NEW ALBANY, Ohio, Aug. 7, 2017 /PRNewswire/ -- Commercial
Vehicle Group, Inc. (the "Company") (Nasdaq: CVGI) today reported
financial results for the second quarter ended June 30,
2017.
|
Second
Quarter
|
|
2017
|
|
2016
|
($ in millions except
EPS)
|
GAAP
|
|
Non-GAAP
|
|
GAAP
|
|
Non-GAAP
|
Revenues
|
$195.1
|
|
$195.1
|
|
$178.3
|
|
$178.3
|
Operating
Income
|
$7.6
|
|
$8.4
|
|
$8.4
|
|
$8.9
|
Net
Income
|
$0.1
|
|
$2.4
|
|
$2.7
|
|
$3.0
|
Basic and Diluted
EPS
|
$0.00
|
|
$0.08
|
|
$0.09
|
|
$0.10
|
(See Appendix A
for Reconciliation of GAAP to Non-GAAP Financial Measures
)
|
Patrick Miller, President and
CEO, stated, "As seen by our top line performance, both our truck
and construction segments are seeing increased sales in the core
markets we serve resulting in a 10 percent improvement in sales in
the second quarter as compared to the same period last year.
Our largest end market, North American Heavy Duty Truck, is showing
particularly strong demand ‒ OEM truck orders are up 37% in
the first half of this year compared to last year. As a
result, second quarter truck build was 30% higher
quarter-over-quarter and we expect the improvement in orders to
continue to be reflected in build for the remainder of this year
and perhaps into next year. With respect to our construction
and agriculture segment, heavy construction equipment build volumes
continue to improve in every geography we serve contributing to
approximately 14% segment sales growth in the second quarter as
compared to the same period last year."
Tim Trenary, Chief Financial
Officer, stated, "Conversion of improving sales into operating
income, or pull through, in the second quarter was well below our
past experience. This is primarily attributable to a
shortage of labor in our North American wire harness business and
the associated cost to satisfy customer production demand. We
have increased our wire harness production capacity by maintaining
production capability in the Monona,
IA facility and by establishing a new facility in
Mexico with better access to
labor. Admittedly, it is taking longer than previously
anticipated to manage down the cost associated with the labor
shortage ‒ the burden on second quarter results was on the order of
$4 million and there may be another
$3 million to $6 million of cost
coming in the last half of the year. Additionally, rising
commodity prices and some production inefficiencies from the spike
in North American truck build adversely impacted pull through in
the second quarter."
Miller continued, "For the most part, our cost reduction and
facility restructuring efforts have been very successful.
Notwithstanding the difficulty we are experiencing with the wire
harness business, we continue to expect savings resulting from the
cost reduction and facility restructuring to be at the upper end of
the range initially disclosed; that is, $8
million to $12 million annually. Importantly, our two
largest end markets continue to improve, sales are up and we expect
pull through on the improving sales to return to historical levels
in due course."
Consolidated Results
Second Quarter 2017 Results
- Second quarter 2017 revenues were $195.1
million compared to $178.3
million in the prior year period, an increase of 9.5
percent. The increase in revenues period-over-period reflects
higher heavy-duty truck production in North America and improvement in the global
construction markets we serve. Foreign currency translation
adversely impacted second quarter 2017 revenues by $2.1 million, or by 1.2 percent when compared to
the same period in the prior year.
- Operating income for the second quarter 2017 was $7.6 million compared to operating income of
$8.4 million in the prior year
period. The decrease in operating income period-over-period was
primarily the result of approximately $4.0
million in production challenges in our North American wire
harness operations, partially offset by higher revenues and the
benefit of cost reduction and restructuring actions. Second quarter
2017 results include $0.9 million of
cost associated with our ongoing restructuring initiatives and
other related expenditures. Second quarter 2016 results include
$0.5 million of cost associated with
the restructuring initiatives.
