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Core Molding Technologies Reports Fiscal 2024 Third Quarter Results

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Core Molding Technologies reported Q3 2024 financial results with net sales of $73.0 million, down 15.8% year-over-year. Net income was $3.2 million ($0.36 per diluted share), compared to $4.4 million ($0.49 per diluted share) in Q3 2023. Gross margin was 16.9% versus 17.6% in the prior year quarter. The company implemented a labor reduction expected to generate $2.6 million in annual cost savings. For the first nine months of 2024, total net sales were $239.9 million, down 15.5% year-over-year, with net income of $13.3 million ($1.51 per diluted share). The company maintains strong liquidity of $92.3 million and expects full-year 2024 revenues to decline approximately 17%.

Core Molding Technologies ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 73,0 milioni di dollari, in calo del 15,8% rispetto all'anno precedente. Il reddito netto è stato di 3,2 milioni di dollari (0,36 dollari per azione diluita), rispetto ai 4,4 milioni di dollari (0,49 dollari per azione diluita) del terzo trimestre 2023. Il margine lordo era del 16,9% contro il 17,6% del trimestre dell'anno precedente. L'azienda ha implementato una riduzione del personale che dovrebbe generare un risparmio annuale di 2,6 milioni di dollari. Nei primi nove mesi del 2024, le vendite nette totali sono state di 239,9 milioni di dollari, in calo del 15,5% rispetto all'anno precedente, con un reddito netto di 13,3 milioni di dollari (1,51 dollari per azione diluita). L'azienda mantiene una forte liquidità di 92,3 milioni di dollari e si aspetta che i ricavi dell'anno intero 2024 diminuiscano di circa il 17%.

Core Molding Technologies informó los resultados financieros del tercer trimestre de 2024 con ventas netas de 73,0 millones de dólares, una caída del 15,8% en comparación con el año anterior. La utilidad neta fue de 3,2 millones de dólares (0,36 dólares por acción diluida), en comparación con 4,4 millones de dólares (0,49 dólares por acción diluida) en el tercer trimestre de 2023. El margen bruto fue del 16,9% frente al 17,6% en el trimestre del año anterior. La empresa implementó una reducción de personal que se espera genere ahorros anuales de 2,6 millones de dólares. Durante los primeros nueve meses de 2024, las ventas netas totales fueron de 239,9 millones de dólares, una caída del 15,5% en comparación con el año anterior, con una utilidad neta de 13,3 millones de dólares (1,51 dólares por acción diluida). La empresa mantiene una sólida liquidez de 92,3 millones de dólares y espera que los ingresos de todo el año 2024 disminuyan aproximadamente un 17%.

코어 몰딩 테크놀로지스는 2024년 3분기 재무 실적을 발표했으며, 순매출은 7300만 달러로 전년 대비 15.8% 감소했습니다. 순이익은 320만 달러(희석 주당 0.36달러)로, 2023년 3분기에는 440만 달러(희석 주당 0.49달러)였습니다. 총 마진은 16.9%로 지난 분기의 17.6%에 비해 감소했습니다. 회사는 연간 260만 달러의 비용 절감을 예상하는 인력 감축을 시행했습니다. 2024년 첫 9개월 동안 총 순매출은 2억 3990만 달러로 전년 대비 15.5% 감소했으며, 순이익은 1330만 달러(희석 주당 1.51달러)였습니다. 회사는 9230만 달러의 강력한 유동성을 유지하고 있으며, 2024년 전체 매출은 약 17% 감소할 것으로 예상하고 있습니다.

Core Molding Technologies a annoncé ses résultats financiers pour le troisième trimestre 2024, avec des ventes nettes de 73,0 millions de dollars, en baisse de 15,8 % par rapport à l'année précédente. Le bénéfice net était de 3,2 millions de dollars (0,36 dollar par action diluée), contre 4,4 millions de dollars (0,49 dollar par action diluée) au troisième trimestre 2023. La marge brute était de 16,9 % contre 17,6 % au trimestre précédant. L'entreprise a mis en œuvre une réduction de personnel qui devrait permettre des économies annuelles de 2,6 millions de dollars. Pour les neuf premiers mois de 2024, les ventes nettes totales s'élevaient à 239,9 millions de dollars, en baisse de 15,5 % par rapport à l'année précédente, avec un bénéfice net de 13,3 millions de dollars (1,51 dollar par action diluée). L'entreprise maintient une forte liquidité de 92,3 millions de dollars et s'attend à ce que les revenus de l'année entière 2024 diminuent d'environ 17 %.

