<p>商用汽车 (CVGI) 已召开其 2025 年第三季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
<h3>认识您的 ETF AI 分析师</h3>
<ul>
<li>了解 TipRanks 的 <em>ETF</em> AI 分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对您关注的 ETF 的见解。</li>
</ul>
<p>商用汽车 (CVG) 最近的财报电话会议描绘了公司财务健康状况的复杂局面。尽管在运营效率和全球电气系统等特定领域的战略增长方面有显著改善，但这些积极的发展被显著的收入下降和净亏损增加所掩盖。整体情绪是谨慎乐观，但面临的挑战依然严峻。</p>
<h2>毛利率改善</h2>
<p>公司报告 2025 年第三季度调整后的毛利率为 12.1%，较上季度增加 10 个基点，同比上升 50 个基点。这一改善归因于运营效率的提升，显示出公司成本管理策略的积极趋势。</p>
<h2>全球电气系统收入增长</h2>
<p>财报电话会议中的一个亮点是全球电气系统部门收入增长了 6%。这一增长得益于与北美一家自动驾驶汽车制造商和欧洲一家主要汽车制造商的新项目，突显了 CVG 在高潜力市场的战略扩展。</p>
<h2>年初至今自由现金流改善</h2>
<p>CVG 报告称，2025 年前九个月自由现金流显著改善，达 2500 万美元。这比去年增加了 1400 万美元，主要得益于更好的营运资金表现和减少的资本支出。</p>
<h2>全球座椅部门调整后营业收入</h2>
<p>尽管全球座椅部门收入下降了 10%，但调整后的营业收入较 2024 年第三季度增加了 370 万美元。这是通过提高运营效率和降低销售及管理费用实现的，展示了公司在销售下降的情况下维持盈利能力的能力。</p>
<h2>收入显著下降</h2>
<p>CVG 2025 年第三季度的合并收入为 1.525 亿美元，较去年同期的 1.718 亿美元下降。这一下降主要是由于北美客户需求减弱，这对公司来说仍然是一个关键挑战。</p>
<h2>净亏损增加</h2>
<p>2025 年第三季度的净亏损为 680 万美元，较去年同期的 90 万美元显著增加。这受到需求减弱、高利率和税收增加的影响，突显了 CVG 面临的财务压力。</p>
<h2>经营活动自由现金流下降</h2>
<p>2025 年第三季度持续经营活动的自由现金流为负 340 万美元，而去年同期为正 1710 万美元。这一下降归因于需求减弱和中国的设施搬迁，突显了运营挑战。</p>
<h2>装饰系统和组件收入下降</h2>
<p>装饰系统和组件部门的收入较去年下降了 29%，降至 3430 万美元，主要是由于客户需求减少导致的销售量下降，反映了更广泛的市场挑战。</p>
<h2>利息支出增加</h2>
<p>2025 年第三季度的利息支出从去年同期的 240 万美元上升至 410 万美元，主要是由于债务再融资后利率上升。这一增加加重了 CVG 的财务负担。</p>
<h2>前瞻性指导</h2>
<p>CVG 对 2025 年的指导反映出谨慎的前景，预计将产生至少 3000 万美元的自由现金流以偿还债务。公司将全年收入指导修订为 6.4 亿至 6.5 亿美元，低于之前的 6.5 亿至 6.7 亿美元。调整后的 EBITDA 指导也有所降低，反映出北美 8 级卡车生产量预计下降等持续挑战。尽管面临这些困难，CVG 仍致力于提高运营效率和节约成本，预计全球电气系统部门将在 2026 年实现增长。</p>
<p>总之，商用汽车的财报电话会议突显了公司在艰难的财务环境中航行。尽管有增长和效率改善的积极迹象，但显著的收入下降和净亏损增加仍然是持续的挑战。公司的前瞻性指导表明采取谨慎的态度，专注于运营效率和关键领域的战略增长。</p>

商用汽车

<p>商业汽车（CVGI）召开了第三季度财报电话会议，透露出混合的财务信号。尽管运营效率有所改善，全球电气系统部门的收入增长了 6%，但公司面临重大挑战，包括合并收入下降 12%，降至 1.525 亿美元，净亏损为 680 万美元。运营产生的自由现金流也转为负值，达到 340 万美元。CVG 将其 2025 年的收入指引下调至 6.4 亿至 6.5 亿美元，反映出在持续的市场压力下，谨慎乐观，并专注于成本管理和战略增长</p>

<p>Commercial Vehicle ((CVGI)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>商用汽车 (CVGI) 已召开其 2025 年第三季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
</div><h3>Meet Your ETF AI Analyst</h3>
<div class="lb-trans"><h3>认识您的 ETF AI 分析师</h3>
</div><ul>
<li>Discover how TipRanks' <em>ETF</em> AI Analyst can help you make smarter investment decisions</li>
<li>Explore ETFs TipRanks' users love and see what insights the <strong><em>ETF</em> AI Analyst</strong> reveals about the ones you follow.</li>
</ul>
<div class="lb-trans"><ul>
<li>了解 TipRanks 的 <em>ETF</em> AI 分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对您关注的 ETF 的见解。</li>
</ul>
</div><p>The latest earnings call from Commercial Vehicle (CVG) painted a mixed picture of the company’s financial health. While there were notable improvements in operational efficiency and strategic growth in specific segments like Global Electrical Systems, these positive developments were overshadowed by significant revenue declines and increased net losses. The overall sentiment from the call was one of cautious optimism, tempered by the challenges that lie ahead.</p>
