Transport Topics Online
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
5/6/2014 9:05:00 AM Write a Letter to the Editor Write a letter to the Editor

Commercial Vehicle Group Narrows First-Quarter Loss


Commercial Vehicle Group Inc.

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.

By Transport Topics

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2014, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising




© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement