FOR IMMEDIATE RELEASE Core Molding Technologies Reports Fiscal 2025 First Quarter Results COLUMBUS, OH, May 8, 2025 – Core Molding Technologies, Inc. (NYSE American: CMT) ("Core Molding", "Core" or the "Company"), a leading engineered materials company specializing in molded structural products, principally in building products, industrial and utilities, medium and heavy-duty truck and powersports industries across the United States, Canada and Mexico, today reported financial and operating results for the ...

Core Insights - Core Molding Technologies reported a net sales decrease of 21.4% year-over-year for Q1 2025, totaling $61.4 million, primarily due to the phase-out of a truck program and weakened consumer demand in powersports [3][4][6] - Despite the revenue decline, the company achieved a gross margin of $11.8 million, representing 19.2% of net sales, an increase from 17.0% in the prior year [4][6] - Operating income fell to $2.8 million, or 4.6% of net sales, down from $4.7 million, or 6.1% of net sales, in the same quarter last year [4][6] - Net income decreased by 41.9% to $2.2 million, or $0.25 per diluted share, compared to $3.8 million, or $0.43 per diluted share, in Q1 2024 [4][6] - Adjusted EBITDA was $7.2 million, or 11.7% of net sales, down from $8.7 million, but improved sequentially from 9.2% in the previous quarter [4][6] Financial Performance - Selling, general, and administrative expenses increased to $8.9 million, or 14.6% of net sales, compared to $8.6 million, or 11.0% in Q1 2024 [4][6] - The company repurchased 63,377 shares at an average price of $14.50, investing approximately $2 million in stock buybacks in 2025 [4][7] - Total liquidity at the end of Q1 2025 was $94.5 million, including $44.5 million in cash and $50 million in undrawn credit facilities [8] Market Outlook - The trucking sector is experiencing varied demand scenarios for 2025, with expectations of a recovery in the second half of the year driven by pre-buy activity and new program launches [5][6] - The company anticipates that its sales mix will shift towards higher Tooling sales, which typically have lower gross margins than Product sales, impacting overall profitability [6] - Core Molding expects full-year gross margins to remain in the range of 17% to 19% despite the projected mix shift [6]

Company Overview - Core Molding Technologies, Inc. is a leading engineered materials company specializing in molded structural products primarily for the building products, utilities, transportation, and powersports industries across North America [4] - The company operates in one segment as a molder of thermoplastic and thermoset structural products, offering a variety of manufacturing processes including compression molding, resin transfer molding, and structural foam injection molding [4] - Core Molding serves diverse markets such as medium and heavy-duty trucks, marine, automotive, agriculture, and construction, with demand influenced by economic conditions in the U.S., Mexico, and Canada [4] Upcoming Financial Results - Core Molding will release its first quarter fiscal 2025 results on May 8, 2025, before the market opens [1] - A conference call will be held on the same day at 10:00 am Eastern, which will be broadcast live over the internet [1]

Part I [Business](index=6&type=section&id=Item%201.%20Business) Core Molding Technologies operates as a single segment, molding thermoplastic and thermoset products for diverse markets, with operations across six facilities in the U.S., Canada, and Mexico - The company operates as a single segment in engineered materials, molding thermoplastic and thermoset products for various markets, with six production facilities across the U.S., Canada, and Mexico[11](index=11&type=chunk) Major Customer Sales Concentration (as % of Total Sales) | Customer | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | BRP | 10% | 14% | 14% | | International | 22% | 20% | 17% | | PACCAR | 13% | 10% | 10% | | Yamaha | 10% | 9% | 6% | | Volvo | 14% | 16% | 14% | Sales by Country (in thousands) | Country | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | United States | $187,973 | $234,504 | $231,391 | | Mexico | $97,896 | $105,818 | $113,245 | | Canada | $11,145 | $11,980 | $26,829 | | Other | $5,364 | $5,436 | $5,911 | | **Total** | **$302,378** | **$357,738** | **$377,376** | - As of December 31, 2024, the company employed **1,570** people, with **67.4%** of the workforce covered by collective bargaining agreements expiring between 2025 and 2026[40](index=40&type=chunk)[41](index=41&type=chunk) Capital Expenditures and R&D (in millions) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Capital Expenditures | $11.5 | $9.1 | $16.6 | | Research & Development | $1.9 | $1.7 | $1.6 | [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from customer concentration, cyclical industry demand, raw material price volatility, labor relations, foreign operations, and cybersecurity threats - The company faces significant customer concentration risk, with five customers accounting for