Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 96

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 96
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 percentage of revenues, gross profit margin was 13.3% for the three months ended June 30, 2025 compared to 12.9% for the three months ended June 30, 2024. 

Selling, General and Administrative Expenses.  SG&A expenses decreased $1.3 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of reduced incentive compensation expense and headcount reduction. 

Global Electrical Systems Segment Results 

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

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

 20252024$ Change% ChangeRevenues$53,585 $53,639 $(54)(0.1)%Gross profit5,911 3,984 1,927 48.4Selling, general & administrative expenses5,204 4,523 681 15.1Operating income (loss)707 (539)1,246 NM1

1.Not meaningful

Revenues. Revenues in the Global Electrical Systems Segment were essentially flat compared to the three months ended June 30, 2024.

Gross Profit. The increase in gross profit of $1.9 million was primarily attributable to lower start-up and restructuring costs. The cost of revenues decreased in line with the sales decrease of 0.1%, driven by a decrease in labor and overhead expenses of $2.4 million, or 9.9%; and an increase in raw material and purchased component costs of $0.5 million, or 1.9%. 

As a percentage of revenues, gross profit margin was 11.0% for the three months ended June 30, 2025 compared to 7.4% for the three months ended June 30, 2024. The increase in gross profit margin was primarily due to lower start-up and restructuring costs in the current year compared to the prior year, offset by lower sales volume. The three months ended June 30, 2025 results include charges of $0.5 million associated with the restructuring program, compared to $2.5 million for the three months ended June 30, 2024.

28

Selling, General and Administrative Expenses.  SG&A expenses increased $0