Core Molding Technologies(CMT) - 2024 Q4 - Annual Results

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].