CVG Q2 net loss $1.6M; revenue down 12.3%; cuts FY24 guidance; sells Cab Structures

Commercial Vehicle Group, Inc.

2024-Q2 EPS reported $0.04 revenue$461,974,000

Revenue $229.9M (-12.3% YoY); net loss $1.6M ($0.05 diluted loss); adjusted EPS $0.06.
Adjusted EBITDA $10.0M (-51.9% YoY); margin 4.3% vs 7.9%.
Revised FY24 guidance: revenue $900-960M, adjusted EBITDA $42-52M; excludes Cab Structures and Industrial Automation.
Signed asset purchase agreement to sell Cab Structures business, closing H2 2024; evaluating Industrial Automation strategic alternatives.
Year-to-date restructuring charges $6.8M; headcount reduced >10%.

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