Commercial Vehicle Group, Inc. (the “Company”) (NASDAQ: CVGI) today reported financial results for the first quarter ended March 31, 2019.
“Robust demand in our end markets supported record results in the first quarter, with revenues and operating income increasing 13% and 24%, respectively, compared to the prior year period. As expected, the North American heavy- and medium-duty truck markets continue to be strong. OEM order backlog remains high, providing us with greater visibility that 2019 revenues should be higher than the levels we experienced in 2018, barring any unexpected market shocks,” commented Patrick Miller, President and Chief Executive Officer. “First quarter 2019 operating income margin increased 70 basis points, despite continued headwinds, including wage inflation driven by regulatory changes in Mexico and other inflationary pressures. However, the actions we are taking are helping to mitigate these challenges. Looking ahead, we continue to focus on positioning the business for continued success, including strategic investments that we believe will accelerate growth and drive long-term shareholder value.”
Tim Trenary, Chief Financial Officer, stated, “We are very pleased with our overall performance for the first quarter 2019. We delivered a 13% increase in sales and continued to make investments in our commercial and technical teams across the Company, while at the same time maintaining SG&A flat year-over-year. Additionally, we paid down an additional $5 million of debt, further improving our net leverage to 1.3 times EBITDA. Our outlook for 2019 remains optimistic.”
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SOURCE: Commercial Vehicle Group
