CVG reports Q4 net loss of $32M on special charges; record annual revenue $982M

Commercial Vehicle Group, Inc.

Q4 revenue $234.9M (+2.6% YoY); net loss $32.0M ($0.98 diluted EPS) vs net income $2.6M in prior year.
Adjusted EBITDA $13.3M (+3.1% YoY); adjusted EPS $0.04.
Full-year 2022 revenue $981.6M (record); new business wins $150M; debt paydown $43.2M.
2023 outlook: record revenue, higher EBITDA, $30M cost reduction, at least $100M new business wins.
Special items: $10.4M inventory write-down, $14.7M tax valuation allowance, $8.1M pension settlement.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Commercial Vehicle Group, Inc. reported Fourth quarter and full year ended December 31, 2022 results: revenue $234.9 million for Q4 2022; $981.6 million for FY2022, net income Net loss of $32.0 million for Q4 2022, EPS $0.98 per diluted share loss for Q4 2022.

Period: Fourth quarter and full year ended December 31, 2022
Revenue: $234.9 million for Q4 2022; $981.6 million for FY2022
Net income: Net loss of $32.0 million for Q4 2022
EPS: $0.98 per diluted share loss for Q4 2022
Result: reported results

Exact text from the filing

CVG REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS 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 6, 2023) - 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.

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Source: SEC EDGAR

accession 0001628280-23-006559

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