Company: CVGI
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001290900-25-000010
Chunk: 45

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 1
Chunk 45
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0 million associated with the restructuring program, compared to $2.5 million for the six months ended June 30, 2024.

Selling, General and Administrative Expenses. SG&A expenses increased $0.6 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Trim Systems and Components Segment Results 

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

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

 20252024$ Change% ChangeRevenues$89,848 $112,725 $(22,877)(20.3)%Gross profit8,399 13,550 (5,151)(38.0)Selling, general & administrative expenses6,761 7,023 (262)(3.7)Operating income (loss)1,638 6,527 (4,889)(74.9)

Revenues. The decrease in Trim Systems and Components Segment revenues of $22.9 million was primarily driven by decreased customer demand.

Gross Profit. The decrease in gross profit of $5.2 million is 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 $11.6 million, or 18.3%; and a decrease in labor and overhead expenses of $6.2 million, or 17.0%. 

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As a percentage of revenues, gross profit margin was 9.3% for the six months ended June 30, 2025 compared to 12.0% for the six months ended June 30, 2024, driven by lower sales volume and increased freight costs. The six months ended June 30, 2025 results include charges of $0.2 million associated with the restructuring program, compared to $1.8 million for the six months ended June 30, 2024.

Selling, General and Administrative Expenses.  SG&A expenses decreased $0.3 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Liquidity and Capital Resources 

Our primary sources of liquidity as of June 30, 2025 were operating income, cash