Commercial Vehicle Group Narrows First-Quarter Loss
Commercial Vehicle Group narrowed its first-quarter to loss to $500,000, or 2 cents per share, from $4.6 million, or 16 cents, a year ago.
Revenue increased 11.4% to $198.1 million, the New Albany, Ohio-based manufacturer said. Its operating income was $5.4 million compared with an operating loss of $300,000 for the prior-year quarter.
“The increase in revenues largely resulted from higher production volumes in the North American heavy-duty truck industry and improved sales to construction equipment OEMs in the global markets we serve,” CEO Richard Lavin said in a statement.
“We believe that increased production levels in the North American heavy-duty truck market, coupled with the leveling out of inventory drawdowns in global construction markets and economic growth forecasts in North America and China, bode well for the balance of the year,” he added.
First-quarter results included a charge of $500,000 for cost associated with the closing of the company’s Tigard, Oregon, production and warehouse facility that produced commercial-vehicle interior trim components such as instrument panels and storage cabinets.
CVG estimates that Class 8 truck builds in North America will be in the range of 265,000 to 285,000 units this year.
