Company: CVGI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022764
Chunk: 78

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 78
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 by a decrease in labor and overhead expenses of $5.1 million, or 18.6%; and a decrease in raw material and purchased component costs of $2.3 million, or 8.8%. 

As a percentage of revenues, gross profit margin was 7.9% for the three months ended March 31, 2025 compared to 8.2% for the three months ended March 31, 2024. The decrease in gross profit margin was primarily due to lower sales volumes. The three months ended March 31, 2025 results include charges of $0.5 million associated with the restructuring program, compared to $1.1 million for the three months ended March 31, 2024.

Selling, General and Administrative Expenses.  SG&A expenses decreased $0.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. 

Trim Systems and Components Segment Results 

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The table below sets forth certain Trim Systems and Components Segment operating data for the three months ended March 31 (dollars are in thousands):

 20252024$ Change% ChangeRevenues$45,934 $55,103 $(9,169)(16.6)%Gross profit4,712 7,600 (2,888)(38.0)Selling, general & administrative expenses3,177 3,400 (223)(6.6)Operating income1,535 4,200 (2,665)(63.5)

Revenues. The decrease in Trim Systems and Components Segment revenues in 2025 of $9.2 million was primarily driven by decreased customer demand.

Gross Profit. The decrease in gross profit of $2.9 million was primarily attributable to lower sales volumes and increased freight costs. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $3.9 million, or 12.8%, and a decrease in labor and overhead expenses of $2.3 million, or 13.9%.

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As a percentage of revenues, gross profit margin was 10.3% for the three months ended March 31, 2025 compared to 13.8% for the three months ended March 31, 2024.