0001290900FALSE00012909002024-05-062024-05-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 5, 2024
Commercial Vehicle Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3436541-1990662
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)
7800 Walton Parkway, New Albany, Ohio
43054
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 614-289-5360
Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVGIThe NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02. Results of Operations and Financial Condition.

On August 5, 2024, Commercial Vehicle Group, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing earnings for the second quarter ended June 30, 2024.

The information, including exhibit 99.1 hereto, the registrant furnished in this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibit
 
Exhibit No.  Description
  
  
Second quarter ended June 30, 2024 earnings press release dated August 5, 2024.









 



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
COMMERCIAL VEHICLE GROUP, INC.
August 5, 2024By:
/s/ Andy Cheung
Name:
Chung Kin Cheung ("Andy Cheung")
Title:Chief Financial Officer
(Principal Financial Officer)


newsrelease-newversionx116.jpg
Exhibit 99.1

CVG REPORTS SECOND QUARTER 2024 RESULTS

EPS of $(0.05), Adjusted EPS of $0.06, reflecting additional restructuring activity
Adjusted EBITDA of $10.0 million, free cash flow of $6.4 million
Strategic actions taken to strengthen Vehicle Solutions Business
Provides updated guidance for full year 2024


NEW ALBANY, OHIO (August 5, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2024.

Second Quarter 2024 Highlights (Compared with prior year, where comparisons are noted)
•Revenues of $229.9 million, down 12.3%, due primarily to a global softening in customer demand.
•Operating income of $0.8 million, down 95.2%; adjusted operating income of $5.7 million, down 65.9%. The decrease in operating income was driven primarily by lower sales volumes, partially offset by reduced SG&A.
•New business wins in the quarter of approximately $32 million when fully ramped, bringing the year-to-date total to $80 million; these wins were concentrated in our Electrical Systems segment, and includes meaningful wins in our Vehicle Solutions segment.
•Net loss of $1.6 million, or $(0.05) per diluted share and adjusted net income of $2.1 million, or $0.06 per diluted share, compared to net income of $10.1 million, or $0.30 per diluted share and adjusted net income of $10.7 million, or $0.32 per diluted share.
•Adjusted EBITDA of $10.0 million, down 51.9%, with an adjusted EBITDA margin of 4.3%, down from 7.9%.

James Ray, President and Chief Executive Officer, said, “CVG continues to drive its strategic transformation, despite second quarter results that were challenged due to multiple factors. In particular, we witnessed continued softening in the construction and agricultural end markets and reduced volumes in our new business win launches, impacting our key growth segment in Electrical Systems. We also experienced operational inefficiencies in our Vehicle Solutions segment resulting from a new product launch with a major customer across multiple sites as well as activities to prepare our Cab Structures Business for sale. We made incremental investments in both internal and external support teams deployed to the affected facilities and expect to achieve more stability during the balance of the year. These market dynamics and operational activities weighed on second quarter profitability. While we are disappointed with our second quarter performance, we are taking proactive steps to right-size our cost structure and improve operational execution as we navigate a lower demand environment.”

Mr. Ray concluded, “Despite these challenges in the second quarter, we continue to position CVG for future success. We maintained our strong track record of procuring new business wins in the quarter and recently announced the sale of our Cab Structures Business, that is expected to close in the second half of 2024, which will serve to further streamline our product portfolio and aligns with our
1

transformation strategy to reduce cyclicality, balance customer concentration, and strengthen our Vehicle Solutions business. We expect the trend of OEM's insourcing components of their cab manufacturing to continue, so monetizing the facility now will create value for shareholders and will allow us to redeploy capital in key areas to improve our operating model. Strategic actions like this one, combined with our ongoing cost reduction and business optimization efforts, are expected to position CVG to benefit from the anticipated improvement in market conditions.”

Andy Cheung, Chief Financial Officer, added, “We are taking swift action to respond to the end market and operational challenges through restructuring and headcount reduction efforts to improve profitability. We’ve incurred $6.8 million in restructuring expenses year-to-date and have reduced our headcount by more than 10%. Additionally, we have made progress on the strategic evaluation of our Industrial Automation segment, which we believe will culminate in the third quarter of this year and is reflected in our guidance. We are adjusting our annual guidance ranges for fiscal year 2024 to reflect current market trends to include the deterioration in global construction and agriculture markets, and we are providing an adjusted version of the updated guidance for the Cab Structures and Industrial Automation businesses. Following closing, we anticipate that the majority of the disposition proceeds will support debt paydown as we further strengthen our balance sheet.”

