Company: CVGI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051174
Chunk: 99

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 99
---
 September 30, 2025 compared to 12.1% for the nine months ended September 30, 2024. The nine months ended September 30, 2025 results include charges of $1.7 million associated with restructuring programs, compared to $1.6 million for the nine months ended September 30, 2024.

31

Selling, General and Administrative Expenses.  SG&A expenses decreased $4.5 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily as a result of reduced incentive compensation expense and headcount reduction. 

Global Electrical Systems Segment Results 

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

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

 20252024$ Change% ChangeRevenues$153,527 $159,079 $(5,552)(3.5)%Gross profit15,222 11,802 3,420 29.0Selling, general & administrative expenses14,260 13,373 887 6.6Operating income (loss)962 (1,571)2,533 NM1

Revenues. The decrease in Global Electrical Systems Segment revenues of $5.6 million was primarily driven by decreased customer demand.

Gross Profit. The increase in gross profit of $3.4 million is primarily attributable to mix and improved operational efficiency. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $0.3 million, or 0.4%; and a decrease in labor and overhead expenses of $8.7 million, or 11.7%. 

As a percentage of revenues, gross profit margin was 9.9% for the nine months ended September 30, 2025 compared to 7.4% for the nine months ended September 30, 2024, driven by mix and improved operational efficiency. The nine months ended September 30, 2025 results include charges of $1.5 million associated with restructuring programs, compared to $3.7 million for the nine months ended September 30, 2024.

Selling, General and Administrative Expenses.  SG&A expenses increased $0.9 million for the nine months ended September 30