Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 116

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 2
Chunk 116
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 volumes. 

Selling, General and Administrative Expenses.  SG&A expenses were relatively flat for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Consolidated Results of Operations

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

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

 20252024$ Change% ChangeRevenues$341,751 $388,291 $(46,540)(12.0)%Gross profit37,322 43,623 (6,301)(14.4)Selling, general and administrative expenses35,117 38,050 (2,933)(7.7)Other (income) expense355 418 (63)(15.1)Interest expense4,794 4,603 191 4.1Loss on extinguishment of debt460 — 460 NM1Provision (benefit) for income taxes3,841 405 3,436 NM1        Net income (loss) from continuing operations(7,245)147 (7,392)NM1

1.Not meaningful

Revenues. The decrease in consolidated revenues resulted from:

•a $44.4 million, or 13.8%, decrease in OEM and other revenues; and

•a $2.2 million, or 3.3%, decrease in aftermarket and OES sales.

The decrease in revenues of $46.5 million is primarily driven by a softening in customer demand  across all segments.

29

Gross Profit. The $6.3 million decrease in gross profit is primarily attributable to the impact of lower sales volumes. Cost of revenues decreased $40.2 million, or 11.7%, as a result of a decrease in raw material and purchased component costs of $23.4 million, or 11.5%, and a decrease in labor and overhead expenses of $16.8 million, or 11.9%. As a percentage of revenues, gross profit margin was 10.9% for the six months ended June 30, 2025 compared to 11.2% for the six months ended June 30, 2024. The six months ended June 30, 2025 results include charges of $1.6 million associated with