Second Quarter Financial Results
(amounts in millions except per share data and percentages)
Second Quarter
20242023$ Change% Change
Revenues$229.9 $262.2 $(32.3)(12.3)%
Gross profit$21.0 $38.4 $(17.4)(45.3)%
Gross margin9.1 %14.6 %
Adjusted gross profit 1
$25.6 $39.1 $(13.5)(34.5)%
Adjusted gross margin 1
11.1 %14.9 %
Operating income$0.8 $15.9 $(15.1)(95.0)%
Operating margin0.3 %6.1 %
Adjusted operating income 1
$5.7 $16.7 $(11.0)(65.9)%
Adjusted operating margin 1
2.5 %6.4 %
Net income (loss)$(1.6)$10.1 $(11.7)(115.8)%
Adjusted net income 1
$2.1 $10.7 $(8.6)(80.4)%
Earnings (loss) per share, diluted
$(0.05)$0.30 $(0.35)(116.7)%
Adjusted earnings per share, diluted 1
$0.06 $0.32 $(0.26)(81.3)%
Adjusted EBITDA 1
$10.0 $20.8 $(10.8)(51.9)%
Adjusted EBITDA margin 1
4.3 %7.9 %
1 See Appendix A for GAAP to Non-GAAP reconciliation

Consolidated Results

Second Quarter 2024 Results
•Second quarter 2024 revenues were $229.9 million, compared to $262.2 million in the prior year period, a decrease of 12.3%. The overall decrease in revenues was due to a softening in customer demand impacting all segments and the wind-down of certain programs in our Vehicle Solutions segment.
•Operating income in the second quarter 2024 was $0.8 million compared to $15.9 million in the prior year period. The decrease in operating income was attributable to the impact of lower sales volumes, operational inefficiencies and increased restructuring charges. Second quarter
2

2024 adjusted operating income was $5.7 million, compared to $16.7 million in the prior year period.
•Interest associated with debt and other expenses was $2.5 million and $2.8 million for the second quarter 2024 and 2023, respectively.
•Net loss was $1.6 million, or $(0.05) per diluted share, for the second quarter 2024 compared to net income of $10.1 million, or $0.30 per diluted share, in the prior year period.

On June 30, 2024, the Company had $7.0 million of outstanding borrowings on its U.S. revolving credit facility and no outstanding borrowings on its China credit facility, $39.3 million of cash and $152.9 million of availability from the credit facilities, resulting in total liquidity of $192.2 million.


Second Quarter 2024 Segment Results

Vehicle Solutions Segment
•Revenues were $140.9 million compared to $152.7 million for the prior year period, a decrease of 7.7%, due to lower customer demand and the wind-down of certain operations.
•Operating income was $5.1 million, compared to $14.1 million in the prior year period, a decrease of 64.1%, primarily attributable to lower customer demand, operational remediation investments, and increased freight costs partially offset by lower SG&A. Second quarter 2024 adjusted operating income was $8.3 million compared to $14.5 million in the prior year period.
Electrical Systems Segment
•Revenues were $50.2 million compared to $63.6 million in the prior year period, a decrease of 21.2%, primarily due to a global softening in the Construction & Agriculture end-markets and the phase out of certain lower margin business.
•Operating income was $0.5 million compared to $7.7 million in the prior year period, a decrease of 93.4%. The decrease in operating income was primarily attributable to lower customer demand, restructuring costs, labor inflation, and unfavorable foreign exchange impacts. Second quarter 2024 adjusted operating income was $1.9 million compared to $7.7 million in the prior year period.

Aftermarket & Accessories Segment
•Revenues were $33.9 million compared to $36.8 million in the prior year period, a decrease of 8.1%, primarily as a result of lower sales volume due to decreased customer demand and the reduction of backlog in the prior period.
•Operating income was $4.5 million compared to $5.5 million in the prior year period, a decrease of 19.4%. The decrease in operating income was primarily attributable to lower sales volumes, product mix and higher labor and benefit costs. Second quarter 2024 adjusted operating income was $4.7 million compared to $5.5 million in the prior year period.
Industrial Automation Segment
•Revenues were $5.0 million compared to $9.0 million in the prior year period, a decrease of 44.6%, as a result of lower sales volume due to decreased customer demand.
•Operating loss was $1.0 million, compared to $2.1 million in the prior year period. The decrease in operating loss was primarily attributable to benefits from recently implemented restructuring programs. Second quarter 2024 adjusted operating loss was $0.9 million, compared to $1.7 million in the prior year period.
3


Outlook

CVG issued the following outlook for the full year 2024 which reflects both market developments and pending strategic portfolio actions:

MetricPrior 2024 OutlookRevised 2024 Outlook
Adjusted
Revised 2024 Outlook (1)
Net Sales$915 - $1,015$900 - $960$730 - $780
Adjusted EBITDA$60 - $73$42 - $52$28 - $36

(1) This Adjusted outlook excludes any contribution from CVG’s Cab Structures or Industrial Automation businesses in 2024. On July 31, 2024, CVG signed an asset purchase agreement for the sale of the Cab Structures business, with closing expected in the second half of 2024. Separately, CVG is currently exploring strategic alternatives for the Industrial Automation business.

