Core Molding Technologies(US:CMT)2025-11-04 13:38Financial Performance - Total net sales for Q3 2025 were $58.4 million, a decrease of 19.9% compared to Q3 2024[5] - Gross margin for Q3 2025 was $10.1 million, or 17.4% of net sales, up from 16.9% in the prior year[5] - Operating income for Q3 2025 was $2.6 million, or 4.4% of net sales, compared to $3.6 million, or 4.9% in Q3 2024[5] - Net income for Q3 2025 was $1.9 million, or $0.22 per diluted share, down from $3.2 million, or $0.36 per diluted share in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $6.4 million, or 11.0% of net sales, compared to $7.5 million, or 10.3% in Q3 2024[5] - Net income for the nine months ended September 30, 2025, was $8,112 thousand, down 39.0% from $13,338 thousand in the same period of 2024[22] - Adjusted EBITDA for the nine months ended September 30, 2025, was $23,115 thousand, representing a decrease of 17.0% compared to $27,848 thousand in 2024[27] - Free cash flow for the nine months ended September 30, 2025, was $4,861 thousand, significantly lower than $23,117 thousand in 2024, indicating a decline of 78.9%[31] - Net income for Q3 2025 was $1,877 million, a decrease from $3,160 million in Q3 2024, representing a decline of 40.5%[33] - Total net income for the nine months ended September 30, 2025, was $8,112 million, down from $13,338 million in the same period of 2024, a decline of 39.1%[33] Future Outlook - The company expects full-year sales for 2025 to decline by 10% to 12% year-over-year[4] - The company has $47 million in new incremental business scheduled to launch over the next two years[3] Capital and Liquidity - Capital expenditures for the first nine months of 2025 were $9.3 million, with an anticipated total of $10 to $12 million for the year[7] - Total liquidity at September 30, 2025, was $92.4 million, including $42.4 million in cash[8] - Cash and cash equivalents at the end of the period were $42,397 thousand, slightly up from $42,348 thousand at the end of the same period in 2024[22] Assets and Liabilities - As of September 30, 2025, total assets increased to $219,692 thousand from $209,550 thousand as of December 31, 2024, reflecting a growth of approximately 5.4%[20] - Total current liabilities increased to $38,391 thousand as of September 30, 2025, compared to $36,711 thousand as of December 31, 2024, marking a rise of 4.6%[20] - The current portion of long-term debt increased to $1,918 thousand from $1,814 thousand, reflecting a rise of 5.7%[20] Performance Ratios - The company achieved a Return on Capital Employed of 6.5% for the trailing twelve months[7] - The debt-to-trailing twelve months adjusted EBITDA ratio was 0.70 as of September 30, 2025, indicating a stable leverage position[28] - Adjusted EBITDA as a percentage of net sales was 11.6% for the nine months ended September 30, 2025, consistent with the same percentage in 2024[27] Shareholder Information - Weighted average common shares outstanding (basic) decreased to 8,561,000 in Q3 2025 from 8,716,000 in Q3 2024, a reduction of 1.8%[33] - Net income per share (basic) for Q3 2025 was $0.22, down from $0.36 in Q3 2024, reflecting a decrease of 38.9%[33] - Adjusted net income per share (basic) for Q3 2025 was $0.24, consistent with Q3 2024, showing stability in adjusted earnings[33] - Net income per share (diluted) for Q3 2025 was $0.22, down from $0.36 in Q3 2024, a decrease of 38.9%[33] - Adjusted net income per share (diluted) for Q3 2025 was $0.24, unchanged from Q3 2024, reflecting consistent performance in adjusted earnings[33] Special Costs - Severance costs (net of tax) for the nine months ended September 30, 2025, were $773 million, with no such costs reported in the same period of 2024[33] - Footprint optimization costs (net of tax) for Q3 2025 were $174 million, with no costs reported in Q3 2024, indicating new strategic investments[33]