Core Molding Technologies Files 2024 Q2 10-Q

TL;DR

**CORE MOLDING TECHNOLOGIES ( CMT) FILED 10-Q FOR 2024 Q2. FINANCIALS OUT.**

AI Summary

Core Molding Technologies Inc. filed its 10-Q for the period ending June 30, 2024. The company, headquartered in Columbus, Ohio, reported financial results for the second quarter and the first half of 2024. The filing details their operations in plastics products and includes financial data related to their fiscal year ending December 31.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details of Core Molding Technologies, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024.)
• 20240630 — Fiscal Period End (The end date for the reported financial period.)
• 1231 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• CORE MOLDING TECHNOLOGIES INC (company) — Filer
• COLUMBUS, OH (location) — Business Address
• 20240630 (date) — Period of Report
• 3089 (number) — Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• cmt-20240630.htm (10-Q) — 1083KB
• cmt-20240630xex31a.htm (EX-31.A) — 10KB
• cmt-20240630xex31b.htm (EX-31.B) — 10KB
• cmt-20240630xex32a.htm (EX-32.A) — 5KB
• cmt-20240630xex32b.htm (EX-32.B) — 5KB
• 0001026655-24-000097.txt ( ) — 6173KB
• cmt-20240630.xsd (EX-101.SCH) — 32KB
• cmt-20240630_cal.xml (EX-101.CAL) — 55KB
• cmt-20240630_def.xml (EX-101.DEF) — 202KB
• cmt-20240630_lab.xml (EX-101.LAB) — 453KB
• cmt-20240630_pre.xml (EX-101.PRE) — 349KB
• cmt-20240630_htm.xml (XML) — 1004KB

— 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 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

— Other Information

Part II — Other Information

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Net sales $ 88,743 $ 97,725 $ 166,888 $ 197,232 Cost of sales 71,018 77,163 135,858 158,927 Gross margin 17,725 20,562 31,030 38,305 Selling, general and administrative expense 10,236 10,492 18,810 20,161 Operating income 7,489 10,070 12,220 18,144 Other income and expense Net interest (income) expense ( 38 ) 293 45 649 Net periodic post-retirement benefit ( 138 ) ( 52 ) ( 276 ) ( 105 ) Total other (income) and expense ( 176 ) 241 ( 231 ) 544 Income before taxes 7,665 9,829 12,451 17,600 Income tax expense 1,246 1,893 2,273 3,812 Net income $ 6,419 $ 7,936 $ 10,178 $ 13,788 Net income per common share: Basic $ 0.74 $ 0.93 $ 1.17 $ 1.62 Diluted $ 0.73 $ 0.91 $ 1.15 $ 1.59 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Net income $ 6,419 $ 7,936 $ 10,178 $ 13,788 Other comprehensive income: Foreign currency hedging derivatives: Unrealized hedge gain (loss) ( 1,145 ) 620 ( 1,632 ) 1,107 Net tax benefit (expense) 241 ( 137 ) 347 ( 241 ) Interest rate swaps: Unrealized hedge gain — 463 273 156 Net tax expense — ( 97 ) ( 58 ) ( 32 ) Post-retirement benefit plan adjustments: Amortization of net actuarial (gain) loss ( 37 ) 5 ( 74 ) 11 Amortization of prior service credits ( 124 ) ( 124 ) ( 248 ) ( 248 ) Net tax benefit 34 25 67 50 Comprehensive income $ 5,388 $ 8,691 $ 8,853 $ 14,591 See notes to unaudited consolidated financial statements. 4 Table of Contents Core Molding Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (

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 June 30, 2024, and the results of operations and cash flows for the six months ended June 30, 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 Stat

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View this 10-Q filing on SEC EDGAR