Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET
Company Participants
Chris Bohnert - Chief Financial Officer
Harold Bevis - President and Chief Executive Officer
Conference Call Participants
John Franzreb - Sidoti & Company
Chris Howe - Barrington Research
Operator
Good morning, ladies and gentlemen and welcome to CVG’s First Quarter 2022 Earnings Conference Call. [Operator Instructions] 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 call over to Mr. Chris Bohnert, Chief Financial Officer. Please go ahead, sir.
Chris Bohnert
Thank you, operator and welcome to our conference call. Joining me on the call today is Harold Bevis, President and CEO of CVG. This morning, we will provide a brief company update as well as commentary regarding our first quarter 2022 results, after which we will open up 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 savings 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 Harold to provide a company update. Harold?
Harold Bevis
Thank you, Chris, and Good morning, everyone on the phone. On today’s call, we’ll provide an overview of our first quarter 2022 results, followed by an update on our progress to improve our company. Our intent is to position CVG to deliver higher and more stable results, and we’ll give you an update on the key components of that. And following my remarks, Chris will discuss our financial results in a little bit more detail, and we will conclude by opening the call and answering your questions.
During the first quarter, we made significant progress, and at the same time, our operations were impacted by a challenging environment with global supply chain constraints, cost inflation, COVID lockdown in China and the Russian-Ukraine conflict. We’re going to touch on these points this morning. And these headwinds tempered our first quarter results and are continuing in the current quarter. That said, we made meaningful progress repricing our legacy Class 8 OEM business, while continuing to experience strong new business win activity, which is positioning CVG for improved results in the second half of the year, especially in electrification and electric vehicles.