PR Newswire
NEW ALBANY, Ohio, March 9, 2017
NEW ALBANY, Ohio, March 9, 2017 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the "Company" and "CVG") (Nasdaq: CVGI) today reported financial results for the fourth quarter and fiscal year ended December 31, 2016.
Patrick Miller, President and CEO, stated, "Our focus for the last year has been on driving down costs and that effort is being reflected positively in our results. We have been effectively managing a significant cyclical decline in end user demand while implementing systemic improvements and restructuring actions. Now we are looking forward to the benefit of lower fixed cost levels and improved margins once the markets start to turn around. In addition, we are anticipating the benefits from the ramp-up of the next generation platform launches and new product development actions. Our Global Truck and Bus Segment performed well in managing the variable costs down as their market declined in 2016. We have been encouraged by the more consistent North American Truck orders the last several months coupled with increasing backlogs. Additionally, I want to mention the outstanding work that is being accomplished in our Global Construction and Agriculture Segment which on lower sales year over year finished 2016 strongly by doubling the operating income margin for the year when compared to 2015. That performance is contributing to the positive momentum that we are building throughout the Company. We have high expectations for what can be accomplished as we drive the right actions across CVG."
Tim Trenary, Chief Financial Officer, stated, "The Company has done an excellent job of managing costs given the sales environment. Selling, general, and administrative costs were consistent with last quarter and down 15 percent year over year. This, along with our continued operational improvement and restructuring efforts, has allowed us to protect our margins – operating income margin for 2016 was 3.8 percent, and as adjusted for special items the operating income margin for 2016 was 4.5 percent, just 40 basis points lower than the prior year on lower sales. Furthermore, our cash position improved by $38 million, or 40 percent year over year. This improved cost structure and balance sheet positions us well for 2017 and beyond."
Consolidated Results
Fourth Quarter 2016 Results
| Fourth Quarter | ||||||
| 2016 | | 2015 | ||||
($ in millions except EPS) | GAAP | | Non-GAAP | | GAAP | | Non-GAAP |
Revenues | $150.0 | | $150.0 | | $184.7 | | $184.7 |
Operating Income | $3.9 | | $5.1 | | $5.3 | | $6.1 |
Net Income (Loss) | $0.4 | | $0.7 | | $(2.3) | | $(1.4) |
Basic/Diluted Earnings (Loss) Per Share | $0.01 | | $0.02 | | $(0.08) | | $(0.05) |
(See Appendix A for Reconciliation of GAAP to Non-GAAP Financial Measures) |
Fiscal Year 2016 Results
| Full Year | ||||||
| 2016 | | 2015 | ||||
($ in millions except EPS) | GAAP | | Non-GAAP | | GAAP | | Non-GAAP |
Revenues | $662.1 | | $662.1 | | $825.3 | | $825.3 |
Operating Income | $25.4 | | $29.5 | | $38.0 | | $40.4 |
Net Income | $6.8 | | $8.7 | | $7.1 | | $8.8 |
Basic/Diluted Earnings Per Share | $0.23 | | $0.29 | | $0.24 | | $0.29 |
(See Appendix A for Reconciliation of GAAP to Non-GAAP Financial Measures) |
In fiscal year 2016, the Company did not have any borrowings under its asset-based revolver and therefore was not subject to any financial maintenance covenants. At December 31, 2016, the Company had liquidity of $168 million; $130 million of cash and $38 million availability from its asset based revolver.
Segment Results
Global Truck and Bus Segment (GTB)
Fourth Quarter 2016 Results
Fiscal Year 2016 Results
Global Construction and Agriculture Segment (GCA)
Fourth Quarter 2016 Results
Fiscal Year 2016 Results
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.
2017 End Market Outlook
Management estimates that 2017 North American Class 8 truck production will be in the range of 200,000 to 220,000 units and 2017 North American Class 5-7 truck production will be stable. We are seeing strong order activity in the North American Truck aftermarket early in the year. Additionally, the construction markets we serve are looking positive in Europe, Asia, and North America. Global agriculture markets may be flattening out but are still challenged.
CONFERENCE CALL
A conference call to discuss the contents of this press release is scheduled for Friday, March 10, 2017, at 10:00 a.m. ET. To participate, dial (866) 300-8704 using conference code 69217681.
This call is being webcast by Nasdaq and can be accessed at Commercial Vehicle Group's Web site at www.cvgrp.com, where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (855) 859-2056 using access code 69217681.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group, Inc. (and its subsidiaries) is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the medium- and heavy-duty truck market, the medium-and heavy-construction vehicle markets, the military, bus, agriculture, specialty transportation, mining, industrial equipment and off-road recreational (ATV/UTV) markets. Information about the Company and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. In particular, this press release may contain forward-looking statements about Company expectations for future periods with respect to its plans to improve financial results and enhance the Company, the future of the Company's end markets, Class 8 North America build rates, performance of the global construction equipment business, expected cost savings, enhanced shareholder value and other economic benefits of the consulting services, the Company's initiatives to address customer needs, organic growth, the Company's economic growth plans to focus on certain segments and markets and the Company's financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to: (i) general economic or business conditions affecting the markets in which the Company serves; (ii) the Company's ability to develop or successfully introduce new products; (iii) risks associated with conducting business in foreign countries and currencies; (iv) increased competition in the heavy-duty truck, construction, aftermarket, military, bus, agriculture and other markets; (v) the Company's failure to complete or successfully integrate strategic acquisitions; (vi) the impact of changes in governmental regulations on the Company's customers or on its business; (vii) the loss of business from a major customer or the discontinuation of particular commercial vehicle platforms; (viii) the Company's ability to obtain future financing due to changes in the lending markets or its financial position; (ix) the Company's ability to comply with the financial covenants in its revolving credit facility; (x) the Company's ability to realize the benefits of its cost reduction and strategic initiatives; (xi) a material weakness in our internal control over financial reporting which could, if not remediated, result in material misstatements in our financial statements; (xii) volatility and cyclicality in the commercial vehicle market adversely affecting us; and (xiii) various other risks as outlined under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for fiscal year ending December 31, 2016 There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES | |||||
| | | | ||
| 2016 | | 2015 (as adjusted) | ||
| (Unaudited) | | (Unaudited) | ||
ASSETS | |||||
CURRENT ASSETS: | | | | ||
Cash | $ | 130,160 | | $ Werbung Mehr Nachrichten zur Commercial Vehicle Group Aktie kostenlos abonnieren
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