Commercial Vehicle Group, New Albany, Ohio, reported third quarter results for 2008.
The company reported revenues of $192.9 million for the third quarter ended Sept. 30, 2008, compared to revenues of $160.9 million for the third quarter of 2007. Operating income for the third quarter was $0.5 million compared to $2.8 million for the third quarter of 2007.
Net loss was $2.6 million for the quarter, compared to a net loss of $2.7 million in the prior-year quarter.
"We have certainly faced strong headwinds this year with commodity pricing and petroleum-related service costs and these past several months are no exception," said Mervin Dunn, president and CEO. "We have worked closely with our customers on recovery of these incremental costs and continue to work diligently on reducing our material and logistics, costs which have been severely impacted this year as a result of the global economic conditions."
Revenues for the quarter compared to the prior-year period increased by approximately $32 million due primarily to the increase in the North American Class 8 heavy truck market as well as acquisitions made during the fourth quarter of 2007.
Operating income decreased by approximately $2.3 million from the prior year quarter, primarily as a result of the performance of acquisitions made during the fourth quarter of 2007 and the continued pressures on raw material and logistics costs.
Net debt (calculated as total debt less cash and cash equivalents) improved to $151.7 million at Sept. 30, 2008, when compared to $163.1 million at the end of the second quarter. Capital expenditures were $3.8 million, or 2 percent of revenues, for the third quarter.
The company estimates its revenues for the full year 2008 to be in the range of $781 million to $793 million, and its estimates for operating income to be in the range of $18 million to $21 million. These estimates are based on North American Class 8 truck production levels in the range of 205,000 to 215,000 units.
Commercial Vehicle Group provides commercial vehicle products to truck OEMs such as seating, interior trim, mirrors, sleper boxes, body panels and more.
The company reported revenues of $192.9 million for the third quarter ended Sept. 30, 2008, compared to revenues of $160.9 million for the third quarter of 2007. Operating income for the third quarter was $0.5 million compared to $2.8 million for the third quarter of 2007.
Net loss was $2.6 million for the quarter, compared to a net loss of $2.7 million in the prior-year quarter.
"We have certainly faced strong headwinds this year with commodity pricing and petroleum-related service costs and these past several months are no exception," said Mervin Dunn, president and CEO. "We have worked closely with our customers on recovery of these incremental costs and continue to work diligently on reducing our material and logistics, costs which have been severely impacted this year as a result of the global economic conditions."
Revenues for the quarter compared to the prior-year period increased by approximately $32 million due primarily to the increase in the North American Class 8 heavy truck market as well as acquisitions made during the fourth quarter of 2007.
Operating income decreased by approximately $2.3 million from the prior year quarter, primarily as a result of the performance of acquisitions made during the fourth quarter of 2007 and the continued pressures on raw material and logistics costs.
Net debt (calculated as total debt less cash and cash equivalents) improved to $151.7 million at Sept. 30, 2008, when compared to $163.1 million at the end of the second quarter. Capital expenditures were $3.8 million, or 2 percent of revenues, for the third quarter.
The company estimates its revenues for the full year 2008 to be in the range of $781 million to $793 million, and its estimates for operating income to be in the range of $18 million to $21 million. These estimates are based on North American Class 8 truck production levels in the range of 205,000 to 215,000 units.
Commercial Vehicle Group provides commercial vehicle products to truck OEMs such as seating, interior trim, mirrors, sleper boxes, body panels and more.
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