The following is a summary of the Commercial Vehicle Group, Inc. (CVGI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Commercial Vehicle Group reported Q1 2024 revenues of $232 million, adjusted EBITDA of $12.7 million, and a net income of $2.9 million.
The company executed around $2 million of restructuring costs, contributing to a net leverage ratio of 1.8 times.
Despite challenges, such as the Suez Canal issue, the 2024 full-year outlook was maintained, with a guidance range of $915 million to $1.015 billion.
Business Progress:
The company garnered new business wins worth $45 million and aims to reach $100 million by year-end.
Commercial Vehicle Group is strengthening its segments and has begun the construction of the second Morocco facility, expecting its completion by Q4 2024.
The company is taking measures to counter inflation and foreign exchange headwinds, and is optimizing costs while mitigating logistics and supply chain risks.
Increased focus on the aftermarket business is expected to offer improved performance in the second half of the year.
More details: Commercial Vehicle Group IR
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