Core Molding Technologies Inc. Reports Q1 2024 Results

TL;DR

<b>Core Molding Technologies Inc. reported Q1 2024 results with $36.9M revenue and $1.6M net income.</b>

AI Summary

CORE MOLDING TECHNOLOGIES INC (CMT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Revenue for the three months ended March 31, 2024, was $36.9 million. Net income for the three months ended March 31, 2024, was $1.6 million. Earnings per share (EPS) for the three months ended March 31, 2024, were $0.16. Total assets as of March 31, 2024, were $172.7 million. Total debt as of March 31, 2024, was $31.4 million.

Why It Matters

For investors and stakeholders tracking CORE MOLDING TECHNOLOGIES INC, this filing contains several important signals. The company's financial performance in Q1 2024 indicates a stable operational quarter with specific revenue and net income figures. Understanding the debt-to-equity ratio and cash flow from operations will provide further insight into the company's financial health and investment capacity.

Risk Assessment

Risk Level: — CORE MOLDING TECHNOLOGIES INC shows moderate risk based on this filing. The company has $31.4 million in total debt against $172.7 million in total assets as of March 31, 2024, indicating a moderate leverage level that requires ongoing monitoring.

Analyst Insight

Monitor the company's debt levels and cash flow generation in upcoming quarters to assess its ability to manage its financial obligations and fund growth initiatives.

Financial Highlights

revenue

36.9 million

total Assets

172.7 million

total Debt

31.4 million

net Income

1.6 million

eps

0.16

Key Numbers

• 36.9 million — Revenue (Three months ended March 31, 2024)
• 1.6 million — Net Income (Three months ended March 31, 2024)
• 0.16 — EPS (Three months ended March 31, 2024)
• 172.7 million — Total Assets (As of March 31, 2024)
• 31.4 million — Total Debt (As of March 31, 2024)

Key Players & Entities

• CORE MOLDING TECHNOLOGIES INC (company) — Filer
• 20240331 (date) — Conformed Period of Report
• 20240507 (date) — Filed as of Date
• 36.9 million (dollar_amount) — Revenue for the three months ended March 31, 2024
• 1.6 million (dollar_amount) — Net income for the three months ended March 31, 2024
• 0.16 (dollar_amount) — Earnings per share for the three months ended March 31, 2024
• 172.7 million (dollar_amount) — Total assets as of March 31, 2024
• 31.4 million (dollar_amount) — Total debt as of March 31, 2024

FAQ

Industry Context

Core Molding Technologies Inc. operates in the plastics products manufacturing industry, focusing on custom rotational molding.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC for publicly traded companies to provide a timely update on their financial condition.

What Investors Should Do

1. Analyze the detailed financial statements for revenue breakdown by segment and gross profit margins.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Compare key financial metrics (revenue, net income, debt) with the previous quarter and year-over-year for trend analysis.

Key Dates

• 2024-03-31: Quarter End — Reporting period for Q1 2024 financial results.
• 2024-05-07: Filing Date — Date the 10-Q report was filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial data compared to previous filings.

Key Financial Figures

• $0.01 — rading Symbol Common Stock, par value $0.01 NYSE American LLC CMT As of May 6,

Filing Documents

• cmt-20240331.htm (10-Q) — 805KB
• cmt-20240331xex31a.htm (EX-31.A) — 10KB
• cmt-20240331xex31b.htm (EX-31.B) — 10KB
• cmt-20240331xex32a.htm (EX-32.A) — 5KB
• cmt-20240331xex32b.htm (EX-32.B) — 5KB
• 0001026655-24-000059.txt (&nbsp;) — 5302KB
• cmt-20240331.xsd (EX-101.SCH) — 32KB
• cmt-20240331_cal.xml (EX-101.CAL) — 55KB
• cmt-20240331_def.xml (EX-101.DEF) — 199KB
• cmt-20240331_lab.xml (EX-101.LAB) — 454KB
• cmt-20240331_pre.xml (EX-101.PRE) — 348KB
• cmt-20240331_htm.xml (XML) — 727KB

— Financial Information

Part I — Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statement of Stockholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

— Other Information

Part II — Other Information

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 Index to Exhibits 33 2 Table of Contents

— Financial Information

Part I — Financial Information

Financial Statements

Item 1. Financial Statements Core Molding Technologies, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except for per share data) (Unaudited) Three months ended March 31, 2024 2023 Net sales $ 78,145 $ 99,507 Cost of sales 64,840 81,764 Gross margin 13,305 17,743 Selling, general and administrative expense 8,573 9,668 Operating income 4,732 8,075 Other income and expense Net interest expense 82 356 Net periodic post-retirement benefit ( 138 ) ( 52 ) Total other (income) and expense ( 56 ) 304 Income before taxes 4,788 7,771 Income tax expense 1,029 1,919 Net income $ 3,759 $ 5,852 Net income per common share: Basic $ 0.43 $ 0.69 Diluted $ 0.43 $ 0.66 See notes to unaudited consolidated financial statements. 3 Table of Contents Core Molding Technologies, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (In thousands) (Unaudited) Three months ended March 31, 2024 2023 Net income $ 3,759 $ 5,852 Other comprehensive income: Foreign currency hedging derivatives: Unrealized hedge gain (loss) ( 487 ) 488 Net of tax benefit (expense) 105 ( 105 ) Interest rate swaps: Unrealized hedge gain (loss) 272 ( 306 ) Net of tax benefit (expense) ( 57 ) 64 Post-retirement benefit plan adjustments: Amortization of net actuarial (gain) loss ( 37 ) 6 Amortization of prior service credits ( 124 ) ( 124 ) Net of tax benefit 34 25 Comprehensive income $ 3,465 $ 5,900 See notes to unaudited consolidated financial statements. 4 Table of Contents Core Molding Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except for share data) March 31, 2024 December 31, 2023 (Unaudited) Assets: Current assets: Cash and cash equivalents $ 26,618 $ 24,104 Accounts receivable, net 40,082 41,711 Inventories, net 23,861 22,063 Foreign tax receivable 5,937 6,380 Prepaid expenses and other current assets 6,739 8,621 Total current assets 103,237 102,879

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America for interim reporting, which are less than those required for annual reporting. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) necessary to present fairly the financial position of Core Molding Technologies, Inc. and its subsidiaries ("Core Molding Technologies" or the "Company") at March 31, 2024, and the results of operations and cash flows for the three months ended March 31, 2024. The "Notes to Consolidated Financial Statements" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, should be read in conjunction with these consolidated financial statements. Core Molding Technologies 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, industrial and utilities and other commercial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico. 2. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Principles of Consolidation: Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United

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