2023-03-06 16:26:10 ET
- Commercial Vehicle press release ( NASDAQ: CVGI ): Q4 Non-GAAP EPS of $0.04 misses by $0.12 .
- Revenue of $234.92M (+2.6% Y/Y) misses by $11.75M .
- At December 31, 2022, the Company had no outstanding borrowings on its revolving credit facility, $31.8 million of cash and $148.8 million availability from the revolving credit facility, resulting in total liquidity of $180.6 million.
- 2023 Outlook: According to ACT Research, 2023 North American Class 8 truck production levels are expected to be at 305,000 units and Class 5-7 production are expected to be at 242,000 units. Estimates from FTR for 2023 are 322,000 units, slightly higher than ACT Research for Class 8 truck builds. The 2022 actual Class 8 truck builds according to the ACT Research was 315,128 units.
- According to Interact Analysis, the Global Off-Highway vehicle market is expected to increase approximately 4% to 6.2 million units in 2023 from 5.9 million units in 2022. Beyond 2023, the Off-Highway vehicle market is expected to grow in the 4-5% range. We expect our legacy business growth rates to be in line with this outlook.
- Industry forecasts are expecting a 4% growth in 2023 for North American aftermarket truck parts. Compounded annual growth of 4.1% is forecasted for 2023-2027
For further details see:
Commercial Vehicle Non-GAAP EPS of $0.04 misses by $0.12, revenue of $234.92M misses by $11.75M