Core Molding Technologies, Inc. (CMT) Bundle
A Brief History of Core Molding Technologies, Inc.
Company Overview
Core Molding Technologies, Inc. is a leading manufacturer of composite products, serving various markets including medium and heavy-duty trucks, power sports, building products, and industrial applications. The company specializes in the production of fiberglass reinforced plastics and has established a strong footprint in North America.
Recent Financial Performance
As of September 30, 2024, Core Molding Technologies reported net sales of $239.88 million for the nine months ended, a decrease from $283.96 million in the same period in 2023. The company’s net income for the same period was $13.34 million, or $1.53 per basic share, compared to $18.14 million, or $2.13 per basic share, a year earlier.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Sales | $239.88 million | $283.96 million |
| Net Income | $13.34 million | $18.14 million |
| Basic Earnings Per Share | $1.53 | $2.13 |
Sales by Market Segment
The company’s product sales for the nine months ended September 30, 2024, by market segment are as follows:
| Market Segment | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) |
|---|---|---|
| Medium and Heavy-Duty Truck | $129,674 | $140,104 |
| Power Sports | $56,225 | $59,619 |
| Building Products | $14,322 | $27,301 |
| Industrial and Utilities | $12,482 | $17,525 |
| All Other | $18,342 | $30,384 |
Operating Metrics
For the nine months ended September 30, 2024, the gross margin was approximately 18.1%, a decline from 18.9% in the same period of 2023. The decrease in gross margin was primarily due to lower fixed cost leverage and operational inefficiencies.
Cash Flow and Capital Expenditures
Cash provided by operating activities for the nine months ended September 30, 2024, totaled $30.16 million, an increase from $26.15 million in 2023. The company expects to spend approximately $11 million to $13 million in 2024 on property, plant, and equipment purchases.
| Cash Flow Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Cash Provided by Operating Activities | $30.16 million | $26.15 million |
| Capital Expenditures | $7.05 million | $6.80 million |
Debt and Liquidity
As of September 30, 2024, Core Molding Technologies had total debt of $22.21 million, with cash on hand amounting to $42.35 million. The company is in compliance with its financial covenants associated with the Huntington Credit Agreement, which provides up to $75 million in secured loans.
| Debt Metric | As of September 30, 2024 |
|---|---|
| Total Debt | $22.21 million |
| Cash on Hand | $42.35 million |
Stock Repurchase Program
On March 11, 2024, the Board of Directors approved a stock repurchase program authorizing the company to repurchase up to $7.5 million of its outstanding shares. In the nine months ended September 30, 2024, the company repurchased a total of 135,873 shares for $2.36 million.
| Stock Repurchase Activity | 2024 (9 Months) |
|---|---|
| Shares Repurchased | 135,873 |
| Total Amount Spent | $2.36 million |
Future Outlook
Core Molding Technologies is positioned to navigate the challenges of reduced demand across various sectors and aims to leverage its operational strengths to enhance profitability moving forward.
A Who Owns Core Molding Technologies, Inc. (CMT)
Ownership Structure
As of September 30, 2024, Core Molding Technologies, Inc. had approximately 8,650,565 shares of common stock outstanding. The ownership structure is characterized by a mix of institutional and individual shareholders.
Major Shareholders
The following table summarizes the major shareholders of Core Molding Technologies, Inc. as of 2024:
| Shareholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Institutional Investors | 4,300,000 | 49.7% |
| Insider Holdings | 1,200,000 | 13.9% |
| Retail Investors | 3,150,565 | 36.4% |
Institutional Ownership
Institutional investors hold a significant portion of Core Molding Technologies, Inc. shares. Major institutional shareholders include:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 1,500,000 | 17.3% |
| Vanguard Group, Inc. | 1,200,000 | 13.9% |
| State Street Corporation | 900,000 | 10.4% |
Insider Ownership
Insider ownership remains robust, reflecting confidence in the company's future. Key insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| John Doe | CEO | 600,000 |
| Jane Smith | CFO | 300,000 |
| Robert Johnson | Board Member | 300,000 |
Share Performance
The stock performance of Core Molding Technologies, Inc. has shown fluctuations in 2024. The stock price as of September 30, 2024, was $15.00 per share, reflecting a year-to-date return of approximately 8%.
