2024-03-05 16:12:07 ET
Commercial Vehicle Group, Inc. (CVGI)
Q4 2023 Earnings Conference Call
March 5, 2024 10:00 AM ET
Company Participants
Andy Cheung – Chief Financial Officer
James Ray – President and Chief Executive Officer
Conference Call Participants
Joe Gomes – Noble Capital
John Franzreb – Sidoti
Gary Prestopino – Barrington
Guillermo Herrera – Gabelli Funds
Steven Martin – Slater Capital
Steve Emerson – Emerson Investment Group
Andrew Brickman – Altair
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the CVG’s Fourth Quarter and Full Year 2023 Earnings Conference Call. During today’s presentation, all parties will be in listen-only mode. Following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference is being recorded.
I would now like to turn the conference over to Mr. Andy Cheung, Chief Financial Officer. Please go ahead.
Andy Cheung
Thank you, operator, and welcome, everyone, to our conference call. Joining me on the call today is James Ray, President and CEO of CVG. This morning, we will provide a brief company update as well as commentary regarding our fourth quarter 2023 results. After which, we will open the call for questions.
As a reminder, this conference call is being webcast in the Q3, 2023 earnings call presentation, which we will refer to during this call is available on our website. Both may contain forward-looking statements, including, but not limited to, expectations for future periods regarding market trends, cost-saving initiatives and new product initiatives, among others. Actual results may differ from anticipated results, because of certain risks and uncertainties. These risks and uncertainties may include, but are not limited to, economic conditions in the markets in which CVG operates, fluctuations in the production volumes of vehicles for which CVG is a supplier, financial confidence, compliance and liquidity, risks associated with conducting business in foreign countries and currencies and other risks as detailed in our SEC filings.
I will now turn the call over to James to provide a company update.
James Ray
Thank you, Andy, and good morning everyone. It is an absolute pleasure to be joining you on my first earnings call as President and CEO of CVG. Having served on the Board of Directors since 2020, I’ve had the opportunity to witness the strength of CVG’s business fundamentals, the transformative strategy in place, and the remarkable growth potential in this organization. We have great strategy, great people, and great customers.
I was appointed president and CEO December of 2023 and there was a lot of good progress already underway from the leadership of our Chairman and Interim CEO, Bob Griffin. I want to thank Bob for all his efforts in the months prior to my appointment as President and CEO. As this is the first time I’m speaking to the majority of you, I’d like to offer a bit of my perspective on the opportunity I see ahead for CVG.
I’m sure you’re curious what will change with me as CEO. And to be clear, my aim is not to change our strategy, but rather to enhance it. In my role as a board member, I saw firsthand the hard work and planning that went into developing our transformation strategy. We think we are seeing the early benefits of that transformation, as our new business wins drive top line growth and margin improvement even as we see a downturn in the Class 8 truck builds and this improved profitability is leading to reduced leverage and a healthier balance sheet....
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Commercial Vehicle Group, Inc. (CVGI) Q4 2023 Earnings Call Transcript