A supplier of cab-related products and systems for commercial trucks and other vehicles, Commercial Vehicle Group Inc., posted higher profits for the final quarter of 2014 while it moved back into the black for all of last year.
Net income was $4.2 million in the fourth quarter, or 15 cents per diluted share, compared to net income of $1.1 million, or 4 cents per diluted share, in the prior-year period. Revenues were $211.9 million compared to $183 million a year earlier, an increase of 15.8%.
For all of 2014, net income was $7.6 million, or 26 cents per diluted share, compared to a net loss of $12.4 million, or a loss of 44 cents per diluted share in 2013. 2014 revenues were $839.7 million compared to $747.7 million in the prior year, an increase of 12.3%.
"Our full-year 2014 revenues and operating income were favorably impacted by significant improvements in medium- and heavy-duty truck production volumes in North America when compared to full-year 2013,” said Rich Lavin, president and CEO. “Additionally, full-year sales and operating income improved in our global construction and agriculture end markets compared to full-year 2013.”
In the fourth quarter of 2014, two reportable segments were established by CVG. The Global Truck and Bus Segment, which manufactures and sells seats and seating systems, trim systems and components, wipers, mirrors, structures and other products in the medium-and heavy-duty truck and bus markets. The Global Construction and Agriculture Segment manufactures and sells wire harnesses, seats and other products in the construction and agriculture markets. Both are also in the aftermarket.
Revenues for the GTB Segment for the fourth quarter of 2014 were $140.1 million compared to $114.7 million for the prior-year period, an increase of 22.2%, while operating income was $16.2 million compared with $10.1 million during the same time frame.
For 2014 revenue in this segment increased 12.9% from 2013 to $534.1 million while operating income increased from $30.1 million to $51.2 million.
The GCA segment also saw increases in revenues for both the 2014 quarter and for all of last year, however, it reported a fourth quarter operating loss of $1.6 million compared to an operating profit of $2.3 million a year earlier. Operating profit for all of 2014 improved to $7.5 million from $4.9 million a year earlier.