Company: CVGI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051174
Chunk: 39

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 39
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$ Change% ChangeRevenues$152,489 $171,772 $(19,283)(11.2)%Gross profit16,043 16,421 (378)(2.3)Selling, general and administrative expenses17,104 17,481 (377)(2.2)Other (income) expense1,004 (1,033)2,037 NM1Interest expense4,068 2,371 1,697 71.6Provision for income taxes687 (1,515)2,202 NM1        Net income (loss) from continuing operations(6,820)(883)(5,937)672.4

1.Not meaningful

Revenues. The decrease in consolidated revenues resulted from:

•a $16.7 million, or 11.9%, decrease in OEM and other sales;

•a $2.6 million, or 8.4%, decrease in aftermarket and OES sales.

The decrease in revenues of 11.2% is due primarily to a softening in customer demand in North America.

Gross Profit. Included in gross profit is cost of revenues, which consists primarily of raw materials and purchased components for our products, wages and benefits for our employees and overhead expenses such as manufacturing supplies, facility rent and utilities costs related to our operations. The $0.4 million decrease in gross profit is primarily attributable to the impact of lower sales volumes. Cost of revenues decreased $18.9 million, or 12.2%, as a result of a decrease in raw material and purchased component costs of $13.4 million, or 15.1%, and a decrease in labor and overhead expenses of $5.5 million, or 8.2%. As a percentage of revenues, gross profit margin was 10.5% for the three months ended September 30, 2025 compared to 9.6% for the three months ended September 30, 2024. The three months ended September 30, 2025 results include charges of $2.4 million associated with restructuring programs, compared to $3.5 million for the three months ended September 30, 2024.

Selling, General and Administrative Expenses. Selling, general and administrative ("SG&A") expenses consist primarily of wages and benefits and other expenses such as marketing, travel, legal, audit, rent and utilities costs, which are not directly or indirectly associated with the manufacturing of our products