Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q2 2023 Earnings Call Transcript August 2, 2023 10:00 AM ET

Company Participants

Bob Griffin - Chairman, Interim President and CEO

Andy Cheung - CFO

Conference Call Participants

Joe Gomes - NOBLE Capital

John Franzreb - Sidoti & Company

Gary Prestopino - Barrington Research

Operator

Good morning, ladies and gentlemen, and welcome to CVG Second Quarter 2023 Earnings Conference Call. During today's presentation, all participants will be in a 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.

And I would now like to turn the call 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 Bob Griffin, Chairman of the Board and Interim President and CEO of CVG. This morning, we will provide a brief company update as well as complementary -- commentary regarding our second quarter 2023 results. After which, we will open the call for questions.

As a reminder, this conference call is being webcast and a supplemental earnings 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 covenant 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 Bob to provide a company update.

Bob Griffin

Thank you, Andy, and good morning, everyone. I would like to begin today's call by thanking and celebrating our CVG team members across the company for their commitment to delivering our strategic initiatives during the quarter. These efforts have helped grow and diversify our revenue streams, optimize our cost structure through process automation and cost reduction and increase our margins to become a bigger, more profitable company.

As we enter the next chapter for CVG, I know I can speak for myself and the Board when I say that we are excited about CVG's future, supported by the strength and depth of our organization and leadership teams. Our team successfully accelerated our commitment to the company's strategic goals, which drove significantly improved financial results year-over-year. We will continue to focus on price and cost and believe our strong revenue and margin performance will continue to show meaningful expansion versus the prior year for the second half of 2023 based on the current market outlook. Andy and I will cover this in more detail.