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Mar 31, 2022
CVG Q1 2022 Earnings Report
CVG's first quarter results were announced, with sales reaching $244.4 million and EPS at $0.12.
Key Takeaways
CVG reported first quarter sales of $244.4 million, with a net income of $4.0 million, or $0.12 per diluted share. Adjusted net income was $5.3 million, or $0.16 per diluted share. The company secured $89 million in new annualized business and is focused on electrification and Electric Vehicles.
Sales reached $244.4 million.
Net income was $4.0 million, or $0.12 per diluted share; adjusted net income was $5.3 million, or $0.16 per diluted share.
Operating income was $8.4 million; adjusted operating income was $9.5 million.
The company secured 14 new business wins, estimated at $89 million of net new annualized business.
CVG
CVG
CVG Revenue by Segment
Revenue by Segment
Global Electrical Systems Revenue
CapyFin.com Forward Guidance
The Company expects Class 8 truck production to be 275,000 to 295,000 trucks. According to LogisticsIQ, demand for warehouse automation products is expected to grow approximately 14% per year through 2026. This outlook supports demand for the Company's warehouse automation products.
Positive Outlook
- Class 8 truck production expected to be between 275,000 and 295,000 trucks.
- North American Class 8 truck production levels are expected to be at 296,000 units.
- Class 5-7 production are expected to be at 256,000 units.
- Demand for warehouse automation products is expected to grow approximately 14% per year through 2026.
- Outlook supports demand for the Company's warehouse automation products.
Challenges Ahead
- COVID disrupted supply chains.
- Labor scarcity.
- Inflation.
- Shanghai lockdown.
- Russia's invasion of Ukraine.