approximately **69%** of total sales in 2024[52](index=52&type=chunk) - A significant customer, Volvo (**14%** of 2024 sales), is transitioning to new programs not supported by the company, impacting business from late 2024 through 2026[54](index=54&type=chunk) - The business is exposed to the highly cyclical North American heavy and medium-duty truck industry, which accounted for **56%** of product sales in 2024[56](index=56&type=chunk) - As of December 31, 2024, approximately **67.4%** of the workforce is unionized, with agreements expiring in 2025 and 2026, posing work stoppage risks[67](index=67&type=chunk)[68](index=68&type=chunk) - The company faces risks from evolving U.S. trade policies, including potential new tariffs on imports from Mexico and Canada, which could increase costs[71](index=71&type=chunk) - Cybersecurity incidents pose a growing risk, potentially disrupting operations, compromising confidential information, and harming financial performance[105](index=105&type=chunk)[106](index=106&type=chunk) [Unresolved Staff Comments](index=20&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None [Cybersecurity](index=20&type=section&id=Item%201C.%20Cybersecurity) The company maintains a cyber risk management program integrated into its ERM, overseen by the senior executive team and Board, with no material incidents reported to date - The company has a cyber risk management program integrated into its ERM, overseen by the senior executive team and Board of Directors[110](index=110&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk) - Safeguarding processes include employee training, disaster recovery exercises, access controls, multi-factor authentication, and 24/7 third-party monitoring[111](index=111&type=chunk)[112](index=112&type=chunk) - As of the report date, no cybersecurity incidents have had a material impact on the business or operations[113](index=113&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) The company operates six production facilities across the U.S., Canada, and Mexico, with four owned and two leased, all considered adequate for current needs - The company operates six production facilities in the U.S., Canada, and Mexico, with four owned and two leased[117](index=117&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) The company is not aware of any material pending legal proceedings - The Company is not aware of any material pending legal proceedings to which it or its subsidiaries are a party[118](index=118&type=chunk) [Mine Safety Disclosure](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This section is not applicable - None Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchase%20of%20Equity%20Securities) The company's common stock trades on NYSE American LLC under 'CMT', with a $7.5 million repurchase program approved in March 2024, under which 244,701 shares were repurchased - The company's common stock is traded on the NYSE American LLC under the symbol '**CMT**'[121](index=121&type=chunk) - On March 11, 2024, a stock repurchase program for up to **$7.5 million** was approved, with **244,701** shares repurchased during the year[122](index=122&type=chunk)[123](index=123&type=chunk) Stock Repurchase Activity (Q4 2024) | Period | Total Shares Purchased | Average Price Paid | Max Amount Remaining Under Program | | :--- | :--- | :--- | :--- | | Oct 2024 | — | $— | $5,136,000 | | Nov 2024 | — | $— | $5,136,000 | | Dec 2024 | 36,170 | $15.95 | $4,561,000 | [[RESERVED]](index=22&type=section&id=Item%206.%20%5BRESERVED%5D) This section is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales decreased to **$302.4 million** in 2024 due to lower demand, with net income falling to **$13.3 million**, while 2025 revenue is expected to be flat with strong liquidity Financial Performance Comparison (2024 vs. 2023) | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net Sales | $302,378 | $357,738 | | Gross Margin | $53,260 (17.6%) | $64,520 (18.0%) | | Net Income | $13,299 | $20,324 | | Diluted EPS | $1.51 | $2.31 | - The decrease in 2024 sales was primarily due to lower demand across all significant markets, with product sales falling to **$291.1 million** from **$347.4 million** in 2023[135](index=135&type=chunk) - For 2025, the company expects first-half revenues to decrease by **5-10%**, but full-year revenues to remain flat due to new program launches[131](index=131&type=chunk) - The company ended 2024 with **$41.8 million** in cash, a **$25 million** available revolving line of credit, and a **$25 million** capex line of credit, providing sufficient liquidity[153](index=153&type=chunk)[154](index=154&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity prices, interest rates, and foreign currency fluctuations, with hedging strategies in place to mitigate some impacts - Primary market risks include changes in commodity prices (resins, fiberglass), interest rates on variable-rate debt, and foreign currency fluctuations (Mexican Peso and Canadian Dollar)[194](index=194&type=chunk)[195](index=195&type=chunk) - A hypothetical **10%** increase in commodity prices would adversely affect operating margins[197](index=197&type=chunk) - A hypothetical **10%** decrease in the U.S. Dollar to Mexican Peso and Canadian Dollar exchange rate would increase operating costs and adversely affect operating margins[197](index=197&type=chunk) [Financial Statements and Supplementary Data](index=32&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%20%28PCAOB%20173%29) This section presents the company's audited consolidated financial statements for 2022-2024, with Crowe LLP issuing an unqualified opinion on both financial statements and internal controls - The independent auditor, Crowe LLP, issued an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting as of December 31, 2024[199](index=199&type=chunk)[200](index=200&type=chunk) Consolidated Statement of Operations Highlights (in thousands) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net Sales | $302,378 | $357,738 | $377,376 | | Gross Margin | $53,260 | $64,520 | $52,402 | | Operating Income | $16,695 | $26,537 | $18,003 | | Net Income | $13,299 | $20,324 | $12,203 | Consolidated Balance Sheet Highlights (in thousands) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $102,888 | $102,879 | | Total Assets | $209,550 | $213,377 | | Total Current Liabilities | $36,711 | $46,186 | | Total Liabilities | $62,189 | $74,424 | | Total Stockholders' Equity | $147,361 | $138,953 | Consolidated Statement of Cash Flows Highlights (in thousands) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $35,151 | $34,842 | $18,982 | | Net cash used in investing activities | $(11,525) | $(9,100) | $(16,588) | | Net cash used in financing activities | $(5,927) | $(5,821) | $(4,357) | | Cash and cash equivalents at end of year | $41,803 | $24,104 | $4,183 | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=61&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This section is not applicable - Not Applicable [Controls and Procedures](index=62&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes reported - Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[334](index=334&type=chunk) - Based on the COSO framework, management concluded that internal control over financial reporting was effective as of December 31, 2024[336](index=336&type=chunk) - No material changes in internal control over financial reporting occurred during the last fiscal quarter[338](index=338&type=chunk) [Other Information](index=62&type=section&id=Item%209B.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q4 2024 - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended December 31, 2024[339](index=339&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=62&type=section&id=Item%209C.%20Disclosure%20Regarding%20foreign%20Jurisdictions%20that%20Prevent%20Inspections) This section is not applicable - Not applicable Part III [Directors, Executive Officers, and Corporate Governance](index=63&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's definitive proxy statement, to be filed within 120 days after fiscal year-end - Information is incorporated by reference to the Company's definitive proxy statement[340](index=340&type=chunk) [Executive Compensation](index=63&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's definitive proxy statement, to be filed within 120 days after fiscal year-end - Information is incorporated by reference to the Company's definitive proxy statement[341](index=341&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=63&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides equity compensation plan information as of December 31, 2024, with other security ownership details incorporated by reference from the proxy statement Equity Compensation Plan Information as of December 31, 2024 | Plan Category | Number of Shares to be Issued Upon Exercise | Weighted Average Exercise Price | Number of Shares Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by stockholders | 281,340 | $15.77 | 346,848 | - Other information required by this item is incorporated by reference to the Company's definitive proxy statement[342](index=342&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=63&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's definitive proxy statement, to be filed within 120 days after fiscal year-end - Information is incorporated by reference to the Company's definitive proxy statement[343](index=343&type=chunk) [Principal Accountant Fees and Services](index=63&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's definitive proxy statement, to be filed within 120 days after fiscal year-end - Information is incorporated by reference to the Company's definitive proxy statement[344](index=344&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=64&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed as part of the Form 10-K, including financial statements and Schedule II—Valuation and Qualifying Accounts and Reserves - The financial statements are referenced under Part II, Item 8[345](index=345&type=chunk) - Schedule II—Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2024, 2023, and 2022 is filed with the report[346](index=346&type=chunk) [Form 10-K Summary](index=64&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section is not applicable - Not Applicable

