Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 100

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 100
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 component costs of $10.0 million, or 11.2%, and a decrease in labor and overhead expenses of $2.9 million, or 5.5%. 

As a percentage of revenues, gross profit margin was 12.9% for the six months ended June 30, 2025 compared to 13.2% for the six months ended June 30, 2024, driven by lower sales volume and increased freight costs. The six months ended June 30, 2025 results include charges of $0.4 million associated with the restructuring program, compared to $0.8 million for the six months ended June 30, 2024.

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Selling, General and Administrative Expenses.  SG&A expenses decreased $3.0 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily as a result of reduced incentive compensation expense and headcount reduction. 

Global Electrical Systems Segment Results  

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

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

 20252024$ Change% ChangeRevenues$104,037 $112,365 $(8,328)(7.4)%Gross profit9,900 8,809 1,091 12.4Selling, general & administrative expenses9,511 8,905 606 6.8Operating income (loss)389 (96)485 (505.2)

Revenues. The decrease in Global Electrical Systems Segment revenues of $8.3 million was primarily driven by decreased customer demand.

Gross Profit. The increase in gross profit of $1.1 million is primarily attributable to lower start-up and restructuring costs. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $1.8 million, or 3.6%, and a decrease in labor and overhead expenses of $7.6 million, or 14.5%. 

As a percentage of revenues, gross profit margin was 9.5% for the six months ended June 30, 2025 compared to 7.8% for the six months ended June 30, 2024. This was primarily due to lower start-up and restructuring costs