Commercial Vehicle swings to 2Q profit

Commercial Vehicle Group Inc. said Wednesday it swung to a second-quarter profit on a jump in sales and a larger gain on the marking-to-market of forward foreign exchange contracts.

Commercial Vehicle earned $3.1 million, or 14 cents per share, compared with a loss of $231,000, or 1 cent per share, for the same quarter in 2007.

Revenue rose 32 percent to $209.2 million from $158.6 million in the year-ago period. The company credited the increase to higher North American Class 8 heavy truck demand and revenue from acquisitions.

The recent quarter included a non-cash, non-operating gain on the marking-to-market of forward foreign exchange contracts of about $3.7 million, or 11 cents per share, versus a gain of about $1.7 million, or 5 cents per share, in the year-ago period.

"This most recent quarter was filled with increasing economic pressures on a global basis," Mervin Dunn, the company's president and chief executive, said in a statement.

"We continue to experience the impacts of the current economic environment through our supply chain, foreign currency transactions and across our overall cost structure."