Core Molding Technologies hat die finanziellen Ergebnisse des dritten Quartals 2024 bekannt gegeben, mit Nettoumsätzen von 73,0 Millionen Dollar, was einem Rückgang von 15,8 % im Jahresvergleich entspricht. Der Nettogewinn betrug 3,2 Millionen Dollar (0,36 Dollar pro verwässerter Aktie), verglichen mit 4,4 Millionen Dollar (0,49 Dollar pro verwässerter Aktie) im dritten Quartal 2023. Die Bruttomarge lag bei 16,9 % im Vergleich zu 17,6 % im Vorjahresquartal. Das Unternehmen hat eine Personalreduzierung umgesetzt, die jährliche Kosteneinsparungen von 2,6 Millionen Dollar bringen soll. In den ersten neun Monaten des Jahres 2024 lagen die Gesamtnettoumsätze bei 239,9 Millionen Dollar, was einem Rückgang von 15,5 % im Jahresvergleich entspricht, mit einem Nettogewinn von 13,3 Millionen Dollar (1,51 Dollar pro verwässerter Aktie). Das Unternehmen hält eine starke Liquidität von 92,3 Millionen Dollar und erwartet, dass die Jahresumsätze 2024 voraussichtlich um etwa 17 % sinken werden.

Positive
  • Labor reduction initiative expected to save $2.6 million annually
  • Strong liquidity position of $92.3 million
  • Generated $23.1 million in free cash flow for first nine months of 2024
  • Won $45 million of product sales in first nine months of 2024
  • Sales opportunity pipeline over $275 million
Negative
  • Q3 net sales decreased 15.8% year-over-year to $73.0 million
  • Q3 net income declined to $3.2 million from $4.4 million year-over-year
  • Gross margin decreased to 16.9% from 17.6% year-over-year
  • Expected 17% revenue decline for full-year 2024
  • Operating income decreased to $3.6 million from $5.9 million year-over-year

Insights

Core Molding's Q3 2024 results show concerning trends with 15.8% revenue decline to $73.0 million and compressed margins. Net income dropped to $3.2 million ($0.36 per share) from $4.4 million year-over-year. The bright spots include strong liquidity of $92.3 million, minimal debt leverage and improved free cash flow of $23.1 million YTD.

The $2.6 million annual cost savings from labor reductions and $45 million in new product wins provide some optimism, but the expected 17% full-year revenue decline suggests continued headwinds. The $275 million sales pipeline and expansion into medical industry could drive growth in 2025-2026, though the 12-18 month quote-to-cash cycle means near-term challenges may persist.

The company's strategic pivot toward diversification and higher-value solutions is promising, targeting a $10+ billion addressable market across multiple industries. The win rate on new versus replacement business (55%) demonstrates successful market penetration. However, the declining revenues across all major metrics suggest broader market weakness affecting core segments like trucks and powersports.

The appointment of a new Chief Commercial Officer and enhanced sales transformation initiatives signal a strategic shift toward more aggressive market expansion. The focus on specialized vertical teams and improved lead generation could help offset current demand challenges, though results won't materialize until 2025 given the long sales cycle.

COLUMBUS, Ohio, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding”, “Core” or the “Company”), a leading engineered materials company specializing in molded structural products, principally in building products, industrial and utilities, medium and heavy-duty truck and powersports industries across the United States, Canada and Mexico today reports financial and operating results for the fiscal periods ended September 30, 2024.

Third Quarter 2024 Highlights

  • Total net sales of $73.0 million decreased 15.8% compared to the prior year third quarter.
  • Gross margin of $12.3 million, or 16.9% of net sales, compared to 17.6% of net sales in the prior year third quarter.
  • Selling, general, and administrative expenses of $8.7 million, or 12.0% of net sales, compared to $9.4 million, or 10.8% of net sales for the prior year third quarter.
  • Operating income of $3.6 million, or 4.9% of net sales, compared to operating income of $5.9 million, or 6.8% of net sales for the prior year third quarter.
  • Net income of $3.2 million, or $0.36 per diluted share, compared to net income of $4.4 million, or $0.49 per diluted share for the prior year third quarter.
  • Adjusted EBITDA1 of $7.5 million, or 10.3% of net sales, compared to $9.8 million, or 11.3% for the prior year third quarter.
  • Labor reduction completed in the quarter that is expected to produce annual cost saving of $2.6 million.
  • For the three months ended September 30, 2024, 111,884 shares were purchased under the share repurchase authorization at an average price of $17.62.