- Net income was $0.1 million for
the second quarter 2017, or $0.00 per
diluted share, compared to net income of $2.7 million in the prior year period, or
$0.09 per diluted share. Earnings per
share, as adjusted for special items, were $0.08 per diluted share in the second quarter
2017 compared to $0.10 per diluted
share in the prior year period.
During the three months ending June 30, 2017, the Company
did not have any borrowings under its asset-based revolver.
At June 30, 2017, the Company had liquidity of $115 million: $52
million of cash and $63
million of availability from our asset-based revolver.
On April 12, 2017, the Company
closed a $175 million Term Loan and
Security Agreement with interest at LIBOR plus 600 and a maturity
date of April 12, 2023, concurrently
redeemed the Company's $235 million
7.875% notes due April 2019 and
settled accrued interest with the proceeds and approximately
$74 million of cash. On the
same date, the Company also entered into a Third Amended and
Restated Loan and Security Agreement upsizing its asset-based
revolver to $65 million from
$40 million and extending the
maturity date to April 2022 from
April 2018.
Segment Results
Global Truck and Bus Segment
Second Quarter 2017 Results
- Revenues for the Global Truck and Bus Segment in the second
quarter 2017 were $119.9 million
compared to $112.1 million for the
prior year period, an increase of 6.9 percent primarily resulting
from higher North American heavy-duty truck production in the
second quarter when compared to the same period in the prior
year.
- Operating income for the second quarter 2017 was $11.1 million compared to operating income of
$8.5 million in the prior year
period. The increase in operating income period-over-period is
primarily the result of the increase in revenues. Second quarter
2016 results include $0.3 million of
cost associated with the restructuring initiatives.
Global Construction and Agriculture Segment
Second Quarter 2017 Results
- Revenues for the Global Construction and Agriculture Segment in
the second quarter 2017 were $78.2
million compared to $68.5
million in the prior year period, an increase of 14.1
percent primarily as a result of improvement in the global
construction markets in which we manufacture products. Foreign
currency translation adversely impacted second quarter 2017
revenues by $2.4 million, or by 3.6
percent when compared to the same period in the prior year.
- Operating income for the second quarter 2017 was $1.9 million compared to operating income of
$5.5 million for the prior year
period. The decrease in operating income period-over-period
resulted primarily from the production challenges in our North
American wire harness operations, partially offset by the increase
in volume and the benefit of the cost reduction and restructuring
actions. Second quarter 2017 and 2016 results include $0.9 million and $0.2
million, respectively, of cost associated with our ongoing
restructuring initiatives.
2017 End Market Outlook
Management estimates that the 2017 North American Class 8 truck
production will be in the range of 220,000 - 240,000 units, as
compared to 228,000 units in 2016; North American Class 5-7
production is expected to be up slightly year-over-year. The
global construction markets we serve in Europe, Asia,
and North America are
improving.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial measures
referenced in this release is included as Appendix A to this
release.
CONFERENCE CALL
A conference call to discuss this press release is scheduled for
Tuesday, August 8, 2017, at 10:00 a.m.
ET. To participate, dial (844) 743-2497 using conference
code 60243191.
This call is being webcast by Nasdaq and can be accessed at
Commercial Vehicle Group's Web site at www.cvgrp.com, where it will
be archived for one year.
A telephonic replay of the conference call will be available for
a period of two weeks following the call. To access the
replay, dial (855) 859-2056 using access code 60243191.
About Commercial Vehicle Group, Inc.
Commercial
Vehicle Group, Inc. (and its subsidiaries) is a leading supplier of
a full range of cab related products and systems for the global
commercial vehicle market, including the medium- and heavy-duty
truck market, the medium-and heavy-construction vehicle markets,
the military, bus, agriculture, specialty transportation, mining,
industrial equipment and off-road recreational markets.
Information about the Company and its products is available on the
internet at www.cvgrp.com.
