Financial Performance - Net sales for the three months ended September 30, 2024, were $72,992,000, a decrease of approximately 16% compared to $86,728,000 for the same period in 2023[109] - Product sales, excluding tooling project sales, for the three months ended September 30, 2024, were $71,258,000, down from $80,896,000 in 2023, reflecting lower demand across most industries[109] - Net income for the three months ended September 30, 2024, was $3,160,000, or $0.36 per share, compared to $4,354,000, or $0.50 per share, for the same period in 2023[114] - For the nine months ended September 30, 2024, net sales totaled $239,880,000, a decrease from $283,961,000 in 2023, with product sales excluding tooling at $231,045,000 compared to $274,933,000[116] - Comprehensive income for the nine months ended September 30, 2024, was $10,620,000, down from $18,311,000 in the same period of 2023, reflecting a decrease in net income of $4,804,000 and a decrease in foreign currency hedging valuation of $2,267,000[123] Margins and Costs - Gross margin for the three months ended September 30, 2024, was 16.9%, down from 17.6% in 2023, impacted by lower fixed cost leverage and operational inefficiencies[109] - The gross margin for the nine months ended September 30, 2024, was approximately 18.1%, down from 18.9% in 2023, due to lower fixed cost leverage and operational inefficiencies[116] Future Outlook - The company expects revenues for the fourth quarter of 2024 to decrease by approximately 17% to 20% compared to the same period in 2023 due to seasonal demand slowdown and decreased customer inventory builds[105] - The company anticipates raw material pricing in the fourth quarter of 2024 to remain flat or slightly lower compared to 2023, with stable supply chains[107] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2024, totaled $30,162,000, with net income positively impacting cash flows[125] - Cash used in investing activities for the nine months ended September 30, 2024, was $7,045,000, primarily for property, plant, and equipment purchases, with anticipated spending of $11,000,000 to $13,000,000 for 2024[126] - Cash used in financing activities for the nine months ended September 30, 2024, totaled $4,873,000, including treasury stock purchases and long-term debt repayments[127] - As of September 30, 2024, the Company had $42,348,000 cash on hand and a $25,000,000 revolving loan facility with no outstanding balance[128] Debt and Financial Agreements - The Company is in compliance with financial covenants associated with the Huntington Credit Agreement as of September 30, 2024[129] - The Huntington Credit Agreement provides secured loans totaling $75,000,000, including a term loan, CapEx loan, and revolving loan commitments[131] - The interest rate for the Huntington Term Loan was 6.85% as of September 30, 2024, down from 7.11% as of December 31, 2023[143] - The Company entered into an interest rate swap agreement to hedge $25,000,000 of the Huntington Term Loan, resulting in an effective interest rate of 4.75%[144] Market Risks - The Company is exposed to market risks from fluctuations in commodity prices, interest rates, and foreign currency exchange rates, which could adversely affect operating margins[149][150] Restructuring Charges - The company incurred restructuring charges of $228,000 for the three months ended September 30, 2024, with anticipated additional charges of approximately $81,000 in the following quarter[108] Interest Income - The company recorded net interest income of $144,000 for the three months ended September 30, 2024, compared to net interest expense of $187,000 for the same period in 2023[111]

Financial Data and Key Metrics Changes - Third quarter sales were $73 million, with adjusted EBITDA of $7.5 million or 10.3% of sales, contributing to year-to-date free cash flow of over $23 million [10][11] - Net income was $3.2 million or $0.36 per diluted share, down from $4.4 million or $0.49 in the comparable year period [20][22] - Product sales and total net sales were down 11.9% and 15.8% respectively compared to a year ago [13] Business Line Data and Key Metrics Changes - Truck sales declined due to lower demand and the start of the Volvo transition, with expectations of a cyclical upturn in the second half of 2025 [14][15] - Other markets such as power sports and building products were impacted by macroeconomic pressures, while industrial and utilities faced challenges from customer in-sourcing [16] Market Data and Key Metrics Changes - The truck market is currently in a cyclical downturn but is expected to rebound in 2026 due to upcoming environmental regulation changes [14][40] - The company has secured over $45 million in new business with a thriving pipeline of over $270 million in active opportunities [37] Company Strategy and Development Direction - The company is focused on its "Invest for Growth" strategy, which includes sales force development, advancing technology functions, and acquisitions [35][43] - The strategy aims to optimize the business model by growing wallet share with large customers and enhancing customer-focused systems [29][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds but emphasized maintaining profitability and preparing for growth [10][11] - There is cautious optimism among customers as they prepare for significant investments, with expectations of a market stabilization [37][38] Other Important Information - The company ended the quarter with $42.3 million in cash and cash equivalents, with total outstanding liquidity of $92.3 million [23][24] - The company plans to participate in the upcoming Southwest IDEAS Conference in Dallas [45] Q&A Session Summary Question: Can you expand on the $100 million pipeline? - Management noted that the pipeline is somewhat inverted, with large programs in construction, truck, and power sports, but customers are slow to launch due to approval processes [47][48] Question: Thoughts on volumes next year given the Volvo transition? - Management indicated that the Volvo transition will negatively impact sales next year, with a wait-and-see approach for other customers [51][52] Question: Details on the hospital bed project? - Management explained that they are producing a support structure for hospital beds, transitioning from sheet metal to a molded solution, which took about a year to develop [58][59] Question: Update on Volvo's transition process? - Management stated that the transition is ongoing and moving slower than planned, with a long phase-out time frame due to numerous part numbers [61][62]

