Core Molding Technologies Q3 2024 Update

TL;DR

CMT filed its Q3 2024 10-Q, showing latest financials. Check for revenue and profit trends.

AI Summary

Core Molding Technologies Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and the nine months ended September 30, 2024, is detailed in this 10-Q filing. Specific financial figures, including revenue, net income, and balance sheet items, are presented for comparison with prior periods.

Why It Matters

This filing provides investors with the latest financial performance data for Core Molding Technologies, crucial for assessing the company's health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities impacting the company's stock.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is provided.)
• 12-31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• CORE MOLDING TECHNOLOGIES INC (company) — Filer
• 0001026655-24-000132 (filing_id) — Accession Number
• 20240930 (date) — Conformed Period of Report
• 20241105 (date) — Filed as of Date
• COLUMBUS (location) — City
• OH (location) — State

FAQ

Key Financial Figures

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

Filing Documents

• cmt-20240930.htm (10-Q) — 1038KB
• cmt-20240930xex31a.htm (EX-31.A) — 10KB
• cmt-20240930xex31b.htm (EX-31.B) — 10KB
• cmt-20240930xex32a.htm (EX-32.A) — 5KB
• cmt-20240930xex32b.htm (EX-32.B) — 5KB
• 0001026655-24-000132.txt ( ) — 6408KB
• cmt-20240930.xsd (EX-101.SCH) — 33KB
• cmt-20240930_cal.xml (EX-101.CAL) — 54KB
• cmt-20240930_def.xml (EX-101.DEF) — 205KB
• cmt-20240930_lab.xml (EX-101.LAB) — 529KB
• cmt-20240930_pre.xml (EX-101.PRE) — 401KB
• cmt-20240930_htm.xml (XML) — 1000KB

— 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Net sales $ 72,992 $ 86,728 $ 239,880 $ 283,961 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 (income) 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 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 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Net income $ 3,160 $ 4,354 $ 13,338 $ 18,142 Other comprehensive income: Foreign currency hedging derivatives: Unrealized hedge gain (loss) ( 1,040 ) ( 898 ) ( 2,672 ) 208 Net tax benefit (expense) 216 192 563 ( 50 ) Interest rate swaps: Unrealized hedge gain (loss) ( 558 ) 209 ( 285 ) 366 Net tax benefit (expense) 116 ( 44 ) 58 ( 76 ) Post-retirement benefit plan adjustments: Amortization of net actuarial (gain) loss ( 37 ) 6 ( 111 ) 18 Amortization of prior service credits ( 124 ) ( 124 ) ( 372 ) ( 372 ) Net tax benefit 34 25 101 75 Comprehensive income $ 1,767 $ 3,720 $ 10,620 $ 18,311 See notes to unaudited consolidated financial statements. 4 Table of Contents Core Molding Technologies, Inc. a

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 September 30, 2024, and the results of operations and cash flows for the nine months ended September 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

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View this 10-Q filing on SEC EDGAR