Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 43

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 43
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5 compared to the six months ended June 30, 2024. 

Interest Expense. Interest associated with our debt was $4.8 million and $4.6 million for the six months ended June 30, 2025 and 2024, respectively. The increase in interest expense primarily related to less benefit from the interest rate swap due to lower interest rates on variable rate debt during the current period.

Loss on extinguishment of debt. Loss on extinguishment of debt reflects the write-off of deferred financing fees related to early repayment of the prior revolver of $0.5 million.

Provision (benefit) for Income Taxes. Income tax expense of $3.8 million and $0.4 million were recorded for the six months ended June 30, 2025 and 2024, respectively. The primary driver in the effective tax rate change is the company's losses in the U.S. while maintaining its full valuation allowance position on U.S. deferred tax assets.  

Net Income (loss) from continuing operations. Net loss from continuing operations was $7.2 million for the six months ended June 30, 2025 compared to net income of $0.1 million for the six months ended June 30, 2024. The decrease in net income is attributable to the factors noted above.

Segment Results

Global Seating Segment Results 

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

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

 20252024$ Change% ChangeRevenues$147,866 $163,201 $(15,335)(9.4)%Gross profit19,023 21,480 (2,457)(11.4)Selling, general & administrative expenses 13,608 16,585 (2,977)(17.9)Operating income5,415 4,895 520 10.6

Revenues. The decrease in Global Seating Segment revenues of $15.3 million was primarily driven by decreased customer demand.

Gross Profit. The decrease in gross profit of $2.5 million was primarily attributable to lower sales volume and increased freight costs. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $10.0 million, or 11.2%, and a decrease in