Nine Month 2024 Highlights

  • Total net sales of $239.9 million decreased 15.5% compared to the prior year nine-month period.
  • Gross margin of $43.4 million, or 18.1% of net sales, compared to 18.9% of net sales in the prior year nine-month period.
  • Selling, general, and administrative expenses of $27.6 million, or 11.5% of net sales, compared to $29.6 million, or 10.4% of net sales for the prior year nine-month period.
  • Operating income of $15.8 million, or 6.6% of net sales, compared to operating income of $24.0 million, or 8.5% of net sales for the prior year nine-month period.
  • Net income of $13.3 million, or $1.51 per diluted share, compared to net income of $18.1 million, or $2.08 per diluted share for the prior year nine-month period.
  • Adjusted EBITDA1 of $27.8 million, or 11.6% of net sales, compared to $35.8 million, or 12.6% for the prior year nine-month period.

1Adjusted EBITDA is a non-GAAP financial measure as defined and reconciled below.

David Duvall, the Company’s President and Chief Executive Officer, said, “Third quarter performance continues to reflect margin stability, cash flow generation, and the execution of critical Invest for Growth strategies. We won $45 million of product sales in the first nine months of 2024, 55% of which is new versus replacement work. We are especially excited about a new program in the medical industry for hospital bed structures. In addition, we have several large program negotiations with our blue-chip customers, which are significant and demonstrate expanded wallet share with existing customers.

“We recently welcomed our newly appointed Chief Commercial Officer, Alex Bantz, and we continue to be highly focused on sales growth in our Must Win Battle for 2024/2025. Alex is now leading our sales transformation initiatives to streamline sales execution processes, drive our Grow Wallet share initiatives, increase capabilities in our Account Management organization, data-driven market analyses, enhance our lead generation processes and increase trade shows displays and attendance. Elements of our specialized teams now ‘own’ each vertical with active sales engagement and cross-selling initiatives to build an active lead generation funnel.

“Our growing sales opportunity pipeline is currently over $275 million. Core’s quote-to-cash cycle begins 12 to 18 months after a project win due to the design and tooling phases, which will positively impact revenues throughout 2025 and into 2026. Core Molding is known as a trusted, highly engineered provider of single-sourced OEM and wholesale products for customers in diverse, growing end markets, which include powersports (outdoor land/marine vehicles), medium- and heavy-duty trucks, building products, industrial/utility, packaging, construction and agricultural products. Our aggressive multi-industry channel expansion plans target a total addressable market of $10+ billion with a focus on higher value solutions, large complex parts and long-term customer partnerships.”

John Zimmer, the Company’s EVP and Chief Financial Officer, commented, “In the third quarter, sales declined by 15.8% compared to the prior year quarter and gross margins were 16.9% of net sales. Gross margins for the first nine months of 2024 were 18.1% within our targeted range of 17% to 19% Based on a challenging demand environment in the medium term, we recently implemented a labor reduction that impacted plant and headquarters’ fixed payroll costs, and we expect an annual cost saving of $2.6 million. As a reminder, approximately 70% to 75% of Core’s costs are variable, so we have been actively re-baselining costs to align with current demand. We now expect full year 2024 revenues to be down approximately 17%.

“Our balance sheet is strong and total available liquidity was $92.3 million at the end of the third quarter. We generated $23.1 million of free cash flows1 for the first nine months of 2024, compared to $19.3 million in the same period of 2023. The Company remains in a solid cash-generating position after executing operational improvements and other actions. Consistent with our capital allocation strategy, we repurchased approximately 112 thousand shares during the third quarter at an average stock price of $17.62 under our previously announced share repurchase program.”

1Free Cash Flow is a non-GAAP financial measure as defined and reconciled below.

2024 Capital Expenditures

The Company’s capital expenditures for the first nine months of 2024 were $7.0 million. The Company anticipates spending approximately $11 to $13 million for full year 2024 on property, plant and equipment purchases for all of the Company's operations.