Financial Data and Key Metrics Changes - For fiscal 2024, net sales were $302 million, down 15.5% due to lower demand across end markets [21][22] - Gross profit margin was 17.6%, within the long-term target range of 17% to 19% [22] - Adjusted EBITDA for the year was $33.8 million, or 11.2% of sales [22] - Record cash flow from operations reached $35 million, translating to free cash flow of $23.6 million [23][29] - The company reported a slight net loss of $39,000 for the fourth quarter compared to net income of $2.2 million in the prior year [28] Business Line Data and Key Metrics Changes - The company won $45 million in new business in 2024, with nearly all launching in 2025 [19] - The fourth-quarter sales were $62.5 million, down 15.3% primarily due to declines in the truck and tire sports market [23] - Demand in end markets such as industrials, utility, and building products grew compared to the prior year quarter [24] Market Data and Key Metrics Changes - The truck market is experiencing a cyclical downturn, with expectations for a cyclical upturn in the second half of 2025 [21] - The company anticipates a revenue decline of approximately $30 million due to the Volvo transition in 2025 [32] Company Strategy and Development Direction - The company is focused on driving organic and inorganic growth, with an emphasis on acquisitions [12][30] - Investment in top coat paint capabilities at the Matamoros facility aligns with growth in construction equipment and agricultural markets [13] - The three growth pillars include wallet share growth, sales diversification, and growth through acquisition [30][42] Management Comments on Operating Environment and Future Outlook - Management acknowledges the uncertainty in the macro environment and customer decision-making due to tariffs [64][65] - The company expects to offset the Volvo impact through higher tooling sales and new program launches [32][33] - Management remains confident in maintaining gross margins between 17% and 19% despite changes in revenue mix [33][79] Other Important Information - The company repurchased approximately 172,000 shares at an average price of $17.09 per share [32] - Total outstanding liquidity was $91.8 million, including $41.8 million in cash [29] Q&A Session Summary Question: What is the current visibility from customers regarding the full-year outlook? - Management noted that there is a lot of waiting from customers due to uncertainty around tariffs and decision-making processes [64][65] Question: How are tariffs impacting the company? - The company has set up processes to pass through costs to customers and has communicated these changes effectively [70][71] Question: What is the expected impact of the Volvo transition on margins? - The Volvo business was not the highest margin business, so its exit may help overall margins despite hurting top-line revenue [76][78] Question: How much tooling revenue is expected this year? - Tooling revenue is anticipated to be in the $30 to $40 million range, indicating strong future business [84] Question: How does the company view share repurchases versus acquisitions? - Management believes in balancing capital allocation between share repurchases and acquisitions for long-term growth [93][95]

Financial Data and Key Metrics Changes - For fiscal 2024, the company reported net sales of $302 million, a decrease of 15.5% compared to the previous year, primarily due to lower demand across end markets [21][22] - Gross profit margin for the year was 17.6%, within the long-term target range of 17% to 19% [22] - Adjusted EBITDA for the year was $33.8 million, representing an adjusted EBITDA margin of 11.2% [22] - The company generated record cash flow from operations of $35 million, translating to free cash flow of $23.6 million for the year [23][29] - The fourth quarter saw net sales of $62.5 million, down 15.3% from the prior year, with a gross margin of 15.8% [23][24] Business Line Data and Key Metrics Changes - The company won $45 million in new business in 2024, with nearly all of it launching in 2025 [19] - The replacement business secured in 2024 indicates customer trust in the company's performance and ability to deliver [19] - The company reported an 8% sales growth from new business wins on top of 2024 product sales [19] Market Data and Key Metrics Changes - The truck market is currently experiencing a cyclical downturn, with expectations for a cyclical upturn in the second half of 2025 and throughout 2026 due to upcoming environmental regulation changes [21][22] - Demand in end markets such as industrials, utility, and building products grew compared to the prior year quarter, with expectations for continued rebound in 2025 [24] Company Strategy and Development Direction - The company aims to drive growth both organically and through acquisitions, with a focus