Commercial Vehicle Group Q2 2024 10-Q Filed

TL;DR

CVGI filed its Q2 10-Q. Financials for H1 2024 vs H1 2023 are in. Check it.

AI Summary

Commercial Vehicle Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and first half of 2024, comparing it to the same periods in 2023. Key financial data and operational updates are provided, reflecting the company's ongoing business activities in the commercial vehicle parts sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Commercial Vehicle Group, Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance changes or risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-04-01 — Second Quarter Start Date (Marks the beginning of the fiscal second quarter reported in the 10-Q.)
• 2023-06-30 — Prior Year Quarter End Date (Used for comparative financial analysis against the current year's second quarter.)
• 2023-12-31 — Prior Year Fiscal Year End (Provides context for year-end financial comparisons.)

Key Players & Entities

• Commercial Vehicle Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240805 (date) — Filing date
• 43054 (dollar_amount) — ZIP code for business address

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CVGI The NASDAQ Global Select

Filing Documents

• cvgi-20240630.htm (10-Q) — 1485KB
• q22024exhibit311.htm (EX-31.1) — 10KB
• q22024exhibit312.htm (EX-31.2) — 10KB
• q22024exhibit321.htm (EX-32.1) — 4KB
• q22024exhibit322.htm (EX-32.2) — 4KB
• 0001628280-24-034779.txt ( ) — 9078KB
• cvgi-20240630.xsd (EX-101.SCH) — 52KB
• cvgi-20240630_cal.xml (EX-101.CAL) — 100KB
• cvgi-20240630_def.xml (EX-101.DEF) — 229KB
• cvgi-20240630_lab.xml (EX-101.LAB) — 640KB
• cvgi-20240630_pre.xml (EX-101.PRE) — 473KB
• cvgi-20240630_htm.xml (XML) — 1880KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS 1 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Income (Loss) 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Stockholders' Equity 5 Notes to Condensed Consolidated Financial Statements 6

– MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29

– CONTROLS AND PROCEDURES

ITEM 4 – CONTROLS AND PROCEDURES 29

OTHER INFORMATION 31

PART II OTHER INFORMATION 31

Legal Proceedings

ITEM 1 Legal Proceedings 31

Risk Factors

ITEM 1A Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

ITEM 3 Defaults Upon Senior Securities 31

Mine Safety Disclosures

ITEM 4 Mine Safety Disclosures 31

Other Information

ITEM 5 Other Information 31

Exhibits

ITEM 6 Exhibits 31 SIGNATURE 32 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (In thousands, except per share amounts) Revenues $ 229,906 $ 262,194 $ 461,974 $ 524,903 Cost of revenues 208,927 223,793 414,330 451,293 Gross profit 20,979 38,401 47,644 73,610 Selling, general and administrative expenses 20,219 22,457 40,312 43,022 Operating income 760 15,944 7,332 30,588 Other expense 207 307 419 105 Interest expense 2,488 2,804 4,739 5,694 Income (loss) before provision for income taxes ( 1,935 ) 12,833 2,174 24,789 Provision (benefit) for income taxes ( 334 ) 2,693 836 5,949 Net income (loss) $ ( 1,601 ) $ 10,140 $ 1,338 $ 18,840 Earnings (loss) per Common Share: Basic $ ( 0.05 ) $ 0.31 $ 0.04 $ 0.57 Diluted $ ( 0.05 ) $ 0.30 $ 0.04 $ 0.57 Weighted average shares outstanding: Basic 33,393 33,051 33,359 32,960 Diluted 33,393 33,429 33,834 33,312 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (In thousands) Net income (loss) $ ( 1,601 ) $ 10,140 $ 1,338 $ 18,840 Other comprehensive income (loss): Foreign currency exchange translation adjustments ( 1,297 ) ( 1,051 ) ( 3,856 ) 1,506 Minimum pension liability, net of tax ( 391 ) ( 147 ) ( 858 ) ( 7 ) Derivative instruments, net of tax ( 3,975 ) 1,298 ( 1,943 ) 2,641 Other comprehensive income (loss) ( 5,663 ) 100 ( 6,657 ) 4,140 Comprehensive income (loss) $ ( 7,264 ) $ 10,240 $ ( 5,319 ) $ 22,980 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents COMMERCIAL VEHICLE GROUP, INC. AND SUB

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View this 10-Q filing on SEC EDGAR