Financial Position at September 30, 2024

The Company’s total liquidity at September 30, 2024 was $92.3 million, with $42.3 million in cash, $25.0 million of undrawn capacity under the Company’s revolving credit facility and $25.0 million of undrawn capacity under the Company's capex credit facility. The Company’s term debt was $22.0 million at September 30, 2024. The term debt-to-trailing twelve months Adjusted EBITDA1 was less than one times trailing twelve months Adjusted EBITDA1 as of September 30, 2024. The Company had a trailing twelve months return on capital employed1 of 10.8% as of September 30, 2024. Excluding accumulated cash available for future investment, return on capital employed1 was 14.4% for the trailing twelve months ending September 30, 2024.

1 Adjusted EBITDA and return on capital employed are non-GAAP financial measures as defined and reconciled below.

Conference Call

The Company will conduct a conference call today at 10:00 a.m. Eastern Time to discuss financial and operating results for the periods ended September 30, 2024. To access the call live by phone, dial (844) 881-0134 and ask for the Core Molding Technologies call at least 10 minutes prior to the start time. A telephonic replay will be available through November 12, 2024, by calling (877) 344-7529 and using passcode ID: 5291745#. A webcast of the call will also be available live and for later replay on the Company’s Investor Relations website at www.coremt.com/investor-relations/events-presentations/.

About Core Molding Technologies, Inc.

Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up, direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding (“SIM”). Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies’ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies’ operations may change proportionately more than revenues from operations.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: dependence on certain major customers, and potential loss of any major customer due to completion of existing production programs or otherwise; general macroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; changes in the plastics, transportation, marine and commercial product industries (including changes in demand for production), efforts of the Company to expand its customer base and develop new products to diversify markets, materials and processes and increase operational enhancements; the Company’s initiatives to quote and execute manufacturing processes for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; the Company’s financial position or other financial information; and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and our subsequent quarterly reports, all of which are available on the SEC and Company website. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Company Contact:
Core Molding Technologies, Inc.
John Zimmer
Executive Vice President & Chief Financial Officer
jzimmer@coremt.com

Investor Relations Contact:
Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207

- Financial Statements Follow –


Core Molding Technologies, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except share and per share data)
 
 Three months ended
September
 Nine months ended
September
  2024   2023   2024   2023 
Net sales:       
Products$71,258  $80,896  $231,045  $274,933 
Tooling 1,734   5,832   8,835   9,028 
Total net sales 72,992   86,728   239,880   283,961 
        
Total cost of sales 60,647   71,450   196,505   230,380 
        
Gross margin 12,345   15,278   43,375   53,581 
        
Selling, general and administrative expense 8,740   9,403   27,550   29,562 
        
Operating income 3,605   5,875   15,825   24,019 
        
Other income and expense       
Net interest expense (144)  187   (99)  836 
Net periodic post-retirement benefit (138)  (52)  (414)  (157)
Total other (income) and expense (282)  135   (513)  679 
        
Income before income taxes 3,887   5,740   16,338   23,340 
        
Income tax expense 727   1,386   3,000   5,198 
        
Net income$3,160  $4,354  $13,338  $18,142 
        
Net income per common share:       
Basic$0.36  $0.50  $1.53  $2.13 
Diluted$0.36  $0.49  $1.51  $2.08 


Core Molding Technologies, Inc.
Product Sales by Market
(unaudited, in thousands)
 
 Three months ended
September 30,
 Nine months ended
September 30,
 2024 2023 2024 2023
Medium and heavy-duty truck$41,324 $46,413 $129,674 $140,104
Power sports 16,464  18,524  56,225  59,619
Building products 2,348  4,595  14,322  27,301
Industrial and utilities 4,961  6,154  12,482  17,525
All other 6,161  5,210  18,342  30,384
Net product revenue$71,258 $80,896 $231,045 $274,933


Core Molding Technologies, Inc.
Consolidated Balance Sheets
(in thousands)
 
 As of  
 September 30, As of
  2024  December 31,
 (unaudited)  2023 
Assets:   
Current assets:   
Cash and cash equivalents$42,348  $24,104 
Accounts receivable, net 36,777   41,711 
Inventories, net 20,687   22,063 
Prepaid expenses and other current assets 15,686   15,001 
Total current assets 115,498   102,879 
    
