Commercial Vehicle Group, Inc. (CVGI) – 4Q22 First Look

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Tuesday, March 07, 2023

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q22 Top Line. Revenues were $234.9 million compared to $228.9 million in the prior year period, an increase of 2.6%. The increase in revenues is due to increased pricing to offset material cost increases. Foreign currency translation unfavorably impacted fourth quarter 2022 revenues by $6.3 million, or by 2.7%. New business revenue was approximately $20 million in the quarter, offsetting ongoing softness in the Industrial Automation segment. We had forecast revenue of $249 million.

4Q22 Bottom Line. CVGI reported a net loss of $32.0 million, or $0.98 per diluted share for the quarter, caused by non-cash charges related to tax valuation allowance changes, a pension settlement to terminate the Company’s U.S. legacy pension plan, and a $10.4 million non-cash charge in the Industrial Automation segment due to the modest outlook for the business. Adjusted EPS was $0.04, short of our $0.17 projection. Adjusted EBITDA was $13.3 million, up $0.4 million or 3.1%.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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