Company: CVGI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051174
Chunk: 111

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 111
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52024$ Change% ChangeRevenues$68,707 $76,643 $(7,936)(10.4)%Gross profit8,516 7,719 797 10.3Selling, general & administrative expenses 7,108 9,259 (2,151)(23.2)Operating income1,408 (1,540)2,948 NM1

Revenues. The decrease in Global Seating Segment revenues of $7.9 million was primarily driven by lower sales volume as a result of softening customer demand in North America. 

Gross Profit. The increase in 2025 gross profit of $0.8 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 $8.3 million, or 19.9%, and a decrease in labor and overhead expenses of $0.3 million, or 1.2%. 

As a percentage of revenues, gross profit margin was 12.4% for the three months ended September 30, 2025 compared to 10.1% for the three months ended September 30, 2024. The three months ended September 30, 2025 results include charges of  $1.3 million associated with restructuring programs, compared to $0.8 million for the three months ended September 30, 2024.

Selling, General and Administrative Expenses.  SG&A expenses decreased $2.2 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily as a result of reduced incentive compensation expense and headcount reduction. 

Global Electrical Systems Segment Results 

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

The table below sets forth certain Global Electrical Systems Segment operating data for the three months ended September 30 (dollars are in thousands):

 20252024$ Change% ChangeRevenues$49,491 $46,714 $2,777 5.9%Gross profit5,321 2,993 2,328 77.8Selling, general & administrative expenses4,483 4,468 15 0.3Operating income838 (1,475)2,313 NM1

Revenues. The increase in Global