Right of use asset 2,314   3,802 
Property, plant and equipment, net 79,171   81,185 
Goodwill 17,376   17,376 
Intangibles, net 4,827   6,017 
Other non-current assets 1,465   2,118 
Total Assets$220,651  $213,377 
    
Liabilities and Stockholders' Equity:   
Liabilities:   
Current liabilities:   
Current portion of long-term debt$1,814  $1,468 
Accounts payable 25,011   23,958 
Contract liabilities 4,695   5,204 
Compensation and related benefits 7,779   10,498 
Accrued other liabilities 8,582   5,058 
Total current liabilities 47,881   46,186 
    
Other non-current liabilities 2,191   3,759 
Long-term debt 20,164   21,519 
Post retirement benefits liability 2,575   2,960 
Total Liabilities 72,811   74,424 
    
Stockholders' Equity:   
Common stock 87   86 
Paid in capital 45,332   43,265 
Accumulated other comprehensive income, net of income taxes 2,583   5,301 
Treasury stock (35,569)  (31,768)
Retained earnings 135,407   122,069 
Total Stockholders' Equity 147,840   138,953 
Total Liabilities and Stockholders' Equity$220,651  $213,377 


Core Molding Technologies, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
 
 Nine months ended September
  2024   2023 
Cash flows from operating activities:   
Net income$13,338  $18,142 
Adjustments to reconcile net income to net cash used in operating activities:   
Depreciation and amortization 10,018   9,575 
Loss on disposal of property, plant and equipment 241   80 
Share-based compensation 2,067   2,223 
Losses (gain) on foreign currency 1,306   202 
Change in operating assets and liabilities:   
Accounts receivable 4,934   (1,677)
Inventories 1,376   (1,117)
Prepaid and other assets (2,037)  (4,474)
Accounts payable (270)  (414)
Accrued and other liabilities 56   4,340 
Post retirement benefits liability (867)  (731)
Net cash provided by operating activities 30,162   26,149 
Cash flows from investing activities:   
Purchase of property, plant and equipment (7,045)  (6,803)
Net cash used in investing activities (7,045)  (6,803)
Cash flows from financing activities:   
Gross borrowings on revolving loans    (38,962)
Gross repayment on revolving loans    37,098 
Payments for taxes related to net share settlement of equity awards (1,439)  (2,669)
Purchase of treasury shares (2,364)   
Payment on principal on term loans (1,071)  (961)
Net cash used in financing activities (4,874)  (5,494)
Net change in cash and cash equivalents 18,243   13,852 
Cash and cash equivalents at beginning of period 24,104   4,183 
Cash and cash equivalents at end of period$42,347  $18,035 
Cash paid for:   
Interest$788  $939 
Income taxes$1,633  $4,518 
Non cash investing activities:   
Fixed asset purchases in accounts payable$245  $848 
 

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Core Molding management uses non-GAAP measures in its analysis of the Company's performance. Investors are encouraged to review the reconciliation of non-GAAP financial measures to the comparable GAAP results available in the accompanying tables.

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA represents net income before, as applicable from time to time, (i) interest expense, net, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization of long-lived assets, (iv) share based compensation expense, (v) plant closure costs, and (vi) nonrecurring legal settlement costs and associated legal expenses unrelated to the Company's core operations. Debt-to-trailing twelve months Adjusted EBITDA represents total outstanding debt divided by trailing twelve months Adjusted EBITDA. Free Cash Flow represents net cash (used in) provided by operating activities less purchase of property, plant and equipment. Trailing twelve months return on capital employed represents the trailing twelve months earnings before (i) interest expense, net and (ii) provision (benefit) for income taxes divided by (i) stockholders' equity and (ii) current and long-term debt. Trailing twelve months return on capital employed excluding cash represents the trailing twelve months earnings before (i) interest expense, net and (ii) provision (benefit) for income taxes divided by (i) stockholders' equity and (ii) current and long-term debt less (iii) cash on hand.

