Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Top Line Results. CVGI had a solid quarter with revenues of $262.2 million, up 4.5% from the $250.8 million the prior year. We had revenue at $265 million. The higher revenue was driven by strong price realization, which drove revenue across three segments, partially offset by sales volume decreases in the Industrial Automation segment. Foreign currency translation favorably impacted second quarter 2023 revenues by $0.7 million, or 0.3%.
Even Better Bottom Line. Net income for the quarter was $10.1 million, or EPS of $0.30 per share. Adjusted EPS was $0.32. We had forecast net income of $8.7 million, or EPS of $0.26. New business, price realization, and cost reduction efforts all positively impacted the bottom line. Adjusted EBITDA came in at $20.8 million, or a 7.9% margin, up from $12.4 million and 4.9%.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW ALBANY, Ohio, July 25, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) will hold its quarterly conference call on Wednesday, August 2, 2023, at 10:00 a.m. ET, to discuss second quarter 2023 financial results. CVG will issue a press release and presentation prior to the conference call.
Toll-free participants dial (888) 259-6580 using conference code 34051647. International participants dial (416) 764-8624 using conference code 34051647. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.
A telephonic replay of the conference call will be available until August 16, 2023. To access the replay, toll-free callers can dial (877) 674-7070 using access code 051647.
About CVG
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
NEW ALBANY, Ohio, May 15, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) announced today that Andy Cheung, Executive Vice President and Chief Financial Officer, will meet with investors at the Barrington Research Virtual Spring Investment Conference on May 18, 2023.
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
CEO Stepping Down. Yesterday, CVG announced CEO Harold Bevis is resigning from his role as President and CEO, as well as a Board member, effective May 19th to become CEO of another company. The Company noted Mr. Bevis’ resignation did not result from any disagreement with the Company on any matter.
Interim CEO. Current Chairman of the Board Robert Griffin will step into an interim CEO role. On the Board since 2005, Mr. Griffin worked closely with Mr. Bevis in designing and implementing the Company’s strategy. Mr. Griffin has an extensive financial background, including as Head of Investment Banking for Barclays Capital. Other Board members with a more operational and manufacturing background will assist Mr. Griffin. CVG will be in good hands during the transition, in our view.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW ALBANY, Ohio, May 09, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, announced yesterday that Harold Bevis is resigning from his role as President and Chief Executive Officer of the Company and as a member of the Company’s Board of Directors (the “Board”) effective May 19, 2023 to become chief executive officer of another company. Mr. Bevis’ resignation did not result from any disagreement with the Company on any matter, including any matter relating to its operations, policies or practices.
Robert C. Griffin, the Chairman of the Board, is expected to be elected by the Board as the Company’s interim President and Chief Executive Officer, effective May 19, 2023. Mr. Griffin along with the Board of Directors has served as a Director since 2005 and has worked closely alongside Harold in designing and implementing the Company’s strategy.
“Harold has set CVG on the right path for future growth and we’re grateful for his contributions,” Mr. Griffin said. “The board and I are eager now to find the right leader who will continue our momentum as a business and drive us into the future.”
Mr. Griffin will serve as interim President and Chief Executive Officer until his successor is chosen. The Company is in the process of conducting a comprehensive search for a permanent President and Chief Executive Officer and will name Mr. Griffin’s successor at the completion of the search.
In announcing the management changes noted above, the Company today reaffirmed its commitment to its strategic goals and improvement in its results for 2023.
As disclosed in its first quarter results and discussed on its first quarter conference call on May 4, 2023, the Company:
will continue its focus on price and cost which allowed it to deliver significant margin expansion in the first quarter;
believes its first quarter margin performance is sustainable for fiscal 2023 given the current vehicle production outlook;
believes based on the current revenue run rate, combined with new wins that are still ramping up, it is on track to deliver its 2027 revenue target of $1.5 billion; and
will continue to focus on price and inflation management, and cost reduction as it works toward achieving a 9% EBITDA margin target by 2027.
