Company: CVGI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051174
Chunk: 97

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 97
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Revenues. The decrease in consolidated revenues resulted from:

•a $61.0 million, or 13.2%, decrease in OEM and other revenues; and

•a $4.8 million, or 4.9%, decrease in aftermarket and OES sales.

The decrease in revenues of $65.8 million was primarily driven by a softening in customer demand  across all segments.

30

Gross Profit. The $6.7 million decrease in gross profit is primarily attributable to the impact of lower sales volumes. Cost of revenues decreased $59.1 million, or 11.8%, as a result of a decrease in raw material and purchased component costs of $36.8 million, or 12.6%, and a decrease in labor and overhead expenses of $22.3 million, or 10.7%. As a percentage of revenues, gross profit margin was 10.8% for the nine months ended September 30, 2025 compared to 10.7% for the nine months ended September 30, 2024. The nine months ended September 30, 2025 results include charges of $4.0 million associated with restructuring programs, compared to $8.6 million for the nine months ended September 30, 2024 .

Selling, General and Administrative Expenses. SG&A expenses decreased $3.3 million compared to the nine months ended September 30, 2024, primarily as a result of a decrease in incentive compensation expense. As a percentage of revenues, SG&A expense was 10.6% for the nine months ended September 30, 2025 compared to 9.9% for the nine months ended September 30, 2024. The nine months ended September 30, 2025 results include charges of $0.5 million associated with the restructuring programs, compared to $1.1 million for the nine months ended September 30, 2024.

Other (Income) Expense. Other income decreased $2.0 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily related to fees we received under the transition services agreement of $2.0 million recognized during the three months ended September 30, 2024.

Interest Expense. Interest associated with our debt was $8.9 million and $7.0 million for the nine months ended September 30, 2025 and 2024,