Forward-Looking Statements
This press release
contains forward-looking statements that are subject to risks and
uncertainties. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate," or
similar expressions. In particular, this press release may contain
forward-looking statements about Company expectations for future
periods with respect to its plans to improve financial results and
enhance the Company, the future of the Company's end markets, Class
8 North America build rates, performance of the global construction
equipment business, expected cost savings, the Company's
initiatives to address customer needs, organic growth, the
Company's economic growth plans to focus on certain segments and
markets and the Company's financial position or other financial
information. These statements are based on certain assumptions that
the Company has made in light of its experience in the industry as
well as its perspective on historical trends, current conditions,
expected future developments and other factors it believes are
appropriate under the circumstances. Actual results may differ
materially from the anticipated results because of certain risks
and uncertainties, including but not limited to: (i) general
economic or business conditions affecting the markets in which the
Company serves; (ii) the Company's ability to develop or
successfully introduce new products; (iii) risks associated with
conducting business in foreign countries and currencies; (iv)
increased competition in the heavy-duty truck, construction,
aftermarket, military, bus, agriculture and other markets; (v) the
Company's failure to complete or successfully integrate strategic
acquisitions; (vi) the impact of changes in governmental
regulations on the Company's customers or on its business; (vii)
the loss of business from a major customer or the discontinuation
of particular commercial vehicle platforms; (viii) security
breaches and other disruptions to our information systems and our
business; (ix) the Company's ability to obtain future financing due
to changes in the lending markets or its financial position; (x)
the Company's ability to comply with the financial covenants in its
revolving credit facility and term loan facility; (xi) fluctuation
in interest rates relating to the Company's term loan facility and
revolving credit facility; (xii) the Company's ability to realize
the benefits of its cost reduction and strategic initiatives;
(xiii) a material weakness in our internal control over financial
reporting which could, if not remediated, result in material
misstatements in our financial statements; (xiv) volatility and
cyclicality in the commercial vehicle market adversely affecting
us; (xv) the geographic profile of our taxable income and changes
in valuation of our deferred tax assets and liabilities impacting
our effective tax rate; (xvi) changes to domestic manufacturing
initiatives impacting our effective tax rate related to products
manufactured either in the United
States or in international jurisdictions; (xvii)
implementation of tax changes, by the
United States or another international jurisdiction, related
to products manufactured in one or more jurisdictions where we do
business; and (xviii) various other risks as outlined under the
heading "Risk Factors" in the Company's Annual Report on Form 10-K
for fiscal year ending December 31,
2016. There can be no assurance that statements made in this
