024
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Contents
EX-99.1 · Electrical Systems Segment
Electrical Systems Segment
Revenues were $50.2 million compared to $63.6 million in the prior year period, a decrease of 21.2%, primarily due to a global softening in the Construction & Agriculture end-markets and the phase out of certain lower margin business.
Operating income was$0.5 million compared to$7.7 million in the prior year period, a decrease of 93.4%. The decrease in operating income was primarily attributable to lower customer demand, restructuring costs, labor inflation, and unfavorable foreign exchange impacts. Second quarter 2024 adjusted operating income was $1.9 million compared to $7.7 million in the prior year period.
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