Commercial Vehicle Group (NASDAQ: CVGI) reported Q3 EPS of $0.21, $0.28 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $187.7 million versus the consensus estimate of $164.73 million.

Third Quarter 2020 Highlights (Compared with prior-year period, except where mentioned)

• Revenue of $187.7 million, down 16.7% due to less commercial vehicle builds, offset partially by warehouse automation.
• Revenue was up 47.9% sequentially vs. the second quarter, as vehicle build rates recovered and warehouse automation grew.
• Operating Income of $8.9 million, down due to special charges. On an as adjusted basis, Operating Income increased sequentially by $15.6 million.
• Adjusted EBITDA of $16.4 million, up slightly on $37.7 million less revenues, due to lower costs and improved sales mix.
• Commercial vehicle markets recovered, but remain below pre-COVID rates. Warehouse automation market continues to grow due to ecommerce growth.
• The Company is having success with its growth program aimed at lessening its historical dependency on the North American combustion-engine, commercial truck market. Focus areas for future sales mix include: warehouse automation subsystems, last-mile delivery vehicles, electric vehicles, specialty vehicles and non-vehicle markets.

Harold Bevis, President and Chief Executive Officer of CVG, commented, "We are pleased with our third quarter performance and our near-term outlook. We are achieving results from our new sales strategies."

"We are organizationally focused on growing and winning targeted new business while leveraging our existing plant teams and footprint. We have a substantial amount of growth potential available within our current footprint, current teams and current capabilities," concluded Mr. Bevis.

For earnings history and earnings-related data on Commercial Vehicle Group (CVGI) click here.