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Sep 30, 2022
CVG Q3 2022 Earnings Report
CVG's financial performance increased, driven by pricing and volume in vehicle businesses, offsetting a pause in warehouse automation.
Key Takeaways
CVG reported a 4.9% increase in revenues to $251.4 million for Q3 2022, driven by increased pricing and volume. Net income was $3.6 million, or $0.11 per diluted share. The company is on track to pay down debt at the higher end of the previously announced range and fully pay off its revolving credit facility.
Revenues increased by 4.9% to $251.4 million.
Net income totaled $3.6 million, or $0.11 per diluted share.
Vehicle Solutions segment revenues increased 30.6% to $154.0 million.
The company is on track to fully pay off revolver in Q4 2022.
Revenue by Segment
Forward Guidance
2022 North American Class 8 truck production levels are expected to be at 310,000 units and Class 5-7 production are expected to be at 234,000 units. This outlook supports the Company’s 2022 projections for production of vehicle products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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