NASDAQ$CVGI
Commercial Vehicle Group Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
CVG reported Q2 2024 results with adjusted EPS of $0.06, reflecting additional restructuring activity and adjusted EBITDA of $10.0 million.
CVG's Q2 2024 results were impacted by softening customer demand, operational inefficiencies, and increased restructuring charges. Revenues decreased by 12.3% to $229.9 million, and the company reported a net loss of $1.6 million. Strategic actions, including the sale of the Cab Structures Business, are expected to streamline the product portfolio and strengthen the Vehicle Solutions business.
- Revenues decreased by 12.3% to $229.9 million due to softening customer demand.
- Operating income decreased by 95.2% to $0.8 million, while adjusted operating income decreased by 65.9% to $5.7 million.
- Net loss was $1.6 million, or $(0.05) per diluted share, compared to net income of $10.1 million, or $0.30 per diluted share in the prior year.
- Adjusted EBITDA decreased by 51.9% to $10.0 million, with an adjusted EBITDA margin of 4.3%.
Headline financials
Revenue & EPS history
CVG · Revenue · Quarterly
$230M
Revenue by segment
CVG · $53.9M total across 1 segment · Q3 2023
- Global Electrical Systems$53.9M+16.8%100.0%
Forward guidance
CVG adjusted its full year 2024 guidance to reflect current market trends, including deterioration in global construction and agriculture markets, and is providing an adjusted version of the updated guidance for the Cab Structures and Industrial Automation businesses.
Tailwinds
- Strategic actions, like the sale of the Cab Structures Business, are expected to position CVG to benefit from anticipated improvement in market conditions.
- Cost reduction and business optimization efforts are ongoing.
- Expects to achieve more stability during the balance of the year.
- Maintained strong track record of procuring new business wins in the quarter.
- Majority of the disposition proceeds will support debt paydown as we further strengthen our balance sheet.
Headwinds
- Construction and agriculture market conditions have deteriorated.
- Witnessed continued softening in the construction and agricultural end markets and reduced volumes in new business win launches.
- Experienced operational inefficiencies in our Vehicle Solutions segment.
- Market dynamics and operational activities weighed on second quarter profitability.
- Adjusting annual guidance ranges for fiscal year 2024 to reflect current market trends to include the deterioration in global construction and agriculture markets
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.5%
Avg return
Earnings day
+5.7%
Avg return
5 days after
+7.1%
Avg return
30 days after
48%
31 / 65 earnings
Positive
+32.0%
Q2 2020
Best reaction
-23.8%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.7% | +20.0% | +29.9% | |
| Q4 2026 | +25.5% | +123.5% | +142.0% | |
| Q3 2025 | +0.0% | +2.0% | +8.7% | |
| Q1 2025 | +14.7% | +60.0% | +56.7% | |
| Q4 2024 | -3.8% | -15.6% | -50.5% | |
| Q3 2024 | -20.3% | -15.9% | -23.6% | |
| Q2 2024 | -17.6% | -28.8% | -31.7% | |
| Q1 2024 | -6.4% | -5.9% | -9.2% | |
| Q4 2023 | -8.2% | -7.5% | -3.7% | |
| Q3 2023 | -10.9% | -15.5% | -0.9% | |
| Q2 2023 | +8.9% | -2.8% | -12.3% | |
| Q1 2023 | +18.5% | +36.7% | +32.5% | |
| Q4 2022 | -12.7% | -10.7% | -18.7% | |
| Q3 2022 | +4.5% | +21.1% | +48.8% | |
| Q2 2022 | +0.7% | -2.6% | -17.2% | |
| Q1 2022 | +1.5% | -3.5% | -3.2% | |
| Q4 2021 | -1.8% | +7.5% | +7.9% | |
| Q3 2021 | -10.8% | -11.7% | -17.0% | |
| Q2 2021 | +2.7% | +5.0% | +11.2% | |
| Q1 2021 | +7.4% | +17.0% | +0.6% | |
| Q4 2020 | +0.5% | +7.1% | -0.6% | |
| Q3 2020 | +4.9% | +9.3% | +31.8% | |
| Q2 2020 | +32.0% | +48.1% | +59.9% | |
| Q1 2020 | +6.1% | +21.9% | +64.5% | |
| Q4 2019 | -23.8% | -40.7% | -53.3% | |
| Q3 2019 | -4.6% | -5.0% | -9.3% | |
| Q2 2019 | -7.3% | -8.4% | -22.6% | |
| Q1 2019 | -6.5% | -16.1% | -27.7% | |
| Q4 2018 | +4.4% | +0.8% | +7.4% | |
| Q3 2018 | -1.4% | -2.1% | -5.3% | |
| Q2 2018 | +24.0% | +26.8% | +32.5% | |
| Q1 2018 | +27.4% | +19.8% | +15.1% | |
| Q4 2017 | -19.2% | -21.3% | -34.2% | |
| Q3 2017 | +21.6% | +20.1% | +32.1% | |
| Q2 2017 | -21.4% | -28.7% | -25.2% | |
| Q1 2017 | -2.5% | +10.5% | -0.1% | |
| Q4 2016 | -2.3% | -4.4% | +13.1% | |
| Q3 2016 | +1.7% | +4.1% | +12.9% | |
| Q2 2016 | +7.7% | +9.7% | +37.2% | |
| Q1 2016 | +12.8% | — | — | |
| Q4 2015 | -9.2% | — | — | |
| Q3 2015 | -6.7% | — | — | |
| Q2 2015 | -12.3% | — | — | |
| Q1 2015 | +3.0% | — | — | |
| Q4 2014 | +11.5% | — | — | |
| Q3 2014 | -1.0% | — | — | |
| Q2 2014 | -0.5% | — | — | |
| Q1 2014 | -6.4% | — | — | |
| Q4 2013 | +2.2% | — | — | |
| Q3 2013 | -5.3% | — | — | |
| Q2 2013 | -7.7% | — | — | |
| Q1 2013 | +3.6% | — | — | |
| Q4 2012 | -4.8% | — | — | |
| Q3 2012 | +4.3% | — | — | |
| Q2 2012 | -8.6% | — | — | |
| Q1 2011 | -2.3% | — | — | |
| Q1 2012 | +4.5% | — | — | |
| Q4 2009 | +5.5% | — | — | |
| Q4 2011 | +5.5% | — | — | |
| Q3 2011 | +19.2% | — | — | |
| Q3 2010 | +19.2% | — | — | |
| Q4 2010 | -12.3% | — | — | |
| Q2 2010 | -12.3% | — | — | |
| Q2 2011 | -12.3% | — | — | |
| Q1 2010 | +8.0% | — | — |
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