Mr. Griffin stated, “The Board is pleased with the Company’s first quarter performance and reaffirms our commitment to the Company’s strategic direction as discussed on its first quarter call on May 4, 2023. We believe we have a solid balance sheet, a business winning culture, and strong leadership team that positions us well to execute on our strategy. The Board looks forward to working with the management team to continue our positive momentum throughout this transition.”
Robert C. Griffin Biography
Mr. Griffin, 75, has served as a member of the Board since July 2005, and was elected Chairman in 2019. Mr. Griffin’s career spanned over 25 years in the financial sector until he retired from Barclays Capital, where from June 2000 to March 2002 he was Head of Investment Banking, Americas and a member of the Management Committee. Prior to joining Barclays Capital, Mr. Griffin was a member of the Executive Committee for the Montgomery Division of Banc of America Securities and held a number of positions with Bank of America, including Group Executive Vice President and Head of Global Debt Capital Raising and as a Senior Management Council Member. Since 2005, he has served on a number of boards, both public and private, including during the last five years, the boards of the following public companies: The J.G. Wentworth Company (ending in 2018), and Builders FirstSource, Inc. (ending in 2019).
Company Contact
Andy Cheung Chief Financial Officer CVG IR@cvgrp.com
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems across a range of global industries by innovating, constantly adding value, and treating our customer’s bottom line as if it were our own. Information about the Company and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including the short-term and long-term impact of the COVID-19 pandemic on our business, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction equipment business, the Company’s prospects in the wire harness, warehouse automation and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
The Strategy is Working. Posting record quarterly revenue and improved margins for the quarter indicates management’s growth strategy is working. We believe CVG is at an inflection point for improved growth and margins. The Company is well on its way to achieving its 2027 goal of $1.5 billion in revenue and 9% adjusted EBITDA margin, in our view.
Volume, Price Driving Top Line. Record first quarter revenue was driven by a combination of volume and price, with volume contributing about 60% of top line growth in the quarter and price the other 40%. CVG spent considerable energy in 2022 seeking out more favorable pricing to reflect current operating realities. The final major contract was redone in the first quarter of 2023 and began contributing at the beginning of April.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Results. CVGI had a strong quarter with record revenues of $262.7 million versus $244.4 million the prior year, an increase of 7.5%. We had revenue of $245 million. The higher revenue was driven by increased pricing to offset material cost increases and increased sales volume, offset by sales volume decreases in the Industrial Automation segment. Foreign currency translation also unfavorably impacted first quarter of 2023 revenues by $3.6 million, or 1.5%.
Continued Strong Results. Operating income for the Company totaled $14.6 million compared to $8.4 million the previous year. Net income for the Company was at $8.7 million, or $0.26 per diluted share, versus $4.0 million, or $0.12, last year. Adjusted net income was $9.2 million, or $0.28 adjusted diluted EPS compared to $5.3 million in the previous year, or $0.16. Adjusted EBITDA was $19.8 million compared to $13.5 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q22 Bottom Line Impacted By Special Items. CVG reported GAAP EPS of a loss of $0.98. Adjusting for one-time items, adjusted EPS was $0.04. Further adjusting for special items, high program start-up costs and foreign exchange, special item adjusted EPS was $0.14, or much more in-line with our $0.17 forecast, which did not include any of the above.
A Refined Long-term Roadmap. Management put out a more refined long-term roadmap with a goal of $1.5 billion of revenue and a 9.0% adjusted EBITDA margin for 2027. While the new revenue goal is below the previous $1.9 billion goal, the adjusted EBITDA margin rises from a prior 8.5%. We believe the updated road map reflects management’s goal of focusing on adding only higher margin growth and not just growth for growth’s sake.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q22 Top Line. Revenues were $234.9 million compared to $228.9 million in the prior year period, an increase of 2.6%. The increase in revenues is due to increased pricing to offset material cost increases. Foreign currency translation unfavorably impacted fourth quarter 2022 revenues by $6.3 million, or by 2.7%. New business revenue was approximately $20 million in the quarter, offsetting ongoing softness in the Industrial Automation segment. We had forecast revenue of $249 million.
