Wednesday, March 12, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q Results. CVG reported 4Q24 revenue of $163.3 million, down 15.7% y-o-y due to ongoing weakness in the Construction and Ag markets, as well as a drop in Class 8 truck builds. Adjusted EBITDA was $0.9 million, down from $8.3 million. CVG reported an adjusted loss from continuing operations of $5.1 million, or a loss of $0.15/sh, compared to adjusted net income of $2.1 million, or EPS of $0.06, in 4Q23.
Strategic Initiatives. The Company implemented a number of strategic initiatives during 2024, including portfolio rationalization and the elimination of some 1,300 positions. These should result in some $15 million of gross savings in 2025, which should help improve margins.
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