Commercial Vehicle Group skids, swings to Q3 loss
Shares of Commercial Vehicle Group, Inc. (Nasdaq: CVGI) are going in reverse on news before the start of trading that the maker of products for commercial vehicles swung to a third-quarter net loss.
The net loss for the three months ended Sept. 30 was $0.13 per share, compared with a profit of $0.84 per share a year earlier. Wall Street was expecting the New Albany, Ohio-based company to report a net income of $0.05 per share, according to four analysts polled by Thomson Financial.
Commercial Vehicle Group also reported that its quarterly revenue fell 31.76% to $160.9 million from $235.8 million in the third quarter of 2006.
“While our construction market business remains strong on a global basis, our 2007 results continue to be impacted by the slow down and product content shift in the North American Class 8 heavy truck market,” said president and CEP Mervin Dunn in a statement.
The U.S. Federal Highway Administration defines Class 8 heavy trucks as vehicles with a tractor or single trailer of less than five axles.
Looking ahead, Dunn said that the company does not know how the Class 8 truck market will develop in 2008.
At 12:06 p.m. ET, shares of Commercial Vehicle Group (CVGI) were off $0.96, or 7%, to $12.73. That’s near the 52-week low of $12.60, which was set on Oct. 1. The 52-week high of $23.57 was established on Dec. 5, 2006.
