Seeking Alpha: Commercial Vehicle Still Idling

Unlike truck builder PACCAR (PCAR) and commercial vehicle engine builder Cummins (CMI), Commercial Vehicle Group (CVGI) has yet to benefit the market's willingness to overlook tough current conditions in the trucking industry and transition to the recovery/rebound. But with about one-quarter of the company's sales coming from the construction sector, and construction-exposed companies like Caterpillar (CAT) and Deere (DE) still lagging, perhaps that's not entirely unreasonable.

Commercial Vehicle Group's new CEO is saying all of the right things. The company is going to focus on greater market diversification and greater customer penetration (selling more components to the same customers), continue to look for accretion deals, and aggressively extend operations in areas like China and India. At the same time, management continues to operate a relatively flexible operating structure, and is considering further changes to its manufacturing footprint to reduce costs. That all sounds good, and the shares do seem undervalued, but it's likely to leave the market unimpressed until and unless the company starts beating analyst targets again.

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Commercial Vehicle Still Idling

Seeking Alpha: Even In A Tough Market, Commercial Vehicle Continues To Recover

The great thing about turnaround and greenfield growth stories is that they can both succeed even if their core addressed markets are facing some challenges. Take the case of trucks and off-road vehicles. While Caterpillar (CAT), Cummins (CMI), and Eaton (ETN) have all worried investors to some extent about the health of their respective markets (particularly in China and Brazil), parts and components companies like Titan (TWI) and Commercial Vehicle Group (CVGI) continue to out-execute their plans.

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Even In A Tough Market, Commercial Vehicle Continues To Recover

Seeking Alpha: A Bumpy Ride For Commercial Vehicle In 2011

Arguably the nicest thing that can be said about Commercial Vehicle Group (CVGI) for 2011 is that the company was not alone and performance could have been even worse. Although heavy duty truck production rebounded well in 2011, major truck and truck component manufacturers had a thoroughly miserable year. Down nearly 50%, CVGI's year was bad, but then so too were those of Accuride (ACW) (down almost 60%), Navistar (NAV) and PACCAR (PCAR) (both down about 35%), and even the oft-popular Cummins (CMI), whose stock is down about 20%.

With truck production in 2012 still looking fairly solid at this point, is a rally in truck-related stocks in the cards? Perhaps even more to the point, is Commercial Vehicle Group the way to play that rally?

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A Bumpy Ride For The Commercial Vehicle In 2011