press release relating to future events will be achieved. The
Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time. All subsequent written and oral forward-looking
statements attributable to the Company or persons acting on behalf
of the Company are expressly qualified in their entirety by such
cautionary statements.
COMMERCIAL VEHICLE
GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in
thousands, except per share amounts)
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Revenues
|
$
|
195,127
|
|
|
$
|
178,251
|
|
|
$
|
368,543
|
|
|
$
|
358,543
|
|
Cost of
Revenues
|
172,426
|
|
|
153,920
|
|
|
324,339
|
|
|
308,507
|
|
Gross
Profit
|
22,701
|
|
|
24,331
|
|
|
44,204
|
|
|
50,036
|
|
Selling, General and
Administrative Expenses
|
14,802
|
|
|
15,585
|
|
|
31,421
|
|
|
32,376
|
|
Amortization
Expense
|
331
|
|
|
319
|
|
|
658
|
|
|
652
|
|
Operating
Income
|
7,568
|
|
|
8,427
|
|
|
12,125
|
|
|
17,008
|
|
Interest and Other
Expense
|
6,740
|
|
|
4,926
|
|
|
11,304
|
|
|
9,784
|
|
Income
Before Provision for Income Taxes
|
828
|
|
|
3,501
|
|
|
821
|
|
|
7,224
|
|
Provision for Income
Taxes
|
697
|
|
|
781
|
|
|
61
|
|
|
1,941
|
|
Net Income
|
$
|
131
|
|
|
$
|
2,720
|
|
|
$
|
760
|
|
|
$
|
5,283
|
|
|
|
|
|
|
|
|
|
Earnings per Common
Share:
|
|
|
|
|
|
|
|
Basic and
Diluted
|
$
|
—
|
|
|
$
|
0.09
|
|
|
$
|
0.03
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding:
|
|
|
|
|
|
|
|
Basic
|
29,874
|
|
|
29,449
|
|
|
29,873
|
|
|
29,449
|
|
Diluted
|
30,455
|
|
|
29,756
|
|
|
30,325
|
|
|
29,632
|
|
COMMERCIAL VEHICLE
GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(Amounts in
thousands, except share and per share amounts)
|
|
|
|
June 30,
2017
|
|
|
December 31,
2016
|
|
ASSETS
|
Current
Assets:
|
|
|
|
|
Cash
|
|
$
|
51,602
|
|
|
$
|
130,160
|
|
Accounts receivable,
net of allowances of $3,998 and $3,881, respectively
|
|
123,641
|
|
|
97,793
|
|
Inventories
|
|
80,702
|
|
|
71,054
|
|
Other current
assets
|
|
15,088
|
|
|
9,941
|
|
Total current
assets
|
|
271,033
|
|
|
308,948
|
|
Property, plant and
equipment, net of accumulated depreciation of $140,444 and
$137,879, respectively
|
|
65,291
|
|
|
66,041
|
|
Goodwill
|
|
7,972
|
|
|
7,703
|
|
Intangible assets,
net of accumulated amortization of $7,831 and $7,048,
respectively
|
|
15,136
|
|
|
15,511
|
|
Deferred income
taxes, net
|
|
29,879
|
|
|
28,587
|
|
Other
assets
|
|
2,481
|
|
|
1,975
|
|
Total
assets
|
|
$
|
391,792
|
|
|
$
|
428,765
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
86,972
|
|
|
$
|
60,556
|
|
Accrued liabilities
and other
|
|
40,616
|
|
|
45,699
|
|
Current portion of
long-term debt
|
|
3,195
|
|
|
—
|
|
Total current
liabilities
|
|
130,783
|
|
|
106,255
|
|
Long-term
debt
|
|
165,449
|
|
|
233,154
|
|
Pension and other
post-retirement benefits
|
|
19,519
|
|
|
18,938
|
|
Other long-term
liabilities
|
|
3,547
|
|
|
2,728
|
|
Total
liabilities
|
|
319,298
|
|
|
361,075
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred stock,
$0.01 par value (5,000,000 shares authorized; no shares issued and
outstanding)
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value (60,000,000 shares authorized; 29,873,953 and 29,871,354
shares issued and outstanding, respectively)
|
|
299
|
|
|
299
|
|
Treasury stock, at
cost: 1,014,413 shares, as of June 2017 and December
2016
|
|
(7,753)
|
|
|
(7,753)
|
|
Additional paid-in
capital
|
|
238,617
|
|
|
237,367
|
|
Retained
deficit
|
|
(112,618)
|
|
|
(113,378)
|
|
