The following is a summary of the Commercial Vehicle Group, Inc. (CVGI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Commercial Vehicle Group reported Q1 2024 revenues of $232 million, adjusted EBITDA of $12.7 million, and a net income of $2.9 million.

• The company executed around $2 million of restructuring costs, contributing to a net leverage ratio of 1.8 times.

• Despite challenges, such as the Suez Canal issue, the 2024 full-year outlook was maintained, with a guidance range of $915 million to $1.015 billion.

Business Progress:

• The company garnered new business wins worth $45 million and aims to reach $100 million by year-end.

• Commercial Vehicle Group is strengthening its segments and has begun the construction of the second Morocco facility, expecting its completion by Q4 2024.

• The company is taking measures to counter inflation and foreign exchange headwinds, and is optimizing costs while mitigating logistics and supply chain risks.

• Increased focus on the aftermarket business is expected to offer improved performance in the second half of the year.

More details: Commercial Vehicle Group IR

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