This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2024 North American Class 8 truck production levels are expected to be at 308,000 units. The 2023 actual Class 8 truck builds according to the ACT Research was 340,247 units.

Agriculture and construction market conditions have deteriorated relative to our prior update in March 2024. Based on industry data, we now project segments within global agriculture market demand to be down 15% to 20% and construction market demand to be down 10% to 15% in 2024.

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, August 6, 2024, at 8:30 a.m. ET. Management intends to reference the Q2 2024 Earnings Call Presentation during the conference call. To participate, dial (800) 549-8228 using conference code 11335. International participants dial (289) 819-1520 using conference code 11335.
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 for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 11335#.

Company Contact
Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

4

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.

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 closing of the recently announced sale of its Cab Structures Business, its plans to improve financial results, the future of the Company’s end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural 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.

Other Information

Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.
###
5

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months and Six Months Ended June 30, 2024 and 2023
(Unaudited)
(Amounts in thousands, except per share amounts)
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Revenues$229,906 $262,194 $461,974 $524,903 
Cost of revenues208,927 223,793 414,330 451,293 
Gross profit20,979 38,401 47,644 73,610 
Selling, general and administrative expenses20,219 22,457 40,312 43,022 
Operating income760 15,944 7,332 30,588 
Other expense207 307 419 105 
Interest expense2,488 2,804 4,739 5,694 
 Income (loss) before provision for income taxes(1,935)12,833 2,174 24,789 
Provision (benefit) for income taxes(334)2,693 836 5,949 
        Net income (loss)$(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:
Basic33,393 33,051 33,359 32,960 
Diluted33,393 33,429 33,834 33,312 



6

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETSJune 30, 2024December 31, 2023
Current assets:
Cash$39,341 $37,848 
Accounts receivable, net 138,689 133,949 
Inventories132,556 128,082 
Other current assets35,634 27,863 
Total current assets346,220 327,742 
Property, plant and equipment, net75,530 73,468 
Intangible assets, net7,743 11,222 
Deferred income taxes34,158 33,568 
Other assets, net39,545 37,214 
Total assets$503,196 $483,214 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$100,810 $77,314 
Accrued liabilities and other49,557 52,562 
Current portion of long-term debt and short-term debt17,500 15,313 
Total current liabilities167,867 145,189 
Long-term debt124,458 126,201 
Pension and other post-retirement benefits9,593 9,196 
Other long-term liabilities31,671 29,696 
Total liabilities$333,589 $310,282 
Stockholders’ equity:
Preferred stock$— $— 
Common stock334 333 
Treasury stock(16,170)(16,150)
Additional paid-in capital267,230 265,217 
Retained deficit(44,846)(46,184)
Accumulated other comprehensive loss(36,941)(30,284)
Total stockholders’ equity169,607 172,932 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$503,196 $483,214 

7

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended June 30,
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate/OtherTotal
202420232024202320242023202420232024202320242023
Revenues$140,904 $152,730 $50,152 $63,625 $33,860 $36,829 $4,990 $9,010 $— $— $229,906 $262,194 
Gross profit (loss)11,557 20,904 3,167 10,345 6,447 7,788 (192)(636)— — 20,979 38,401 
Selling, general & administrative expenses 6,480 6,769 2,660 2,686 1,993 2,262 823 1,425 8,263 9,315 20,219 22,457 
Operating income (loss)$5,077 $14,135 $507 $7,659 $4,454 $5,526 $(1,015)$(2,061)$(8,263)$(9,315)$760 $15,944 

