Brief: Commercial Vehicle Group Reports Q2 Loss Per Share $0.40

Commercial Vehicle

10/08/2020 11:09

Aug 10 (Reuters) - Commercial Vehicle Group Inc  CVGI.O :
    * COMMERCIAL VEHICLE GROUP ANNOUNCES SECOND QUARTER 2020
RESULTS
    * Q2 LOSS PER SHARE $0.40
    * Q2 REVENUE FELL 47.8 PERCENT TO $126.9 MILLION
    * Q2 ADJUSTED LOSS PER SHARE $0.24 INCLUDING ITEMS
    * SEES Q3 2020 REVENUE UP 25 TO 35 PERCENT
    * SAYS ANNOUNCED STRATEGIC REPOSITIONING OF ITS OPERATIONS
    * SAYS STRATEGIC REPOSITIONING ACTIONS EXPECTED TO SUPPORT
BETWEEN
$100 MILLION TO $150 MILLION OF NEW BUSINESS
    * SAYS REPURPOSING FLOOR SPACE AND CREATING NEW
MANUFACTURING
CAPABILITY IN VONORE, TN PLANT
    * SAYS EXPANDING ELKRIDGE, MD PLANT BY SECURING NEW SPACE AT
AN
ADJACENT PROPERTY
    * SAYS MOVING CERTAIN PRODUCTION FROM MONONA, IA PLANT TO
LOW COST
FACILITY IN AGUA PRIETA, MEXICO
    * SAYS DESIGN AND INSTALLATION OF A NEW MEDIUM-DUTY SEAT
PRODUCTION LINE IN SALTILLO, MEXICO PLANT
    * SAYS ANNOUNCES CLOSURE OF FACILITY IN MORELOS, MEXICO, AND
CONSOLIDATION OF EQUIPMENT INTO AGUA PRIETA, MEXICO PLANT
    * COMMERCIAL VEHICLE - ON TRACK TO PERMANENTLY CUT
ANNUALIZED
COSTS BY OVER $15 MILLION THROUGH COMBINATION OF STAFF
REDUCTIONS, FACILITY CONSOLIDATIONS

Source text for Eikon:  ID:nPn2Y4rXpa 
Further company coverage:  CVGI.O 

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