<div class="lb-trans"><p>商用汽车 (CVG) 最近的财报电话会议描绘了公司财务健康状况的复杂局面。尽管在运营效率和全球电气系统等特定领域的战略增长方面有显著改善，但这些积极的发展被显著的收入下降和净亏损增加所掩盖。整体情绪是谨慎乐观，但面临的挑战依然严峻。</p>
</div><h2>Improvement in Gross Margin</h2>
<div class="lb-trans"><h2>毛利率改善</h2>
</div><p>The company reported an adjusted gross margin of 12.1% for Q3 2025, marking a sequential increase of 10 basis points and a year-over-year rise of 50 basis points. This improvement was attributed to enhanced operational efficiencies, signaling a positive trend in the company’s cost management strategies.</p>
<div class="lb-trans"><p>公司报告 2025 年第三季度调整后的毛利率为 12.1%，较上季度增加 10 个基点，同比上升 50 个基点。这一改善归因于运营效率的提升，显示出公司成本管理策略的积极趋势。</p>
</div><h2>Global Electrical Systems Revenue Increase</h2>
<div class="lb-trans"><h2>全球电气系统收入增长</h2>
</div><p>A bright spot in the earnings call was the 6% revenue increase in the Global Electrical Systems segment. This growth was driven by new programs with an autonomous vehicle manufacturer in North America and a major automotive manufacturer in Europe, highlighting CVG’s strategic expansion in high-potential markets.</p>
<div class="lb-trans"><p>财报电话会议中的一个亮点是全球电气系统部门收入增长了 6%。这一增长得益于与北美一家自动驾驶汽车制造商和欧洲一家主要汽车制造商的新项目，突显了 CVG 在高潜力市场的战略扩展。</p>
</div><h2>Year-to-Date Free Cash Flow Improvement</h2>
<div class="lb-trans"><h2>年初至今自由现金流改善</h2>
</div><p>CVG reported a significant improvement in free cash flow, generating $25 million in the first nine months of 2025. This represents a $14 million increase from the previous year, primarily due to better working capital performance and reduced capital expenditures.</p>
<div class="lb-trans"><p>CVG 报告称，2025 年前九个月自由现金流显著改善，达 2500 万美元。这比去年增加了 1400 万美元，主要得益于更好的营运资金表现和减少的资本支出。</p>
</div><h2>Adjusted Operating Income in Global Seating Segment</h2>
<div class="lb-trans"><h2>全球座椅部门调整后营业收入</h2>
</div><p>Despite a 10% revenue decrease in the Global Seating segment, adjusted operating income rose by $3.7 million compared to the third quarter of 2024. This was achieved through operational efficiency improvements and lower SG&amp;A expenses, demonstrating the company’s ability to maintain profitability amid declining sales.</p>
<div class="lb-trans"><p>尽管全球座椅部门收入下降了 10%，但调整后的营业收入较 2024 年第三季度增加了 370 万美元。这是通过提高运营效率和降低销售及管理费用实现的，展示了公司在销售下降的情况下维持盈利能力的能力。</p>
</div><h2>Significant Revenue Decline</h2>
<div class="lb-trans"><h2>收入显著下降</h2>
</div><p>CVG’s consolidated revenue for Q3 2025 was $152.5 million, a decrease from $171.8 million in the prior year period. This decline was primarily due to softening customer demand in North America, which remains a critical challenge for the company.</p>
<div class="lb-trans"><p>CVG 2025 年第三季度的合并收入为 1.525 亿美元，较去年同期的 1.718 亿美元下降。这一下降主要是由于北美客户需求减弱，这对公司来说仍然是一个关键挑战。</p>
</div><h2>Increased Net Loss</h2>
<div class="lb-trans"><h2>净亏损增加</h2>
</div><p>The net loss for Q3 2025 was $6.8 million, a significant increase from the $0.9 million loss in the prior year. This was impacted by softened demand, higher interest rates, and increased taxes, underscoring the financial pressures facing CVG.</p>
