Commercial Vehicle Group Swings to 4Q Profit
Commercial Vehicle Group reported a fourth-quarter profit compared with a net loss a year ago, the truck and auto components maker said.
CVG’s net income was $1.1 million, or 4 cents per share, compared with a net loss of $5.6 million, or 20 cents per share, a year ago.
Revenue increased 6% to $183 million, the New Albany, Ohio-based manufacturer said. Its operating income was $8 million compared with an operating loss of $2.3 million for the prior-year quarter.
The company reported a full-year net loss of $12.4 million, or 44 cents per share, from an income of $50 million, or $1.76 per share the prior year. Revenue for 2013 declined 13% to $747 million.
“During 2013, our global construction revenues also declined when compared to 2012, principally due to customer destocking and industry declines in all regions CVG serves,” CEO Richard Lavin said in a statement.
CVG estimates that Class 8 truck builds in North America will be 250,000 to 275,000 units compared with 248,000 in 2013.
