Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 62

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 62
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 sales, profits and shareholder value by growing our Electrical Systems segment to be our largest business while financially optimizing its core legacy businesses, organically growing in targeted areas, strengthening our product portfolio, increasing our margins and evaluating opportunities to add to our businesses through a focused M&A program. The Company expects to diversify its revenue and profits by product, customer, platform, and end market with a goal of becoming less cyclical and less customer concentrated while strengthening / enhancing current positions, 

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entering new markets, developing relationships with new customers, and enhancing service to our customers, leading to increased return to our stockholders. Our products include electrical wire harnesses, seating systems, plastic components, mirrors, wipers and other accessories. 

We have a long-term strategy to globally optimize our cost structure through manufacturing process enhancements, low cost footprint and global sourcing. We periodically evaluate our short-term and long-term strategies and may adjust actions in response to changes in our business environment and other factors including but not limited to, implementing restructuring as needed.

CONSOLIDATED RESULTS OF OPERATIONS

The table below sets forth certain operating data expressed as a percentage of revenues for the twelve months ended (dollars are in thousands):

 202420232022Revenues$723,355 100.0 %$835,469 100.0 %$782,583 100.0 %Cost of revenues650,236 89.9 714,378 85.5 697,556 89.1 Gross profit73,119 10.1 121,091 14.5 85,027 10.9 Selling, general and administrative expenses73,877 10.2 81,218 9.7 60,206 7.7 Operating income (loss)(758)(0.1)39,873 4.8 24,821 3.2 Other (income) expense(2,200)(0.3)1,195 0.1 10,463 1.3 Interest expense9,174 1.3 10,248 1.2 9,159 1.2 Loss on extinguishment of debt509 0.1 — — 921 0.1 Income (loss) before provision for income taxes(8,241)(1.1)28,430 3.4 4,278 0.5 Provision (benefit) for income taxes27