4Q22 Bottom Line. CVGI reported a net loss of $32.0 million, or $0.98 per diluted share for the quarter, caused by non-cash charges related to tax valuation allowance changes, a pension settlement to terminate the Company’s U.S. legacy pension plan, and a $10.4 million non-cash charge in the Industrial Automation segment due to the modest outlook for the business. Adjusted EPS was $0.04, short of our $0.17 projection. Adjusted EBITDA was $13.3 million, up $0.4 million or 3.1%.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Fourth quarter sales of $235 million, a 2.6% increase year-over-year Net loss $32.0 million,adjusted EBITDA of $13.3 million, a 3.1% increase in adjusted EBITDA Continued price realization to offset inflation
Business transformation continues, record annual sales of $982 million In 2023, Company expects to realize ~$150 million in new business revenue Strong free cash flow and debt paydown exceeded target at ~$43 million
NEW ALBANY, Ohio, March 06, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022Highlights(Compared with prior-year period, where comparisons are noted)
Revenue of $234.9 million, up 2.6% as demand and price increases came through as expected. New business revenues fully offsetting softness in Industrial Automation (formerly known as Warehouse Automation). New business revenue was approximately $20 million in the quarter and $130 million for the full year.
Net loss of $32.0 million, or $0.98 per diluted share was caused by non-cash charges related to tax valuation allowance changes, a pension settlement to terminate the Company’s U.S. legacy pension plan, and a $10.4 million non-cash charge in Industrial Automation segment due to modest outlook for the business. The Company no longer has a pension liability in the United States.
Adjusted EBITDA of $13.3 million, up $0.4 million or 3.1%. Our pricing actions, solid demand, and new business revenues in our three vehicle-related segments are fully offsetting slowdown in the Industrial Automation segment. Startup expenses on new business ramp-ups were high at $3.3 million in the quarter, but set the stage for a much improved 2023.
Price negotiations during the quarter secured further increases beginning January 2023.
Full Year 2022Highlights(Compared with prior-year period, where comparisons are noted)
Revenue of $981.6 million, an annual record for the Company driven by the three vehicle segments, current year contribution of new business revenue, and higher prices to offset inflation.
Continued to gain new business on a wider spectrum of Non-Class 8 vehicles, with a wider set of customers, and new products. The Company secured an additional $150 million of new business wins during the year; these wins are concentrated in our Electrical Systems product lines. One-time startup costs were expensed as incurred and were $12.3 million in 2022 vs. $6.1 million in 2021.
Operating income of $20.1 million, down $29.4 million, and adjusted operating income of $36.6 million, down $16.6 million. The decrease in operating income was due to the lag effect of price recovery on ongoing business and funding a bigger startup program (approximately $6 million higher). The Company’s price recovery efforts are fully offsetting the cost of inflation and have curtailed growth programs tied to high-cost startups.
Full-year 2022 debt paydown was $43.2 million, and net debt declined to $120.6 million.
Harold Bevis, President and Chief Executive Officer of CVG, said, “We had a busy quarter of completing a good amount of new business startups, and negotiating substantial improvements in our price recovery program. The Industrial Automation business remains small with a modest outlook, so we took the opportunity to close a plant, right-size our payroll, and right-size our inventory profile.”
“In 2022, we delivered record revenues, had a record amount of new vehicle platform startups, and secured another approximately $150 million of new business wins on an ever-expanding lineup of vehicles. We believe that we can continue to add greater than $100 million of new business wins per year. In 2022, we also exceeded our goal of paying down debt, reduced debt by $43 million and ended the year with $121 million of net debt. We remain focused on higher levels of EBITDA, lower working capital, strategic capex, and lower debt levels.”
“We have already doubled the size of the Electrical Systems business on a pro-forma basis. The secular growth of the Electric Vehicle market is helping us as there is a lot of vehicle development activity globally and we are in an opportunity-rich environment. Our goal is to be known as a nimble, high-service growth company and progressively add new targeted business, concentrated in Electrical Systems.”