<div class="lb-trans"><p>2025 年第三季度的净亏损为 680 万美元，较去年同期的 90 万美元显著增加。这受到需求减弱、高利率和税收增加的影响，突显了 CVG 面临的财务压力。</p>
</div><h2>Free Cash Flow from Operations Decline</h2>
<div class="lb-trans"><h2>经营活动自由现金流下降</h2>
</div><p>Free cash flow from continuing operations was negative $3.4 million in Q3 2025, compared to a positive $17.1 million in the previous year. This decline was attributed to softer demand and a facility move in China, highlighting operational challenges.</p>
<div class="lb-trans"><p>2025 年第三季度持续经营活动的自由现金流为负 340 万美元，而去年同期为正 1710 万美元。这一下降归因于需求减弱和中国的设施搬迁，突显了运营挑战。</p>
</div><h2>Trim Systems and Components Revenue Drop</h2>
<div class="lb-trans"><h2>装饰系统和组件收入下降</h2>
</div><p>Revenues in the Trim Systems and Components segment fell by 29% to $34.3 million compared to the prior year, driven by lower sales volume from decreased customer demand, reflecting broader market challenges.</p>
<div class="lb-trans"><p>装饰系统和组件部门的收入较去年下降了 29%，降至 3430 万美元，主要是由于客户需求减少导致的销售量下降，反映了更广泛的市场挑战。</p>
</div><h2>Increased Interest Expense</h2>
<div class="lb-trans"><h2>利息支出增加</h2>
</div><p>Interest expense for Q3 2025 rose to $4.1 million from $2.4 million in the prior year, driven by higher interest rates following debt refinancing. This increase adds to the financial burden on CVG.</p>
<div class="lb-trans"><p>2025 年第三季度的利息支出从去年同期的 240 万美元上升至 410 万美元，主要是由于债务再融资后利率上升。这一增加加重了 CVG 的财务负担。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>CVG’s guidance for 2025 reflects a cautious outlook, with expectations of generating at least $30 million in free cash flow to pay down debt. The company revised its full-year revenue guidance to $640 million to $650 million, down from $650 million to $670 million. Adjusted EBITDA guidance was also lowered, reflecting ongoing challenges such as a forecasted decline in North American Class 8 production volumes. Despite these hurdles, CVG remains committed to operational efficiency and cost-saving initiatives, with the Global Electrical Systems segment expected to achieve growth in 2026.</p>
<div class="lb-trans"><p>CVG 对 2025 年的指导反映出谨慎的前景，预计将产生至少 3000 万美元的自由现金流以偿还债务。公司将全年收入指导修订为 6.4 亿至 6.5 亿美元，低于之前的 6.5 亿至 6.7 亿美元。调整后的 EBITDA 指导也有所降低，反映出北美 8 级卡车生产量预计下降等持续挑战。尽管面临这些困难，CVG 仍致力于提高运营效率和节约成本，预计全球电气系统部门将在 2026 年实现增长。</p>
</div><p>In summary, the earnings call from Commercial Vehicle highlighted a company navigating through a challenging financial landscape. While there are positive signs of growth and efficiency improvements, significant revenue declines and increased net losses present ongoing challenges. The company’s forward-looking guidance suggests a cautious approach, with a focus on operational efficiencies and strategic growth in key segments.</p>
<div class="lb-trans"><p>总之，商用汽车的财报电话会议突显了公司在艰难的财务环境中航行。尽管有增长和效率改善的积极迹象，但显著的收入下降和净亏损增加仍然是持续的挑战。公司的前瞻性指导表明采取谨慎的态度，专注于运营效率和关键领域的战略增长。</p>
</div>

商用汽车的财报电话会议：在挑战中传递出混合信号