Commercial Vehicle Group, Inc.
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
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Supplementary Financial Information
Quarterly Results of Operations (Unaudited)
During the year ended December 31, 2024, the Company sold its cab structures business with operations in Kings Mountain, North Carolina and its Industrial Automation segment including First Source Electronics business with operations in Elkridge, Maryland. These divestitures represent a strategic shift in CVG's business and, in accordance with U.S. GAAP, qualified as discontinued operations. As a result, the operating results related to the cab structures business and Industrial Automation segment have been reflected as discontinued operations in the Consolidated Statements of Operations.
The following tables present our unaudited consolidated quarterly results of operations, including retrospective changes for discontinued operations. This data has been derived from unaudited consolidated financial statements that have been prepared on the same basis as the annual audited consolidated financial statements and, in our opinion, include all normal recurring adjustments necessary for the fair presentation of such information. These unaudited quarterly results should be read in conjunction with our audited consolidated financial statements, included in this report.
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |
| (In thousands, except per share amounts) | ||||
| Revenues | $194,626 | $193,665 | $171,772 | $163,292 |
| Cost of revenues | 171,462 | 173,206 | 155,351 | 150,217 |
| Gross profit | 23,164 | 20,459 | 16,421 | 13,075 |
| Selling, general and administrative expenses | 18,655 | 19,395 | 17,481 | 18,346 |
| Operating income (loss) | 4,509 | 1,064 | (1,060) | (5,271) |
| Other (income) expense | 212 | 206 | (1,033) | (1,585) |
| Interest expense | 2,186 | 2,417 | 2,371 | 2,200 |
| Loss on extinguishment of debt | — | — | — | 509 |
| Income (loss) before provision for income taxes | 2,111 | (1,559) | (2,398) | (6,395) |
| Provision (benefit) for income taxes | 665 | (260) | (1,515) | 28,603 |
| Net income (loss) from continuing operations | $1,446 | $(1,299) | $(883) | $(34,998) |
| Net income (loss) from discontinued operations | 1,492 | (301) | 10,397 | (3,721) |
| Net income (loss) | 2,938 | (1,600) | 9,514 | (38,719) |
| Earnings (loss) per common share | ||||
| Basic earnings (loss) per share | ||||
| Income (loss) from continuing operations | $0.05 | $(0.04) | $(0.03) | $(1.04) |
| Income (loss) from discontinued operations | $0.04 | $(0.01) | $0.31 | $(0.11) |
| Diluted earning (loss) per share | ||||
| Income (loss) from continuing operations | $0.05 | $(0.04) | $(0.03) | $(1.04) |
| Income (loss) from discontinued operations | $0.04 | $(0.01) | $0.31 | $(0.11) |
| Weighted average shares outstanding | ||||
| Basic | 33,325 | 33,393 | 33,458 | 33,497 |
| Diluted | 33,403 | 33,393 | 33,458 | 33,497 |
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | |
| (In thousands, except per share amounts) | ||||
| Revenues | $218,051 | $220,800 | $202,897 | $193,721 |
| Cost of revenues | 186,163 | 185,283 | 173,588 | 169,344 |
| Gross profit | 31,888 | 35,517 | 29,309 | 24,377 |
| Selling, general and administrative expenses | 19,489 | 21,031 | 20,389 | 20,309 |
| Operating income | 12,399 | 14,486 | 8,920 | 4,068 |
| Other (income) expense | (203) | 308 | 383 | 707 |
| Interest expense | 2,749 | 2,672 | 2,489 | 2,338 |
| Income before provision for income taxes | 9,853 | 11,506 | 6,048 | 1,023 |
| Provision (benefit) for income taxes | 2,706 | 2,272 | 1,367 | (21,548) |
| Net income from continuing operations | $7,147 | $9,234 | $4,681 | $22,571 |
| Net income from discontinued operations | 1,552 | 906 | 2,609 | 711 |
| Net income | 8,699 | 10,140 | 7,290 | 23,282 |
| Earnings per common share | ||||
| Basic earnings per share | ||||
| Income from continuing operations | $0.22 | $0.28 | $0.14 | $0.68 |
| Income from discontinued operations | $0.04 | $0.03 | $0.08 | $0.02 |
| Diluted earning per share | ||||
| Income from continuing operations | $0.22 | $0.28 | $0.14 | $0.67 |
| Income from discontinued operations | $0.04 | $0.02 | $0.08 | $0.03 |
| Weighted average shares outstanding | ||||
| Basic | 32,868 | 33,051 | 33,100 | 33,132 |
| Diluted | 33,182 | 33,429 | 33,350 | 33,443 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.