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Sep 30, 2021
CVG Q3 2021 Earnings Report
Reported third quarter results with revenue up 27.7% and EPS of $0.23.
Key Takeaways
CVG reported strong third-quarter results, with revenue reaching $239.6 million, a 27.7% increase year-over-year. EPS was $0.23, and adjusted EPS was $0.25. The company secured an estimated $168 million in net new annualized business year-to-date, driven by new business wins in Warehouse Automation and material cost pass through.
Revenue increased by 27.7% to $239.6 million, driven by new business wins and material cost pass through.
Operating income rose by 28.1% to $11.4 million due to higher sales volume.
Net income was $7.5 million, or $0.23 per diluted share.
Secured an estimated $168.0 million of net new annualized business year to date.
CVG
CVG
CVG Revenue by Segment
Revenue by Segment
Global Seating Revenue
CapyFin.comGlobal Electrical Systems Revenue
CapyFin.com Forward Guidance
The demand outlook for the Company's key markets are favorable; however production capacity is limited in a number of our end markets due to continued pandemic-driven supply-chain constraints.
Positive Outlook
- North American Class 8 truck production levels are expected to be at 263,000 units and Class 5-7 production are expected to be at 232,000 units.
- Demand for warehouse automation products is expected to grow approximately 14% annually through 2026.
- Many global electric and fuel cell vehicle platforms are underway across the spectrum of vehicle types.
- Adoption rates are forecast to increase per the Bloomberg NEF Electric Vehicle Outlook.
- Completed an amendment to our credit agreement allowing us to invest in additional capex investment if needed, to support our business mix transformation.
Challenges Ahead
- Production capacity is limited in a number of our end markets due to continued pandemic-driven supply-chain constraints.
- Global supply chain disruptions resulting in extended China supply chains.
- Port backups.
- Chip shortages.
- Steel and other raw material inflation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income