CORE MOLDING TECHNOLOGIES INC Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>CORE MOLDING TECHNOLOGIES INC has submitted its 2023 10-K filing, detailing financial performance and corporate structure.</b>

AI Summary

CORE MOLDING TECHNOLOGIES INC (CMT) filed a Annual Report (10-K) with the SEC on March 12, 2024. CORE MOLDING TECHNOLOGIES INC filed its annual 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Columbus, Ohio. CORE MOLDING TECHNOLOGIES INC was formerly known as CORE MATERIALS CORP, with a name change on November 7, 1996. The filing includes data related to various financial instruments such as foreign exchange forwards and interest rate swaps for the years 2021, 2022, and 2023. Key financial statement components like common stock, additional paid-in capital, accumulated other comprehensive income, treasury stock, and retained earnings are detailed for multiple fiscal year-ends.

Why It Matters

For investors and stakeholders tracking CORE MOLDING TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CORE MOLDING TECHNOLOGIES INC's financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data, including equity components and derivative instruments, allows for an in-depth analysis of the company's financial position and risk management strategies.

Risk Assessment

Risk Level: — CORE MOLDING TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed financial statements and notes within the 10-K to understand the company's revenue, expenses, and balance sheet for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-12 — Filing Date (Date the report was filed)
• 001-12505 — SEC File Number (SEC file number for the company)
• 311481870 — IRS Number (Company's IRS number)

Key Players & Entities

• CORE MOLDING TECHNOLOGIES INC (company) — Filer name
• CORE MATERIALS CORP (company) — Former company name
• Columbus, Ohio (location) — Business and mailing address city and state
• Delaware (location) — State of incorporation

FAQ

Industry Context

CORE MOLDING TECHNOLOGIES INC operates in the plastics products manufacturing sector.

Regulatory Implications

The filing is a standard 10-K under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Examine the balance sheet for asset and liability composition.
3. Review any disclosures related to financial instruments and risk management.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 CMT NYSE American LLC Securities regi
• $22.75 — , based upon the closing sale price of $22.75 on the NYSE American LLC on June 30, 20
• $9.1 m — ital expenditures totaled approximately $9.1 million, $16.6 million, and $11.6 million
• $16.6 m — res totaled approximately $9.1 million, $16.6 million, and $11.6 million in 2023, 2022,
• $11.6 million — mately $9.1 million, $16.6 million, and $11.6 million in 2023, 2022, and 2021 respectively. T
• $1.7 m — arch and development were approximately $1.7 million, $1.6 million and $1.3 million in
• $1.6 million — opment were approximately $1.7 million, $1.6 million and $1.3 million in 2023, 2022, and 202
• $1.3 million — ximately $1.7 million, $1.6 million and $1.3 million in 2023, 2022, and 2021, respectively.
• $25.3 million — of expected shipments was approximately $25.3 million (100% of which the Company shipped duri
• $30.3 million — ped during the first month of 2024) and $30.3 million at December 31, 2023 and 2022, respecti

Filing Documents

• cmt-20231231.htm (10-K) — 1677KB
• cmt-20231231x10kex4.htm (EX-4) — 9KB
• cmt-20231231x10kex21.htm (EX-21) — 4KB
• cmt-20231231x10kex23.htm (EX-23) — 2KB
• cmt-20231231x10kex24.htm (EX-24) — 22KB
• cmt-20231231x10kex31a.htm (EX-31.A) — 10KB
• cmt-20231231x10kex31b.htm (EX-31.B) — 10KB
• cmt-20231231x10kex32a.htm (EX-32.A) — 5KB
• cmt-20231231x10kex32b.htm (EX-32.B) — 5KB
• 0001026655-24-000030.txt (&nbsp;) — 9666KB
• cmt-20231231.xsd (EX-101.SCH) — 49KB
• cmt-20231231_cal.xml (EX-101.CAL) — 95KB
• cmt-20231231_def.xml (EX-101.DEF) — 317KB
• cmt-20231231_lab.xml (EX-101.LAB) — 721KB
• cmt-20231231_pre.xml (EX-101.PRE) — 548KB
• cmt-20231231_htm.xml (XML) — 1637KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 18

Cybersecurity

Item 1C. Cybersecurity 18

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 19

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 19 Part II 20

Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchase of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchase of Equity Securities 20

[RESERVED]

Item 6. [RESERVED] 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 29

Financial Statements and Supplementary Data (PCAOB 173 )

Item 8. Financial Statements and Supplementary Data (PCAOB 173 ) 30

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 58

Controls and Procedures

Item 9A. Controls and Procedures 59

Other Information

Item 9B. Other Information 59

Disclosure Regarding foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding foreign Jurisdictions that Prevent Inspections 59 Part III 60

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 60

Executive Compensation

Item 11. Executive Compensation 60

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 60

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 60 Part IV 61

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 61

Form 10-K Summary

Item 16. Form 10-K Summary 61

Signatures

Signatures 62 Exhibit 23 Exhibit 24 Exhibit 31(a) Exhibit 31(b) Exhibit 32(a) Exhibit 32(b) EX-101 INSTANCE DOCUMENT EX-101 SCHEMA DOCUMENT EX-101 CALCULATION LINKBASE DOCUMENT EX-101 LABEL LINKBASE DOCUMENT EX-101 PRESENTATION LINKBASE DOCUMENT EX-101 DEFINITION LINKBASE DOCUMENT 2 Table of Contents Information Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the federal securities laws, which are subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a general matter, forward-looking statements are those focused upon future plans, objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject to uncertainties and factors relating to Core Molding Technologies' operations and business environment, all of which are difficult to predict and many of which are beyond Core Molding Technologies' control. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plans," "projects," "believes," "estimates," "encouraged," "confident" and similar expressions are used to identify these forward-looking statements. These uncertainties and factors could cause Core Molding Technologies' actual results to differ materially from those matters expressed in or implied by such forward-looking statements. Core Molding Technologies believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made in this Annual R

BUSINESS

ITEM 1. BUSINESS DESCRIPTION OF BUSINESS OF CORE MOLDING TECHNOLOGIES, INC. Core Molding Technologies, Inc. (the "Company") and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products and other industrial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico. In general, the Company achieves product growth and diversification in several different ways, including: (1) resourcing of existing structural products from another supplier by an original equipment manufacturer ("OEM"); (2) obtaining new structural products through a selection process in which an OEM solicits bids; (3) successful marketing of structural products for previously non-structural applications; (4) converting alternative materials to engineered materials; (5) successful marketing of structural products to OEMs outside of our traditional markets; (6) developing of new materials, technology and processes to meet current or prospective customer requirements; and (7) acquiring an existing business. The Company's efforts continue to be directed towards all seven of those identified areas. PRODUCTS Structural plastics compete largely against metals and have the strength to function well during prolonged use. Management believes that structural plastic components offer many advantages over metals, including: heat resistance; corrosion resistance; lighter weight; lower cost; greater flexibility in product design; part consolidation for multiple piece assemblies; lower initial tooling costs for lower volume applications; high strength-to-weight ratio; and dent-resistance in comparison to steel or aluminum. Our manufacturing facilities utilize various production proce

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View this 10-K filing on SEC EDGAR