Commercial Vehicle Group Q3 2024 10-Q Filed

Ticker: CVGI · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 1290900

Commercial Vehicle Group, INC. 10-Q Filing Summary
FieldDetail
CompanyCommercial Vehicle Group, INC. (CVGI)
Form Type10-Q
Filed DateNov 4, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, automotive-parts

TL;DR

CVGI filed its Q3 10-Q. Financials are in. Check it out.

AI Summary

Commercial Vehicle Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the commercial vehicle parts and accessories sector.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Commercial Vehicle Group, Inc., crucial for understanding the company's performance and outlook in the automotive parts industry.

Risk Assessment

Risk Level: medium — The company operates in the cyclical automotive industry, which is subject to economic fluctuations and supply chain disruptions.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

What is the filing date of this 10-Q?

This 10-Q filing was made on November 4, 2024.

What is the company's Standard Industrial Classification (SIC) code?

The company's SIC code is 3714, which corresponds to MOTOR VEHICLE PARTS & ACCESSORIES.

In which state was Commercial Vehicle Group, Inc. incorporated?

Commercial Vehicle Group, Inc. was incorporated in Delaware (DE).

What is the business address of Commercial Vehicle Group, Inc.?

The business address is 7800 WALTON PARKWAY, NEW ALBANY, OH 43054.

Filing Stats: 4,715 words · 19 min read · ~16 pages · Grade level 15.3 · Accepted 2024-11-04 16:20:51

Key Financial Figures

Filing Documents

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 24

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32

– CONTROLS AND PROCEDURES

ITEM 4 – CONTROLS AND PROCEDURES 32

OTHER INFORMATION 34

PART II OTHER INFORMATION 34

Legal Proceedings

ITEM 1 Legal Proceedings 34

Risk Factors

ITEM 1A Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

ITEM 3 Defaults Upon Senior Securities 34

Mine Safety Disclosures

ITEM 4 Mine Safety Disclosures 34

Other Information

ITEM 5 Other Information 34

Exhibits

ITEM 6 Exhibits 35 SIGNATURE 36 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Unaudited) (In thousands, except per share amounts) Revenues $ 171,772 $ 202,897 $ 560,063 $ 641,747 Cost of revenues 155,351 173,588 500,019 545,033 Gross profit 16,421 29,309 60,044 96,714 Selling, general and administrative expenses 17,481 20,389 55,531 60,910 Operating (loss) income ( 1,060 ) 8,920 4,513 35,804 Other (income) expense ( 1,033 ) 383 ( 615 ) 488 Interest expense 2,371 2,489 6,974 7,910 Income (loss) before provision for income taxes ( 2,398 ) 6,048 ( 1,846 ) 27,406 Provision (benefit) for income taxes ( 1,515 ) 1,367 ( 1,110 ) 6,345 Net income (loss) from continuing operations $ ( 883 ) $ 4,681 $ ( 736 ) $ 21,061 Net income from discontinued operations - Note 18 10,397 2,609 11,588 5,069 Net income 9,514 7,290 10,852 26,130 Earnings (loss) per Common Share: Basic earnings (loss) per share Income (loss) from continuing operations $ ( 0.03 ) $ 0.14 $ ( 0.02 ) $ 0.64 Income from discontinued operations $ 0.31 $ 0.08 $ 0.35 $ 0.15 Diluted earning (loss) per share Income (loss) from continuing operations $ ( 0.03 ) $ 0.14 $ ( 0.02 ) $ 0.63 Income from discontinued operations $ 0.31 $ 0.08 $ 0.35 $ 0.15 Weighted average shares outstanding: Basic 33,458 33,100 33,392 33,010 Diluted 33,458 33,350 33,392 33,408 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Unaudited) (In thousands) Net income $ 9,514 $ 7,290 $ 10,852 $ 26,130 Other comprehensive income (loss): Foreign currency exchange translation adjustments 2,699 ( 3,452 ) (

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