on investor growth as a key initiative for 2025 [12][30] - The strategy includes investing in top coat paint capabilities at the Matamoros facility to enhance service offerings in growing markets like construction and agriculture [13] - The company is actively pursuing acquisitions to diversify its business and expand into new sales channels [45][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macroeconomic environment, with customers exhibiting caution in decision-making due to tariff discussions [64][65] - The company remains confident in its ability to maintain gross margins between 17% and 19% despite changes in revenue mix [33][79] - Management expects the Volvo transition to reduce revenues by approximately $30 million in 2025, but anticipates offsetting this through higher tooling sales and new program launches [32][33] Other Important Information - The company repurchased approximately 172,000 shares at an average price of $17.09 per share [32] - Total outstanding liquidity as of December 31, 2024, was $91.8 million, including $41.8 million in cash [29] Q&A Session Summary Question: What is the current visibility from customers regarding the full-year outlook? - Management noted that there is a lot of waiting from customers for decisions on large programs due to macroeconomic uncertainties and tariff discussions [64][65] Question: How is the company managing the impact of tariffs? - The company has set up a process to communicate and pass through costs to customers, ensuring transparency in pricing adjustments related to tariffs [70][71] Question: What is the expected impact of the Volvo transition on revenues? - Management expects the Volvo transition to reduce revenues by approximately $30 million in 2025, but anticipates offsetting this through increased tooling sales [32][33] Question: How does the company view share repurchases versus acquisitions? - Management believes in a balanced approach, allocating capital to both share repurchases and acquisitions to support long-term growth [93][95] Question: What is the anticipated revenue mix from new business and truck business in the second half of the year? - Management indicated that the revenue increase will be a combination of truck business recovery and new business launches, with tooling sales expected to ramp up significantly [105][111]

Financial Performance - Net sales for fiscal year 2024 were $302.4 million, a decrease of 15.5% from $357.7 million in the prior year, primarily due to lower demand across significant markets [4]. - Gross margin for the year was $53.3 million, or 17.6% of net sales, compared to $64.5 million, or 18.0% of net sales, in the prior year [4]. - Adjusted EBITDA for the year was $33.8 million, representing 11.2% of net sales, down from $42.9 million, or 12.0% of net sales, in the prior year [4]. - Net income for the year was $13.3 million, or $1.51 per diluted share, down from $20.3 million, or $2.31 per diluted share, in the prior year [4]. - Adjusted EBITDA for the year ended December 31, 2024, was $33,802, down 21.2% from $42,861 in 2023 [23]. - The company reported a net income of $13,299 for the year, a decline of 34.6% from $20,324 in 2023 [21]. - Adjusted net income per share for the year was $1.65, down from $2.42 in 2023, a decrease of 31.9% [31]. Cash Flow and Liquidity - The company achieved record operational cash flow of $35 million in 2024 [5]. - Total liquidity at year-end was $91.8 million, with $41.8 million in cash and a Debt to Trailing Twelve Months Adjusted EBITDA ratio of 0.64 times [9]. - Cash and cash equivalents increased to $41,803 at the end of 2024, compared to $24,104 at the end of 2023, representing a growth of 73.3% [19]. - Free cash flow surplus for the year was $23,626, compared to $25,742 in 2023, reflecting a decrease of 8.2% [29]. Expenses and Liabilities - Selling, general and administrative expenses for the year were $36.6 million, or 12.1% of net sales, compared to $38.0 million, or 10.6% of net sales, in the prior year [4]. - Total liabilities decreased to $62,189 in 2024 from $74,424 in 2023, a reduction of 16.4% [19]. Market Outlook and Future Plans - The company plans capital expenditures of approximately $10 to $12 million for 2025 to meet current demand and allow for expansion [8]. - The sales opportunity pipeline is currently valued at $275 million, indicating potential growth [6]. - The company expects flat sales for 2025, impacted by the phase-out of approximately $30 million of Volvo programs, but anticipates a truck cycle upturn starting in the second half of 2025 [7]. Segment Performance - Net product revenue for the year ended December 31, 2024, was $291,092, a decrease of 16.2% from $347,375 in 2023 [17]. - The medium and heavy-duty truck segment generated $163,915 in revenue for the year, down 9.6% from $181,376 in 2023 [17]. Return Metrics - Return on capital employed (ROCE) for 2024 was 9.9%, down from 16.4% in 2023 [27]. - The weighted average common shares outstanding for the year was 8,693,000, compared to 8,550,000 in 2023 [31].

