Company: CVGI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051174
Chunk: 45

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 45
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 position on U.S. deferred tax assets.  

Net Income (loss) from continuing operations. Net loss from continuing operations was $14.1 million for the nine months ended September 30, 2025 compared to net loss of $0.7 million for the nine months ended September 30, 2024. The decrease is attributable to the factors noted above.

Segment Results

Global Seating Segment Results 

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

The table below sets forth certain Global Seating Segment operating data for the nine months ended September 30, (dollars are in thousands):

 20252024$ Change% ChangeRevenues$216,574 $239,844 $(23,270)(9.7)%Gross profit27,537 28,983 (1,446)(5.0)Selling, general & administrative expenses 21,092 25,628 (4,536)(17.7)Operating income6,445 3,355 3,090 92.1

Revenues. The decrease in Global Seating Segment revenues of $23.3 million was primarily driven by decreased customer demand in North America.

Gross Profit. The decrease in gross profit of $1.4 million was primarily attributable to lower freight costs and improved operational efficiency. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $18.3 million, or 14.0%, and a decrease in labor and overhead expenses of $3.2 million, or 4.0%. 

As a percentage of revenues, gross profit margin was 12.7% for the nine months ended September 30, 2025 compared to 12.1% for the nine months ended September 30, 2024. The nine months ended September 30, 2025 results include charges of $1.7 million associated with restructuring programs, compared to $1.6 million for the nine months ended September 30, 2024.

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Selling, General and Administrative Expenses.  SG&A expenses decreased $4.5 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily as a result of reduced incentive compensation expense and headcount reduction. 

Global Electrical Systems Segment Results 

Nine Months Ended September 30, 2025