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Sep 30, 2023
CVG Q3 2023 Earnings Report
Reported third quarter results with EPS up 100% year-over-year and adjusted EBITDA up 16.1% year-over-year.
Key Takeaways
CVG reported revenues of $246.7 million, a decrease of 1.9% year-over-year. However, the company saw improvements in profitability, with operating income up 30.5% and net income up 102.8%. Adjusted EBITDA also increased by 16.1%.
Revenues decreased by 1.9% due to higher revenue in the prior year as a result of a COVID backlog in Asia-Pacific.
Operating income increased by 30.5% driven by improved pricing and cost management.
Net income increased to $7.3 million, or $0.22 per diluted share, compared to $3.6 million, or $0.11 per diluted share in the prior year.
Adjusted EBITDA increased by 16.1% with an adjusted EBITDA margin of 6.7%.
Revenue by Segment
Forward Guidance
CVG remains committed to driving strong free cash flow, paying down debt, and investing to support its growing, diverse portfolio of businesses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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