Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 98

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 98
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933)(7.7)Other (income) expense355 418 (63)(15.1)Interest expense4,794 4,603 191 4.1Loss on extinguishment of debt460 — 460 NM1Provision (benefit) for income taxes3,841 405 3,436 NM1        Net income (loss) from continuing operations(7,245)147 (7,392)NM1

1.Not meaningful

Revenues. The decrease in consolidated revenues resulted from:

•a $44.4 million, or 13.8%, decrease in OEM and other revenues; and

•a $2.2 million, or 3.3%, decrease in aftermarket and OES sales.

The decrease in revenues of $46.5 million is primarily driven by a softening in customer demand  across all segments.

29

Gross Profit. The $6.3 million decrease in gross profit is primarily attributable to the impact of lower sales volumes. Cost of revenues decreased $40.2 million, or 11.7%, as a result of a decrease in raw material and purchased component costs of $23.4 million, or 11.5%, and a decrease in labor and overhead expenses of $16.8 million, or 11.9%. As a percentage of revenues, gross profit margin was 10.9% for the six months ended June 30, 2025 compared to 11.2% for the six months ended June 30, 2024. The six months ended June 30, 2025 results include charges of $1.6 million associated with the restructuring programs, compared to $5.1 million for the six months ended June 30, 2024 .

Selling, General and Administrative Expenses. SG&A expenses decreased $2.9 million compared to the six months ended June 30, 2024, primarily as a result of a decrease in incentive compensation expense. As a percentage of revenues, SG&A expense was 10.3% for the six months ended June 30, 2025 compared to 9.8% for the six months ended June 30, 2024. The six months ended June 30, 2025 results include charges of $0.2 million associated with the restructuring programs, compared to $0.4 million for the six months ended June 30, 2024.

Other (Income) Expense.