Accumulated other
comprehensive loss
|
|
(46,051)
|
|
|
(48,845)
|
|
Total stockholders'
equity
|
|
72,494
|
|
|
67,690
|
|
Total liabilities and
stockholders' equity
|
|
$
|
391,792
|
|
|
$
|
428,765
|
|
COMMERCIAL VEHICLE
GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT
FINANCIAL INFORMATION
(Unaudited)
(Amounts in
thousands)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Global Truck &
Bus
|
|
|
Global
Construction & Agriculture
|
|
Corporate /
Other
|
|
|
Total
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External
Revenues
|
$
|
119,603
|
|
|
$
|
111,883
|
|
|
$
|
75,524
|
|
|
$
|
66,368
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
195,127
|
|
|
$
|
178,251
|
|
Intersegment
Revenues
|
307
|
|
|
243
|
|
|
2,657
|
|
|
2,157
|
|
|
(2,964)
|
|
|
(2,400)
|
|
|
—
|
|
|
—
|
|
Total
Revenues
|
$
|
119,910
|
|
|
$
|
112,126
|
|
|
$
|
78,181
|
|
|
$
|
68,525
|
|
|
$
|
(2,964)
|
|
|
$
|
(2,400)
|
|
|
$
|
195,127
|
|
|
$
|
178,251
|
|
Gross
Profit
|
$
|
17,070
|
|
|
$
|
14,432
|
|
|
$
|
5,960
|
|
|
$
|
10,270
|
|
|
$
|
(329)
|
|
|
$
|
(371)
|
|
|
$
|
22,701
|
|
|
$
|
24,331
|
|
Selling,
General & Administrative Expenses
|
$
|
5,701
|
|
|
$
|
5,642
|
|
|
$
|
3,975
|
|
|
$
|
4,780
|
|
|
$
|
5,126
|
|
|
$
|
5,163
|
|
|
$
|
14,802
|
|
|
$
|
15,585
|
|
Operating
Income
|
$
|
11,073
|
|
|
$
|
8,506
|
|
|
$
|
1,949
|
|
|
$
|
5,455
|
|
|
$
|
(5,454)
|
|
|
$
|
(5,534)
|
|
|
$
|
7,568
|
|
|
$
|
8,427
|
|
|
Six Months Ended
June 30,
|
|
|
Global Truck &
Bus
|
|
Global
Construction & Agriculture
|
|
|
Corporate /
Other
|
|
|
Total
|
|
|
2017
|
|
|
2016
|
|
2017
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External
Revenues
|
$
|
221,466
|
|
|
$
|
228,167
|
|
|
$
|
147,077
|
|
|
$
|
130,376
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
368,543
|
|
|
$
|
358,543
|
|
Intersegment
Revenues
|
532
|
|
|
463
|
|
|
4,609
|
|
|
3,917
|
|
|
(5,141)
|
|
|
(4,380)
|
|
|
—
|
|
|
—
|
|
Total
Revenues
|
$
|
221,998
|
|
|
$
|
228,630
|
|
|
$
|
151,686
|
|
|
$
|
134,293
|
|
|
$
|
(5,141)
|
|
|
$
|
(4,380)
|
|
|
$
|
368,543
|
|
|
$
|
358,543
|
|
Gross
Profit
|
$
|
31,107
|
|
|
$
|
32,255
|
|
|
$
|
13,782
|
|
|
$
|
18,576
|
|
|
$
|
(685)
|
|
|
$
|
(795)
|
|
|
$
|
44,204
|
|
|
$
|
50,036
|
|
Selling,
General & Administrative Expenses
|
$
|
11,154
|
|
|
$
|
12,137
|
|
|
$
|
8,459
|
|
|
$
|
9,271
|
|
|
$
|
11,808
|
|
|
$
|
10,968
|
|
|
$
|
31,421
|
|
|
$
|
32,376
|
|
Operating
Income
|
$
|
19,366
|
|
|
$
|
19,535
|
|
|
$
|
5,253
|
|
|
$
|
9,235
|
|
|
$
|
(12,494)
|
|
|
$
|
(11,762)
|
|
|
$
|
12,125
|
|
|
$
|
17,008
|
|
COMMERCIAL VEHICLE
GROUP, INC. AND SUBSIDIARIES
Appendix A:
Reconciliation of GAAP to Non-GAAP Financial
Measures
(Unaudited)
(Amounts in
thousands, except per share amounts)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Operating Income, as
reported
|
$
|
7,568
|
|
|
$
|
8,427
|
|
|
$
|
12,125
|
|
|
$
|
17,008
|
|
Restructuring and
other related expenditures 1
|
877
|
|
|
495
|
|
|
1,951
|
|
|
768
|
|
Impaired asset
2
|
—
|
|
|
—
|
|
|
—
|
|
|
616
|
|
Litigation settlement
3
|
—
|
|
|
—
|
|
|
$
|
2,377
|
|
|
—
|
|
Adjusted Operating
Income
|
$
|
8,445
|
|
|
$
|
8,922
|
|
|
$
|
16,453
|
|
|
$
|
18,392
|
|
|
|
|
|
|
|
|
|
Operating Income
Margin, as reported
|
3.9
|
%
|
|
4.7
|
%
|
|
3.3
|
%
|
|
4.7
|
%
|
Restructuring and
other related expenditures 1
|
0.4
|
|
|
0.3
|
|
|
0.5
|
|
|
0.2
|
|
Impaired asset
2
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