We present Adjusted EBITDA, Adjusted EBITDA as a percent of net sales, debt-to-trailing twelve months Adjusted EBITDA, Free Cash Flow and trailing twelve months Return on Capital Employed because management uses these measures as key performance indicators, and we believe that securities analysts, investors and others use these measures to evaluate companies in our industry. These measures have limitations as analytical tools and should not be considered in isolation or as an alternative to performance measure derived in accordance with GAAP as an indicator of our operating performance. Our calculation of these measures may not be comparable to similarly named measures reported by other companies. The following tables present reconciliations of net income to Adjusted EBITDA, and Cash Flow from Operating Activities to Free Cash Flow, the most directly comparable GAAP measures, and Debt to trailing twelve months Adjusted EBITDA and trailing twelve months Return on Capital Employed, for the periods presented:

Core Molding Technologies, Inc.
Net Income to Adjusted EBITDA Reconciliation
(unaudited, in thousands)
 
 Three months ended  Nine months ended
  2024   2023   2024   2023 
Net income$3,160  $4,354  $13,338  $18,142 
Provision for income taxes 727   1,386   3,000   5,198 
Total other expenses(1) (282)  135   (513)  679 
Depreciation and amortization 3,376   3,208   9,956   9,516 
Share-based compensation 562   736   2,067   2,223 
Adjusted EBITDA$7,543  $9,819  $27,848  $35,758 
        
Adjusted EBITDA as a percent of net sales 10.3%  11.3%  11.6%  12.6%
        
(1)Includes net interest expense and non-cash periodic post-retirement benefit cost.


Core Molding Technologies, Inc.
Computation of Debt to Trailing Twelve Months Adjusted EBITDA
(unaudited, in thousands)
 
  Q4 2023 Q1 2024 Q2 2024 Q3 2024 Trailing Twelve Months
Net income $2,182 $3,759  $6,419  $3,160  $15,520 
Provision for income taxes  223  1,029   1,246   727   3,225 
Total other expenses(1)  112  (56)  (176)  (282)  (402)
Depreciation and amortization  3,315  3,272   3,308   3,376   13,271 
Share-based compensation  700  739   766   562   2,767 
Adjusted EBITDA $6,532 $8,743  $11,563  $7,543  $34,381 
           
Total Outstanding Term Debt as of September 30, 2024   $21,978 
           
Debt to Trailing Twelve Months Adjusted EBITDA    0.64 
           
(1)Includes net interest expense and non-cash periodic post-retirement benefit cost.


Core Molding Technologies, Inc.
Computation of Trailing Twelve Months Return on Capital Employed
(unaudited, in thousands)
 
  Q4 2023 Q1 2024 Q2 2024 Q3 2024 Trailing Twelve Months
Operating Income $2,517 $4,732 $7,489 $3,605 $18,343 
           
Equity   $147,840 
Structured Debt   $21,978 
Total Capital Employed   $169,818 
           
Return on Capital Employed    10.8%


Core Molding Technologies, Inc.
Computation of Trailing Twelve Months Return on Capital Employed Excluding Cash
(unaudited, in thousands)
 
  Q4 2023 Q1 2024 Q2 2024 Q3 2024 Trailing Twelve Months
Operating Income $2,517 $4,732 $7,489 $3,605 $18,343 
           
Equity   $147,840 
Structured Debt   $21,978 
Less Cash   $(42,348)
Total Capital Employed, Excluding Cash   $127,470 
           
Return on Capital Employed, Excluding Cash    14.4%


Core Molding Technologies, Inc.
Free Cash Flow
Nine Months Ended September 30, 2024 and 2023
(unaudited, in thousands)
 
  2024   2023 
Cash flow provided by operations$30,162  $26,149 
Purchase of property, plant and equipment (7,045)  (6,803)
Free cash flow$23,117  $19,346 

FAQ

What was Core Molding Technologies (CMT) revenue in Q3 2024?

Core Molding Technologies reported Q3 2024 net sales of $73.0 million, representing a 15.8% decrease compared to the same quarter last year.

What is Core Molding Technologies (CMT) earnings per share for Q3 2024?

Core Molding Technologies reported Q3 2024 earnings of $0.36 per diluted share, compared to $0.49 per diluted share in Q3 2023.

How much will Core Molding Technologies (CMT) save from its recent labor reduction?

Core Molding Technologies expects to achieve annual cost savings of $2.6 million from the labor reduction completed in Q3 2024.

What is Core Molding Technologies (CMT) revenue guidance for 2024?

Core Molding Technologies expects full-year 2024 revenues to be down approximately 17% compared to the previous year.

Core Molding Technologies, Inc.

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Specialty Chemicals
Plastics Products, Nec
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United States of America
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