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Core Molding Technologies(CMT) - 2024 Q3 - Quarterly Results
CMTCore Molding Technologies(CMT)2024-11-05 14:03

Financial Performance - Total net sales for Q3 2024 were 73.0million,adecreaseof15.873.0 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 3.6million,or4.93.6 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 3.2million,or3.2 million, or 0.36 per diluted share, down from 4.4million,or4.4 million, or 0.49 per diluted share in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was 7.5million,or10.37.5 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,adecreaseof1271,258,000, a decrease of 12% from 80,896,000 in Q3 2023[15] - The company reported a net income of 3,160,000forQ32024,adeclineof273,160,000 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 92.3million,including92.3 million, including 42.3 million in cash[9] - Cash and cash equivalents rose significantly to 42,348,000from42,348,000 from 24,104,000, marking an increase of 76%[16] - Total liabilities decreased to 72,811,000asofSeptember30,2024,from72,811,000 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,whiletotalequityis21,978,000, while total equity is 147,840,000[24] Cash Flow - Cash flows from operating activities provided 30,162,000inQ32024,anincreasefrom30,162,000 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,comparedto23,117,000, compared to 19,346,000 for the same period in 2023[26] - Cash flow provided by operations for 2024 was 30,162,000,upfrom30,162,000, up from 26,149,000 in 2023[26] Capital Expenditures - Capital expenditures for the first nine months of 2024 were 7.0million,withananticipatedtotalof7.0 million, with an anticipated total of 11 to 13millionforthefullyear[8]−Purchaseofproperty,plant,andequipmentfor2024was13 million for the full year[8] - Purchase of property, plant, and equipment for 2024 was 7,045,000, compared to 6,803,000in2023[26]FutureOutlook−Thecompanyexpectsfullyear2024revenuestodeclineapproximately176,803,000 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]