Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Harold Bevis - President and Chief Executive Officer

Andy Cheung - Executive Vice President and Chief Financial Officer

Conference Call Participants

Joe Gomes - NOBLE Capital

John Franzreb - Sidoti & Company

Barry Haimes - Sage Asset Management

Gary Prestopino - Barrington Research Associates

Steven Martin - Slater Capital Management

Operator

Good morning, ladies and gentlemen. And welcome to the CVG’s First Quarter 2023 Earnings Conference Call. During this presentation, all parties will be in 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.

I would now like to turn the conference over to Mr. Andy Cheung, Executive Vice President and Chief Financial Officer. Please go ahead, sir.

Andy Cheung

Thank you, operator. And welcome everyone to our conference call. Joining me on the call today is Harold Bevis, President and CEO of CVG. This morning, we’ll provide a brief company update as well as commentary regarding our first quarter 2023 results, after which, we’ll open the call for questions. As a reminder, this conference call is being webcast and a supplemental earnings presentation 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 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 Harold to provide a company update.

Harold Bevis

Thank you, Andy. And good morning, everyone. I want to apologize in advance as I have a small cold and I might cough a few times. And also you know I sound worse than I am. But we're very happy to be speaking this morning. And as is our usual format. We'll be referring to an earnings presentation which is found on our website. While you locate that, I wanted to say a few opening comments. Our business performance in the first quarter was strong and consistent with the qualitative comments we made in the earnings call. The last earnings call. We delivered record quarterly sales of over 7% year-over-year through a combination of increased volumes. The contribution of new business ramp ups and price increases flowing through, profitability was meaningful improved as well, due to better price cost spread realized in the quarter.