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Commercial Vehicle Group Inc. (CVGI-9.77%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in revenues to $723.4 million from $835.5 million in the previous year. The decrease is attributed to a softening in customer demand across all segments and the wind-down of certain programs in the Vehicle Solutions segment.
Cost of revenues for the year was $650.2 million, representing 89.9% of sales, compared to 85.5% in the previous year. This increase in cost ratio is due to lower sales volumes and increased restructuring charges.
The company reported a gross profit of $73.1 million for the year, compared to $121.1 million in the previous year, with the decline attributed to the factors mentioned above.
Selling, general, and administrative expenses decreased to $73.9 million from $81.2 million, primarily due to a gain on the sale of a building and reduced incentive compensation expenses.
Net loss from continuing operations for the year was $35.7 million, compared to net income of $43.6 million in the previous year. The loss includes a $28.8 million valuation allowance on U.S. deferred tax assets.
Cash used in operating activities was $33.5 million, while cash provided by investing activities was $30.9 million, primarily due to proceeds from divestitures.
The company completed the sale of its cab structures business and Industrial Automation segment, recording a net gain of $28.8 million and a net loss of $7.9 million, respectively, from these transactions.
CVG had liquidity of $111.0 million as of December 31, 2024, including $26.6 million in cash and $84.4 million in availability from its credit facilities.
The company continues to focus on its long-term strategy to grow its Electrical Systems segment while optimizing its core legacy businesses and evaluating opportunities for acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Commercial Vehicle Group Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.