Commercial Vehicle Group, Inc. (the “Company”) today reported financial results for the first quarter ended March 31, 2020, including revenues of $187.1 million, net loss of $24.6 million, EPS of $(0.80), pre-tax special charges of 33.7 million, and adjusted EPS of $0.02.
|
First Quarter |
||
|
($ in millions except EPS) |
2020 |
2019 |
| Revenues |
$187.1 |
$243.2 |
| Operating (Loss) Income |
$(26.5) |
$17.6 |
| Adjusted Operating Income 1 |
$7.1 |
$17.6 |
| Net (Loss) Income |
$(24.6) |
$10.0 |
| Basic and Diluted EPS |
$(0.80) |
$0.33 |
| Adjusted Basic and Diluted EPS 1 |
$0.02 |
$0.33 |
| Adjusted EBITDA 1 |
$11.0 |
$21.4 |
| 1 See Appendix A for GAAP to Non-GAAP reconciliation | ||
“Absent special charges during the first quarter, we successfully adjusted our cost structure to achieve an 18% pull through rate year over year and made more significant improvements as compared to the fourth quarter. In addition, we achieved $114 million of liquidity, reflecting our focus on disciplined cash management. In the face of an already substantially lower production environment, which was exacerbated by the COVID-19 pandemic in late-March, we took swift actions to align our business to our new operational realities. Further, we are continuing to make adjustments to right-size the business and maintain liquidity based on current demand trends. We have been purposeful in our approach to cost optimization to preserve our capabilities, ensure we are ready to restart production efficiently, and preserve core growth initiatives,” commented Harold Bevis, President and Chief Executive Officer of Commercial Vehicle Group. “Importantly, last week we announced that we had reached a new agreement to amend our Term Loan with our lenders and asset-based Revolving Credit Facility with the banks, which provides covenant relief and increased flexibility to right-size certain parts of the Company.”
“First Source Electronics (FSE) continues to be a bright spot during this difficult business environment. With e-commerce applications growing in importance, we are well positioned to respond to the robust demand, and we are proud to play a small part in helping the global economy continue to run. As a result of the increased demand, we expanded production for FSE from one facility to three, utilizing two additional CVG facilities,” Mr. Bevis concluded.
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SOURCE: CVG