“Our transformation plan is working and we are increasing the proportion of our revenues and earnings coming from our Electrical Systems business. Cumulatively, in the last three years, we have secured new growth with 300+ new programs and 115+ new and existing customers.”
“The 2023 cost reduction program is over $30 million, comprised of approximately 350 projects globally. We are committed to lowering our cost structure, mainly in the non-growth areas, and mainly away from high-cost countries. We believe we can accomplish $90 million of cost-outs over the next three years. The Company is also announcing an ESG program of which a primary goal is to reduce its carbon footprint by 50% over the next 10 years.”
“We are expecting 2023 to be a year of record revenue, higher EBITDA, continued free cash flow and debt paydown, $30 million of cost-out, and at least $100 million of targeted new business wins, concentrated in Electrical Systems.”
Andy Cheung, Chief Financial Officer, added, “We delivered another quarter of strong top-line growth and, we have taken major actions to position the Company for strong 2023 performance. We have incurred additional startup costs to support the ramp up of our biggest platforms. Additionally, we made several non-cash GAAP balance sheet adjustments in the quarter, exceeded the high end of our target debt paydown range, and achieved our working capital reduction targets for the year.”
We recorded the following special items during the quarter:
We completed the restructuring of the industrial automation business and as a result recognized a non-cash write-down of $10.4 million in industrial automation inventory.
As a result of evaluating our global deferred tax assets, we took a net non-cash charge of $14.7 million.
We recorded a charge of $8.1 million related to the termination of the Company’s U.S. legacy pension plan.
“Giving effect to the tax adjustments noted above, our actual cash taxes were flat in 2022 versus 2021 at approximately $4.0 million.”
Financial Results (amounts in millions except per share data and percentages)
Consolidated Results
Fourth Quarter 2022 Results
Fourth quarter 2022 revenues were $234.9 million compared to $228.9 million in the prior year period, an increase of 2.6%. The increase in revenues is due to increased pricing to offset material cost increases. Foreign currency translation unfavorably impacted fourth quarter 2022 revenues by $6.3 million, or by 2.7%.
Operating loss for the fourth quarter 2022 was $4.0 million compared to operating income of $6.5 million in the prior year period. The decrease in operating income was primarily due to special costs, including restructuring and an inventory write-down due to decreased demand in the Industrial Automation segment. Foreign currency translation also unfavorably impacted fourth quarter 2022 operating loss by $0.9 million. Excluding special costs, the fourth quarter of 2022 adjusted operating income was $8.4 million, down 1.2%. Adjusted operating income includes $1.8 million of higher than expected startup costs on programs which will benefit future periods.
Interest expense was $2.9 million and $1.7 million for the fourth quarter ended December 31, 2022 and 2021, respectively. The increase in interest expense was due to higher interest rates, and a higher average debt balance during the fourth quarter 2022 compared to fourth quarter 2021.
Net loss was $32.0 million, or $(0.98) per diluted share, for the fourth quarter 2022 compared to net income of $2.6 million, or $0.08 per diluted share, in the prior year period.
At December 31, 2022, the Company had no outstanding borrowings on its revolving credit facility, $31.8 million of cash and $148.8 million availability from the revolving credit facility, resulting in total liquidity of $180.6 million.
Segment Results
Fourth Quarter 2022 Results (Compared with prior-year period, where comparisons are noted)
Vehicle Solutions Segment
Revenues were $142.8 million, an increase of 12.9% primarily resulting from material cost pass-through and increased sales volume.
Operating income for the fourth quarter 2022 was $3.7 million, a decrease of 26.8%. Primarily due to a lag in price recovery versus cost inflation and higher than planned start up costs. Excluding special costs, the fourth quarter of 2022 adjusted operating income decreased to $4.1 million, or 24.2%, as compared to the fourth quarter 2021.
Electrical Systems Segment
Revenues were $47.1 million, an increase of 23.1%, primarily resulting from material cost pass-through and contributions from new business wins.
