Core Molding Technologies reports 15.8% drop in net sales for Q3 2024
From GlobeNewswire: 2024-11-05 08:00:00
Core Molding Technologies, a leading engineered materials company, reported a decrease in total net sales to $73.0 million, a 15.8% drop compared to the prior year’s third quarter. The company’s gross margin was $12.3 million, with operating income of $3.6 million and net income of $3.2 million.
For the first nine months of 2024, Core Molding Technologies reported a total net sales decrease of 15.5% to $239.9 million. The company’s gross margin was $43.4 million, with operating income of $15.8 million and net income of $13.3 million. Adjusted EBITDA for the period was $27.8 million.
In the third quarter, Core Molding Technologies implemented a labor reduction to address a challenging demand environment. The company expects an annual cost saving of $2.6 million and anticipates full-year 2024 revenues to be down approximately 17%. The company’s total liquidity was $92.3 million at the end of the third quarter.
Core Molding Technologies is focused on sales growth strategies and recently appointed a new Chief Commercial Officer. The company has a growing sales opportunity pipeline of over $275 million and anticipates positive revenue impact throughout 2025 and into 2026.
The company’s capital expenditures for the first nine months of 2024 were $7.0 million, with an anticipated full-year spending of $11 to $13 million on property, plant, and equipment purchases. Core Molding Technologies’ total liquidity at September 30, 2024, was $92.3 million, with a strong balance sheet and solid cash-generating position.
Adjusted EBITDA, Debt-to-Trailing Twelve Months Adjusted EBITDA, Free Cash Flow, and Return on Capital Employed are key performance indicators used by Core Molding Technologies. These financial measures provide insights into the company’s operational and financial performance for investors and analysts to evaluate.
Read more at GlobeNewswire:: Core Molding Technologies Reports Fiscal 2024 Third Quarter