Six Months Ended June 30,
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate/OtherTotal
202420232024202320242023202420232024202320242023
Revenues$278,814 $313,315 $105,947 $118,373 $67,921 $74,458 $9,292 $18,757 $— $— $461,974 $524,903 
Gross profit (loss)27,785 40,374 7,721 18,643 12,886 15,015 (748)(422)— — 47,644 73,610 
Selling, general & administrative expenses 12,357 12,847 5,202 4,914 3,900 3,913 2,262 2,501 16,591 18,847 40,312 43,022 
Operating income (loss)$15,428 $27,527 $2,519 $13,729 $8,986 $11,102 $(3,010)$(2,923)$(16,591)$(18,847)$7,332 $30,588 





8

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(Amounts in thousands, except per share amounts and percentages)

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Gross profit$20,979 $38,401 $47,644 $73,610 
Restructuring4,670 683 6,372 1,373 
Adjusted gross profit$25,649 $39,084 $54,016 $74,983 
% of revenues11.2 %14.9 %11.7 %14.3 %
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Operating income$760 $15,944 $7,332 $30,588 
Restructuring4,928 718 6,824 1,431 
Total operating income adjustments4,928 718 6,824 1,431 
Adjusted operating income$5,688 $16,662 $14,156 $32,019 
% of revenues2.5 %6.4 %3.1 %6.1 %
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss)$(1,601)$10,140 $1,338 $18,840 
Operating income adjustments4,928 718 6,824 1,431 
Adjusted provision for income taxes1
(1,232)(180)(1,706)(358)
Adjusted net income$2,095 $10,678 $6,456 $19,913 
Diluted EPS$(0.05)$0.30 $0.04 $0.57 
Adjustments to diluted EPS$0.11 $0.02 $0.15 $0.03 
Adjusted diluted EPS$0.06 $0.32 $0.19 $0.60 
1.Reported Tax Provision adjusted for tax effect of special charges at 25%
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss)$(1,601)$10,140 $1,338 $18,840 
Interest expense2,488 2,804 4,739 5,694 
Provision for income taxes(334)2,693 836 5,949 
Depreciation expense3,782 3,547 7,491 6,977 
Amortization expense720 864 1,483 1,696 
EBITDA$5,055 $20,048 $15,887 $39,156 
% of revenues2.2 %7.6 %3.4 %7.5 %
EBITDA adjustments
Restructuring$4,928 $718 $6,824 $1,431 
Adjusted EBITDA$9,983 $20,766 $22,711 $40,587 
% of revenues4.3 %7.9 %4.9 %7.7 %
9


Three Months Ended June 30, 2024
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate/OtherTotal
Operating income (loss)$5,077 $507 $4,454 $(1,015)$(8,263)$760 
Restructuring3,236 1,379 197 116 — 4,928 
Adjusted operating income (loss)$8,313 $1,886 $4,651 $(899)$(8,263)$5,688 
% of revenues5.9 %3.8 %13.7 %(18.0)%2.5 %

Six Months Ended June 30, 2024
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate/OtherTotal
Operating income (loss)$15,428 $2,519 $8,986 $(3,010)$(16,591)$7,332 
Restructuring3,769 2,469 231 191 164 6,824 
Adjusted operating income (loss)$19,197 $4,988 $9,217 $(2,819)$(16,427)$14,156 
% of revenues6.9 %4.7 %13.6 %(30.3)%3.1 %


Three Months Ended June 30, 2023
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate/OtherTotal
Operating income (loss)$14,135 $7,659 $5,526 $(2,061)$(9,315)$15,944 
Restructuring340 — — 378 — $718 
Adjusted operating income (loss)$14,475 $7,659 $5,526 $(1,683)$(9,315)$16,662 
% of revenues9.5 %12.0 %15.0 %(18.7)%6.4 %

Six Months Ended June 30, 2023
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate/OtherTotal
Operating income (loss)$27,527 $13,729 $11,102 $(2,923)$(18,847)$30,588 
Restructuring423 8 — 1,000 — 1,431 
Adjusted operating income (loss)$27,950 $13,737 $11,102 $(1,923)$(18,847)$32,019 
% of revenues8.9 %11.6 %14.9 %(10.3)%6.1 %



Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Cash flows from operating activities$12,588 $11,464 $10,232 $11,522 
Purchases of property, plant and equipment(6,207)(5,858)(11,266)(9,179)
Free cash flow$6,381 $5,606 $(1,034)$2,343 


10


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.
11
v3.24.2.u1
Cover
May 06, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 05, 2024
Entity Registrant Name Commercial Vehicle Group, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34365
Entity Tax Identification Number 41-1990662
Entity Address, Address Line One 7800 Walton Parkway
Entity Address, City or Town New Albany
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43054
City Area Code 614
Local Phone Number 289-5360
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol CVGI
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001290900
Amendment Flag false
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