Commercial Vehicle Group, Inc., reported revenues of $234.8 million for
the second quarter ended June 30, up 19.7% compared to $196.1
million in the prior-year quarter.
Operating income for the second quarter was $26.8 million, a 3.9% increase, compared to $25.8 million last year. Net income for the quarter was $15.5 million, or $0.72 per diluted share, compared to $14.2 million, or $0.78 per diluted share, in the prior-year quarter. Fully diluted shares outstanding for the quarter were 21.5 million compared to 18.3 million in the prior-year quarter. This increase in shares outstanding is primarily the result of the Company's stock offering during 2005.
"We are pleased with our quarterly and year-to-date results and
continue to focus on our long-term growth strategy to be the preferred
global supplier of complete cab systems," said Mervin Dunn, president and
chief executive officer of Commercial Vehicle Group. "We remain equally
focused on our quality and delivery objectives during these periods of
significant industry volumes and global material supply and pricing
pressures."
Revenues were approximately $5.9 million higher for the quarter
compared to the company's estimates, due primarily to the increase in both
organic growth and market share growth achieved.
The Company has revised its estimates for the remainder of the year to
include revenues in the range of $227.5 to $231.5 million for the third
quarter 2006 and $917.0 to $925 million for the full year 2006 and fully
diluted earnings per share to be in the range of $0.68 to $0.70 for the
third quarter 2006 and $2.73 to $2.77 for the full year 2006 based upon
21.5 million fully diluted shares. The company revised its estimated
revenues from previous estimates as a result of its second quarter 2006
actual results and an estimated 90,000 North American Class 8 truck build
rate in the third quarter 2006 and approximately 362,000 Class 8 build rate
for the full year 2006. This is a 3,000-unit increase from its previous
estimates of 87,000 units in the third quarter and 359,000 units for the
full year.
Commercial Vehicle Group is a leading supplier of fully integrated
system solutions for the global commercial vehicle market, including the
heavy-duty truck market, the construction and agriculture market and the
specialty and military transportation markets.