Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 63

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 63
---
,493 3.8 (15,203)(1.8)20,904 2.7 Net income (loss) from continuing operations$(35,734)(4.9)%$43,633 5.2 %$(16,626)(2.1)%

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 

Consolidated Results

The table below sets forth certain consolidated operating data for the twelve months ended indicated (dollars are in thousands):

 20242023$ Change% ChangeRevenues$723,355 $835,469 $(112,114)(13.4)%Gross profit73,119 121,091 (47,972)(39.6)Selling, general and administrative expenses73,877 81,218 (7,341)(9.0)Other (income) expense(2,200)1,195 (3,395)NM 1Interest expense9,174 10,248 (1,074)(10.5)Loss on extinguishment of debt509 — 509 100.0Provision (benefit) for income taxes27,493 (15,203)42,696 NM 1Net income (loss) from continuing operations(35,734)43,633 (79,367)NM 1

1.Not meaningful

Revenues.  The decrease in consolidated revenues resulted from: 

•a $104.6 million, or 15.0%, decrease in sales to OEM and a decrease in other revenues; and

•a $7.5 million, or 5.5%, decrease in aftermarket and OES sales.

The decrease in revenues of 13.4% was primarily driven by a softening in customer demand across all segments, and the wind-down of certain programs in our Vehicle Solutions segment.

25

Gross Profit.  Included in gross profit is cost of revenues, which consists primarily of raw materials and purchased components for our products, wages and benefits for our employees and overhead expenses such as manufacturing supplies, facility rent and utilities costs related to our operations. The decrease in gross profit is primarily attributable to the impact of lower sales volumes, unfavorable mix, and increased restructuring charges. Cost of revenues decreased $64.1 million, or 9.0% as a result of a decrease in raw material and purchased component costs of $54.9 million, or 12