Commercial Vehicle Group Inc
For the period ended Nov 4, 2024. Filed Nov 4, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Nov 4, 2024 · Filed Nov 4, 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 strategic portfolio actions undertaken:
| Metric | Prior 2024 Outlook (1) | Revised 2024 Outlook (1) |
|---|---|---|
| Net Sales | $730- $780 | $710 - $740 |
| Adjusted EBITDA | $28 - $36 | $20 - $25 |
(1) This outlook excludes any contribution from CVG’s Cab Structures or Industrial Automation businesses in 2024. On October 1, 2024, CVG closed the previously announced sale of the Cab Structures business, and received the final installment of the purchase price. Separately, CVG closed the sale of the Industrial Automation business on October 30, 2024.
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 316,000 units. The 2023 actual Class 8 truck builds according to the ACT Research was 340,247 units.
Based on industry data, we continue to project global agriculture market demand for our customers' products to be down 15% to 20% and construction market demand to be down 10% to 15% in 2024.
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