Litigation settlement
3
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
Adjusted Operating
Income Margin
|
4.3
|
%
|
|
5.0
|
%
|
|
4.5
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
Net Income, as
reported
|
$
|
131
|
|
|
$
|
2,720
|
|
|
$
|
760
|
|
|
$
|
5,283
|
|
Restructuring and
other related expenditures 1
|
877
|
|
|
495
|
|
|
1,951
|
|
|
768
|
|
Impaired asset
2
|
—
|
|
|
—
|
|
|
—
|
|
|
616
|
|
Litigation settlement
3
|
—
|
|
|
—
|
|
|
2,377
|
|
|
—
|
|
Debt Refinancing
4
|
3,191
|
|
|
—
|
|
|
3,191
|
|
|
—
|
|
Income tax
5
|
(1,831)
|
|
|
(223)
|
|
|
(3,384)
|
|
|
(623)
|
|
Adjusted Net
Income
|
$
|
2,368
|
|
|
$
|
2,992
|
|
|
$
|
4,895
|
|
|
$
|
6,044
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
EPS, as reported
|
$
|
—
|
|
|
$
|
0.09
|
|
|
$
|
0.03
|
|
|
$
|
0.18
|
|
Restructuring and
other related expenditures, net of tax 1
|
0.02
|
|
|
0.01
|
|
|
0.03
|
|
|
0.01
|
|
Impaired Asset, net
of tax 2
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
Litigation
settlement, net of tax 3
|
—
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
Debt Refinancing, net
of tax 4
|
0.06
|
|
|
—
|
|
|
0.06
|
|
|
—
|
|
Adjusted Basic and
Diluted EPS
|
$
|
0.08
|
|
|
$
|
0.10
|
|
|
$
|
0.16
|
|
|
$
|
0.20
|
|
1
Cost associated with restructuring, including employee
severance and retention cost, lease
cancellation cost, building repairs, cost to transfer equipment,
and other related expenditures.
|
2
Write down to market value of assets held for sale.
|
3
Settlement of consulting contract litigation.
|
4
Non-cash write off of deferred financing fees and interest cost
associated with the refinancing of the
7.875%
Senior Secured Notes.
|
5 Adjusted
Net Income is calculated by applying an assumed 45 percent tax rate
to the special items.
This rate may
not reflect the effective tax rate for the periods
presented.
|
Use of Non-GAAP Measures
This earnings release contains financial measures that are not
in accordance with U.S. generally accepted accounting principles
("GAAP"). In general, the non-GAAP measures exclude items and
charges that management believes reflect the cost reduction and
restructuring actions being undertaken by the Company, the cost of
the settlement of consulting contract litigation and the cost and
charges to refinance the Senior Secured Notes. These items
and charges that are excluded have taken place over multiple prior
periods without predictable trends. Management uses these non-GAAP
financial measures to evaluate the Company's performance, engage in
financial and operational planning and to, in part, determine
incentive compensation.
Management provides these non-GAAP financial measures to
investors as supplemental metrics to assist readers in assessing
the effects of items and events on the Company's financial and
operating results and in comparing the Company's performance to
that of its competitors and comparable reporting periods. However,
the non-GAAP financial measures used by the Company may be
calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for, or superior to, financial
measures calculated in accordance with GAAP, and the financial
results calculated in accordance with GAAP and reconciliations to
those financial statements set forth above should be carefully
evaluated.
View original
content:http://www.prnewswire.com/news-releases/commercial-vehicle-group-announces-second-quarter-2017-results-300500525.html
SOURCE Commercial Vehicle Group, Inc.