Commercial Vehicle Group, Inc. reported that its fourth-quarter 2006 earnings per share estimates will be lowered by approximately $0.20 to $0.30 due to specific events occurring during the quarter.
Estimates had previously been in the range of $0.70 to $0.72 per diluted share for the quarter and have been revised to $0.40 to $0.50 per diluted share.
"Obviously, we are disappointed with our fourth-quarter performance," said Mervin Dunn, president and chief executive officer. "We have experienced certain one-time impacts as a result of our facility consolidation efforts and unforeseen business interruptions during the quarter. In addition, the artificially high build rates in the class 8 truck market continued to cause our temporary labor, overtime and overall production costs to rise beyond expectations. While we are disappointed, we remain extremely positive on our approach and strategy for continued success and we look forward to discussing these matters as well as our outlook for 2007 and 2008 on our conference call."
The Company expects to issue its fourth quarter earnings and 2006 results on February 8.