Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 112

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 2
Chunk 112
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 Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 

The table below sets forth certain consolidated operating data for the three months ended June 30 (dollars are in thousands):

 20252024$ Change% ChangeRevenues$171,956 $193,665 $(21,709)(11.2)%Gross profit19,529 20,459 (930)(4.5)Selling, general and administrative expenses18,732 19,395 (663)(3.4)Other (income) expense427 206 221 107.3Interest expense2,291 2,417 (126)(5.2)Loss on extinguishment of debt460 — 460 NM1Provision for income taxes1,725 (260)1,985 NM1        Net income (loss) from continuing operations(4,106)(1,299)(2,807)216.1

1.Not meaningful

Revenues. The decrease in consolidated revenues resulted from:

•a $20.8 million, or 12.9%, decrease in OEM and other sales;

•a $0.9 million, or 2.8%, decrease in aftermarket and OES sales.

The decrease in revenues of 11.2% is due primarily to a softening in customer demand across Global Seating and Trim Systems & Components segments.

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 $0.9 million decrease in gross profit is primarily attributable to the impact of lower sales volumes. Cost of revenues decreased $20.8 million, or 12.0%, as a result of a decrease in raw material and purchased component costs of $13.1 million, or 12.7%, and a decrease in labor and overhead expenses of $7.7 million, or 11.0%. As a percentage of revenues, gross profit margin was 11.4% for the three months ended June 30, 2025 compared to 10.6% for the three months ended June 30, 2024. The three months ended June 30, 2025 results include charges of $1.1 million associated with restructuring programs, compared to $5.1 million for