Commercial Vehicle Group, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: CVGI · Form: 10-Q · Filed: 2024-05-06T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, Quarterly Report, Financials, Commercial Vehicle Group, CVGI
TL;DR
<b>Commercial Vehicle Group, Inc. filed its Q1 2024 10-Q report on May 6, 2024.</b>
AI Summary
Commercial Vehicle Group, Inc. (CVGI) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Commercial Vehicle Group, Inc. reported financial results for the period ending March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on December 31. The filing was submitted on May 6, 2024. The company is incorporated in Delaware and headquartered in New Albany, Ohio.
Why It Matters
For investors and stakeholders tracking Commercial Vehicle Group, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's operational health, profitability, and any potential risks or opportunities.
Risk Assessment
Risk Level: low — Commercial Vehicle Group, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.
Analyst Insight
Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and outlook.
Key Numbers
- 2024-03-31 — Period of Report (Quarterly report end date)
- 2024-05-06 — Filing Date (Date the report was filed)
- 12/31 — Fiscal Year End (Company's fiscal year end)
Key Players & Entities
- Commercial Vehicle Group, Inc. (company) — Filer name
- CVGI (company) — Ticker symbol
- 2024-03-31 (date) — Period of report
- 2024-05-06 (date) — Filed as of date
- New Albany, OH (location) — Business address city and state
FAQ
When did Commercial Vehicle Group, Inc. file this 10-Q?
Commercial Vehicle Group, Inc. filed this Quarterly Report (10-Q) with the SEC on May 6, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Commercial Vehicle Group, Inc. (CVGI).
Where can I read the original 10-Q filing from Commercial Vehicle Group, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Commercial Vehicle Group, Inc..
What are the key takeaways from Commercial Vehicle Group, Inc.'s 10-Q?
Commercial Vehicle Group, Inc. filed this 10-Q on May 6, 2024. Key takeaways: Commercial Vehicle Group, Inc. reported financial results for the period ending March 31, 2024.. The filing is a 10-Q, indicating a quarterly report.. The company's fiscal year ends on December 31..
Is Commercial Vehicle Group, Inc. a risky investment based on this filing?
Based on this 10-Q, Commercial Vehicle Group, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.
What should investors do after reading Commercial Vehicle Group, Inc.'s 10-Q?
Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and outlook. The overall sentiment from this filing is neutral.
How does Commercial Vehicle Group, Inc. compare to its industry peers?
Commercial Vehicle Group, Inc. operates within the motor vehicle parts and accessories industry.
Are there regulatory concerns for Commercial Vehicle Group, Inc.?
The filing is a standard 10-Q report under the Securities Exchange Act of 1934.
Industry Context
Commercial Vehicle Group, Inc. operates within the motor vehicle parts and accessories industry.
Regulatory Implications
The filing is a standard 10-Q report under the Securities Exchange Act of 1934.
What Investors Should Do
- Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
- Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and outlook.
- Identify any new risk factors or changes in existing risks disclosed in the report.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-05-06: Filing Date — Date Commercial Vehicle Group, Inc. submitted its 10-Q report.
Year-Over-Year Comparison
This is the first 10-Q filing for the fiscal year 2024, following the 2023 10-K annual report.
Filing Stats: 4,663 words · 19 min read · ~16 pages · Grade level 15.4 · Accepted 2024-05-06 17:26:51
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share CVGI The NASDAQ Global Select
Filing Documents
- cvgi-20240331.htm (10-Q) — 1066KB
- q12024exhibit311.htm (EX-31.1) — 10KB
- q12024exhibit312.htm (EX-31.2) — 10KB
- q12024exhibit321.htm (EX-32.1) — 4KB
- q12024exhibit322.htm (EX-32.2) — 4KB
- 0001628280-24-020727.txt ( ) — 7583KB
- cvgi-20240331.xsd (EX-101.SCH) — 52KB
- cvgi-20240331_cal.xml (EX-101.CAL) — 119KB
- cvgi-20240331_def.xml (EX-101.DEF) — 207KB
- cvgi-20240331_lab.xml (EX-101.LAB) — 632KB
- cvgi-20240331_pre.xml (EX-101.PRE) — 464KB
- cvgi-20240331_htm.xml (XML) — 1350KB
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 18
– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23
– CONTROLS AND PROCEDURES
ITEM 4 – CONTROLS AND PROCEDURES 23
OTHER INFORMATION 25
PART II OTHER INFORMATION 25
Legal Proceedings
ITEM 1 Legal Proceedings 25
Risk Factors
ITEM 1A Risk Factors 25
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 25
Defaults Upon Senior Securities
ITEM 3 Defaults Upon Senior Securities 25
Mine Safety Disclosures
ITEM 4 Mine Safety Disclosures 25
Other Information
ITEM 5 Other Information 25
Exhibits
ITEM 6 Exhibits 25 SIGNATURE 26 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 March 31, 2024 2023 (Unaudited) (In thousands, except per share amounts) Revenues $ 232,068 $ 262,709 Cost of revenues 205,403 227,500 Gross profit 26,665 35,209 Selling, general and administrative expenses 20,093 20,565 Operating income 6,572 14,644 Other expense (income) 212 ( 202 ) Interest expense 2,251 2,890 Income before provision for income taxes 4,109 11,956 Provision for income taxes 1,170 3,256 Net income $ 2,939 $ 8,700 Earnings per Common Share: Basic $ 0.09 $ 0.26 Diluted $ 0.09 $ 0.26 Weighted average shares outstanding: Basic 33,325 32,868 Diluted 33,403 33,182 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 March 31, 2024 2023 (Unaudited) (In thousands) Net income $ 2,939 $ 8,700 Other comprehensive income (loss): Foreign currency exchange translation adjustments ( 2,559 ) 2,557 Minimum pension liability, net of tax ( 467 ) 140 Derivative instruments, net of tax 2,032 1,343 Other comprehensive income (loss) ( 994 ) 4,040 Comprehensive income $ 1,945 $ 12,740 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (In thousands, except share and per share amounts) ASSETS Current Assets: Cash $ 46,816 $ 37,848 Accounts receivable, net of allowances of $ 225 and $ 208 , respectively 145,140 133,949 Inventories 127,454 128,082 Other current assets 36,786 27,863 Total current assets 356,196 327,742 Property, plant and equipment, net 73,