Group 1 - Core Molding Technologies (CMT) reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, but down from $0.53 per share a year ago, representing an earnings surprise of 56.52% [1] - The company posted revenues of $72.99 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.99%, but down from $86.73 million year-over-year [2] - CMT has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] Group 2 - The stock has underperformed the market, losing about 15.1% since the beginning of the year compared to the S&P 500's gain of 19.8% [3] - The current consensus EPS estimate for the coming quarter is $0.15 on revenues of $66 million, and for the current fiscal year, it is $1.53 on revenues of $304.45 million [7] - The Zacks Industry Rank for Rubber - Plastics is in the top 39% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Performance - Total net sales for Q3 2024 were $73.0 million, a decrease of 15.8% compared to Q3 2023[2] - Gross margin for Q3 2024 was $12.3 million, or 16.9% of net sales, down from 17.6% in Q3 2023[2] - Operating income for Q3 2024 was $3.6 million, or 4.9% of net sales, compared to $5.9 million, or 6.8% of net sales in Q3 2023[2] - Net income for Q3 2024 was $3.2 million, or $0.36 per diluted share, down from $4.4 million, or $0.49 per diluted share in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was $7.5 million, or 10.3% of net sales, compared to $9.8 million, or 11.3% in Q3 2023[2] - Net product revenue for Q3 2024 was $71,258,000, a decrease of 12% from $80,896,000 in Q3 2023[15] - The company reported a net income of $3,160,000 for Q3 2024, a decline of 27% compared to $4,354,000 in Q3 2023[22] Liquidity and Capital Structure - Total available liquidity at the end of Q3 2024 was $92.3 million, including $42.3 million in cash[9] - Cash and cash equivalents rose significantly to $42,348,000 from $24,104,000, marking an increase of 76%[16] - Total liabilities decreased to $72,811,000 as of September 30, 2024, from $74,424,000 at the end of 2023, a reduction of 2%[17] - The debt-to-trailing twelve months Adjusted EBITDA ratio is 0.64, indicating a manageable level of debt relative to earnings[23] - Structured debt amounts to $21,978,000, while total equity is $147,840,000[24] Cash Flow - Cash flows from operating activities provided $30,162,000 in Q3 2024, an increase from $26,149,000 in Q3 2023[18] - Free cash flow for the nine months ended September 30, 2024, was $23,117,000, compared to $19,346,000 for the same period in 2023[26] - Cash flow provided by operations for 2024 was $30,162,000, up from $26,149,000 in 2023[26] Capital Expenditures - Capital expenditures for the first nine months of 2024 were $7.0 million, with an anticipated total of $11 to $13 million for the full year[8] - Purchase of property, plant, and equipment for 2024 was $7,045,000, compared to $6,803,000 in 2023[26] Future Outlook - The company expects full year 2024 revenues to decline approximately 17% due to a challenging demand environment[6] - The company has a growing sales opportunity pipeline of over $275 million, with a quote-to-cash cycle of 12 to 18 months[6] - The company plans to continue focusing on market expansion and new product development to drive future growth[19] - Future outlook includes continued investment in new technologies and market expansion strategies[24] - The company aims to maintain a strong return on capital employed through strategic financial management[25] Operational Efficiency - The company is focusing on improving operational efficiency to enhance cash flow generation[24] - Return on capital employed for the trailing twelve months is 10.8%, increasing to 14.4% when excluding cash[25] - Total capital employed, excluding cash, is $127,470,000[25]

The Western Union Company (WU) is set to report its third-quarter 2024 results on Oct. 23, after the closing bell. The Zacks Consensus Estimate for third-quarter earnings is currently pegged at 44 cents per share, implying growth of 2.3% from the year-ago reported number. The estimate remained stable over the past month. Image Source: Zacks Investment Research Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. The Zacks Consensus Estimate for third-quarter revenues is currently pegged ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____________ to Commission File Number 001-12505 CORE MOLDING TECHNOLOGIES, INC. _______________________________________________________________ (Exact ...

Core Molding Technologies, Inc. (NYSE:CMT) Q2 2024 Earnings Conference Call August 6, 2024 10:00 AM ET Company Participants Sandy Martin - IR, Three Part Advisers Dave Duvall - President and CEO John Zimmer - EVP and CFO Conference Call Participants Chip Moore - Roth MKM Operator Good morning, everyone. Welcome to the Core Molding Technologies Second Quarter Fiscal 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being re ...

Core Molding Technologies (CMT) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 73.81%. A quarter ago, it was expected that this maker of fiber reinforced plastics would post earnings of $0.26 per share when it actually produced earnings of $0.43, delivering a surprise of 65.38%. Ove ...

FOR IMMEDIATE RELEASE Core Molding Technologies Reports Fiscal 2024 Second Quarter Results COLUMBUS, OH, August 6, 2024 – 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 reports financial and operating results for th ...

By Phone: About Core Molding Technologies, Inc. Investor Relations Contact: Three Part Advisors, LLC Sandy Martin or Steven Hooser 214-616-2207 COLUMBUS, Ohio, July 17, 2024 (GLOBE NEWSWIRE) -- Core Molding Technologies, Inc. (NYSE:CMT) ("Core Molding", "Core" or the "Company"), a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America, today announces that it will release its ...