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 · Outlook
Outlook
CVG issued the following outlook for the full year 2024 which reflects both market developments and pending strategic portfolio actions:
| Metric | Prior 2024 Outlook | Revised 2024 Outlook | Adjusted Revised 2024 Outlook (1) |
|---|---|---|---|
| Net Sales | $915 - $1,015 | $900 - $960 | $730 - $780 |
| Adjusted EBITDA | $60 - $73 | $42 - $52 | $28 - $36 |
(1) This Adjusted outlook excludes any contribution from CVG’s Cab Structures or Industrial Automation businesses in 2024. On July 31, 2024, CVG signed an asset purchase agreement for the sale of the Cab Structures business, with closing expected in the second half of 2024. Separately, CVG is currently exploring strategic alternatives for the Industrial Automation business.
This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2024 North American Class 8 truck production levels are expected to be at 308,000 units. The 2023 actual Class 8 truck builds according to the ACT Research was 340,247 units.
Agriculture and construction market conditions have deteriorated relative to our prior update in March 2024. Based on industry data, we now project segments within global agriculture market demand to be down 15% to 20% and construction market demand to be down 10% to 15% in 2024.
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