Core Insights - Core Molding Technologies, Inc. reported a successful fiscal year 2024, achieving record operational cash flow of $35 million despite a 15.5% decline in net sales to $302.4 million due to lower customer demand across significant markets [5][6][8] - The company focused on improving operational efficiencies and cost reductions, resulting in a gross margin of 17.6% and a return on capital employed (ROCE) of 9.9% for the year [5][6][10] - The company plans to continue its "Invest For Growth" strategy in 2025, aiming to enhance sales and marketing efforts, diversify its business, and pursue strategic acquisitions [7][8] Fiscal Year 2024 Highlights - Net sales decreased by 15.5% from $357.7 million to $302.4 million, with product sales down 16.2% [6] - Gross margin fell to $53.3 million (17.6% of net sales) from $64.5 million (18.0% of net sales) in the prior year [6] - Operating income decreased to $16.7 million (5.5% of net sales) from $26.5 million (7.4% of net sales) [6] - Net income was $13.3 million ($1.51 per diluted share), down from $20.3 million ($2.31 per diluted share) a year ago [6] Fourth Quarter 2024 Highlights - Net sales for Q4 were $62.5 million, down 15.3% from $73.8 million in the prior year [6] - Product sales in Q4 were $60.0 million, a decrease of 17.1% [6] - The company reported a net loss of $39 thousand for Q4, compared to a net income of $2.2 million in the same period last year [6] Financial Position - Total liquidity at year-end was $91.8 million, with $41.8 million in cash and $25 million of undrawn capacity under credit facilities [10] - The company's debt to trailing twelve months adjusted EBITDA ratio was 0.64 times, indicating a strong financial position [10][28] - Capital expenditures for 2024 were $11.5 million, with plans for 2025 expenditures of approximately $10 to $12 million [9] Strategic Initiatives - The company secured $45 million in new revenue wins in 2024 and aims to ramp up its sales and marketing efforts in 2025 [7] - Core Molding's strategy includes growing wallet share with existing customers, diversifying into new markets, and pursuing mergers and acquisitions [7] - The sales opportunity pipeline is currently valued at $275 million, indicating potential for future growth [7]

Group 1 - Core Molding Technologies, Inc. is a leading engineered materials company specializing in molded structural products across various industries including building products, industrial utilities, medium and heavy-duty trucks, and powersports in North America [1][3] - The company will participate in the 37th Annual Roth Conference from March 16-18, 2025, at the Laguna Cliffs Marriott in Dana Point, California [1] - Management will host one-on-one investor meetings during the event, providing an opportunity for investors to engage directly [2] Group 2 - Core Molding operates in one segment as a molder of thermoplastic and thermoset structural products, offering a variety of manufacturing processes such as compression molding, resin transfer molding, and structural foam injection molding [3] - The company serves diverse markets including medium and heavy-duty trucks, marine, automotive, agriculture, and construction, with demand influenced by economic conditions in the U.S., Mexico, and Canada [3]

Group 1 - Core Molding Technologies, Inc. will release its fourth quarter and fiscal year 2024 results on March 11, 2025, before the market opens [1] - A conference call will be held on the same day at 10:00 am Eastern, which will be broadcast live over the internet [1] - Core Molding specializes in molded structural products for various industries including building products, utilities, transportation, and powersports across North America [2] Group 2 - The company operates in one segment as a molder of thermoplastic and thermoset structural products [2] - Core Molding offers a variety of manufacturing processes such as compression molding, resin transfer molding, and structural foam injection molding [2] - The demand for Core Molding's products is influenced by economic conditions in the United States, Mexico, and Canada [2]