Operating income was $5.4 million, an increase of $3.7 million primarily attributable to material cost pass-through and favorable volume. Adjusted operating income was $5.5 million, an increase of 103.2%, excluding special costs.
Aftermarket and Accessories Segment
Revenues were $34.1 million, an increase of 27.8%, primarily resulting from increased sales volume and increased pricing to offset material cost pass-through.
Operating income was $3.2 million, an increase of 69.2%. The increase in operating income was primarily attributable to the increase in pricing to offset material cost pass-through.
Industrial Automation Segment
Revenues were $11.0 million, a decrease of 70.8%, due to lower demand levels. Operating loss was $11.9 million, compared to operating income of $3.1 million in the prior year. The operating loss was primarily attributable to lower sales volumes and an inventory charge of $10.4 million. Adjusted operating loss was $0.5 million, a decrease of 114.5%. The business restructuring was primarily completed during the quarter.
2023 Outlook
According to ACT Research, 2023 North American Class 8 truck production levels are expected to be at 305,000 units and Class 5-7 production are expected to be at 242,000 units. Estimates from FTR for 2023 are 322,000 units, slightly higher than ACT Research for Class 8 truck builds. The 2022 actual Class 8 truck builds according to the ACT Research was 315,128 units.
According to Interact Analysis, the Global Off-Highway vehicle market is expected to increase approximately 4% to 6.2 million units in 2023 from 5.9 million units in 2022. Beyond 2023, the Off-Highway vehicle market is expected to grow in the 4-5% range. We expect our legacy business growth rates to be in line with this outlook.
Industry forecasts are expecting a 4% growth in 2023 for North American aftermarket truck parts. Compounded annual growth of 4.1% is forecasted for 2023-2027.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.
Conference Call
A conference call to discuss this press release is scheduled for Tuesday, March 7, 2023, at 10:00 a.m. ET. Management intends to reference the Q4 2022 Earnings Call Presentation during the conference call. To participate, dial (888) 396-8049 using conference code 33489158. International participants dial (416) 764-8646 using conference code 33489158.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (877) 674-7070 using access code 489158 and international callers can dial (416) 764-8692 using access code 489158.
Company Contact
Andy Cheung Chief Financial Officer CVG IR@cvgrp.com
At CVG we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including the short-term and long-term impact of the COVID-19 pandemic on our business and the global supply chain, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction equipment business, the Company’s prospects in the wire harness, industrial automation and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including inflation and labor shortages and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
Use of Non-GAAP Measures
This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.
Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.
NEW ALBANY, Ohio, Feb. 22, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) will hold its quarterly conference call on Tuesday, March 7, 2023, at 10:00 a.m. ET, to discuss fourth quarter and full year 2022 financial results. CVG will issue a press release and presentation prior to the conference call.
Toll-free participants dial (888) 396-8049 using conference code 33489158. International participants dial (416) 764-8646 using conference code 33489158. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.
A telephonic replay of the conference call will be available until March 21, 2023. To access the replay, toll-free callers can dial (877) 674-7070 using access code 489158.
About CVG
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Investor Conference. Late last week, Commercial Vehicle Group’s (CVG) CEO Harold Bevis and CFO Andy Cheung presented at an investor conference. As we highlighted in our initiation report, CVG is in the midst of a business transformation and management provided an overview of the current status.
Contract Wins. Over the past two years, CVG has won over $400 million of annualized new business at full ramp. CVG won over 300 programs with 115 new and existing customers in 18 countries in 19 different markets. New business should contribute over $150 million of revenue in 2023.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW ALBANY, Ohio, Jan. 17, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) announced today that Harold Bevis, President and Chief Executive Officer, and Andy Cheung, Executive Vice President and Chief Financial Officer, will present virtually at the Sidoti January Micro-Cap Virtual Conference on January 19, 2023, at 10:45 a.m. ET. A link to the webcast can be accessed through the investor section of the Company’s website at cvgrp.com. The presentation materials will be posted on the Company Website and be archived there for a period of 30 days.
Management will also meet virtually with investors registered for the conference.
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com