Revenue declined 4.5% to $137.6M on lower OEM volumes and program cancellations, while free cash flow remained solid at $30.7M.
Key takeaways
Revenue fell 4.5% to $137.6M, driven by lower North American automotive production and EV program cancellations, partially offset by pricing and tariff recoveries.
Gross margin held at 16.5% as cost actions and tariff recoveries offset volume declines.
Operating income decreased 28.8% to $5.0M, reflecting higher SG&A costs from transformation initiatives.
Net income dropped 40.0% to $3.2M, with diluted EPS of $0.78 versus $1.32 in the prior year.
Free cash flow of $30.7M was generated from operating cash flow of $36.6M, funding capital expenditures of $5.9M.
Full analysis
Revenue Decline Driven by Lower OEM Volumes and Program Cancellations
Gross Margin Resilience Through Cost Actions and Tariff Recoveries