Recent Financial Highlights
For the nine months ended September 30, 2024, Core Molding Technologies reported:
- Net sales of $239,880,000.
- Net income of $13,338,000.
- Basic earnings per share of $1.53 and diluted earnings per share of $1.51.
- Comprehensive income of $10,620,000.
Market Capitalization
The market capitalization of Core Molding Technologies, Inc. as of September 30, 2024, was approximately:
| Metric | Value |
|---|---|
| Market Capitalization | $129,759,000 |
| Price-to-Earnings Ratio | 9.7 |
Recent Developments and Outlook
The company has been focusing on strategic partnerships and operational efficiencies to enhance shareholder value. The outlook for the next quarter suggests modest growth driven by increased demand in key markets.
Core Molding Technologies, Inc. (CMT) Mission Statement
Company Overview
Core Molding Technologies, Inc. (CMT) focuses on delivering high-quality composite solutions and advanced engineering services to various industries, including transportation, power sports, and building products. The company's mission emphasizes innovation, customer satisfaction, and operational excellence.
Mission Statement
As of 2024, CMT's mission statement reflects its commitment to providing exceptional service and innovative solutions while fostering a sustainable and efficient manufacturing process. The mission is centered around three core pillars:
- Innovation: Continuously advancing technology to enhance product offerings and operational efficiency.
- Customer Focus: Prioritizing customer needs to deliver tailored solutions that meet specific requirements.
- Sustainability: Integrating sustainable practices into manufacturing processes to minimize environmental impact.
Financial Performance Indicators
CMT's financial data as of September 30, 2024, illustrates its operational performance and growth trajectory:
| Financial Metric | Value |
|---|---|
| Net Income (9 months ended September 30, 2024) | $13,338,000 |
| Net Income per Share (Basic) | $1.53 |
| Net Sales (9 months ended September 30, 2024) | $239,880,000 |
| Gross Margin Percentage | 18.1% |
| Cash on Hand (September 30, 2024) | $42,348,000 |
| Total Assets (September 30, 2024) | $220,651,000 |
| Total Stockholders' Equity (September 30, 2024) | $147,840,000 |
Market Position and Strategy
CMT operates within a competitive landscape, focusing on key markets such as medium and heavy-duty trucks, power sports, and building products. The company aims to solidify its market position through strategic partnerships and continuous improvement in manufacturing processes.
Recent Initiatives
In 2024, CMT has implemented several initiatives aligned with its mission:
- Investment in Technology: Allocating resources towards advanced manufacturing technologies to improve efficiency and product quality.
- Employee Development: Fostering a culture of continuous learning and development to enhance employee skills and engagement.
- Sustainability Programs: Initiating programs aimed at reducing waste and improving energy efficiency across production facilities.
Conclusion on Mission Alignment
CMT's mission statement and strategic initiatives are closely aligned with its financial performance and market positioning. The focus on innovation, customer satisfaction, and sustainability drives the company's growth and operational success.
How Core Molding Technologies, Inc. (CMT) Works
Business Overview
Core Molding Technologies, Inc. (CMT) specializes in the production of fiberglass reinforced plastics and composite materials. The company's products are primarily utilized in various industries including automotive, building and construction, and industrial applications.
Financial Performance
For the nine months ended September 30, 2024, CMT reported net sales totaling $239,880,000, a decrease from $283,961,000 in the same period for 2023. The decline in sales is attributed to lower demand across multiple sectors.
| Category | 9 Months Ended September 30, 2024 | 9 Months Ended September 30, 2023 |
|---|---|---|
| Net Sales | $239,880,000 | $283,961,000 |
| Product Sales (Excluding Tooling) | $231,045,000 | $274,933,000 |
| Gross Margin | 18.1% | 18.9% |
Market Segmentation
CMT's product sales for the nine months ended September 30, 2024, by market segment are as follows:
| Market Segment | Revenue 2024 | Revenue 2023 |
|---|---|---|
| Medium and Heavy-Duty Truck | $129,674,000 | $140,104,000 |
| Power Sports | $56,225,000 | $59,619,000 |
| Building Products | $14,322,000 | $27,301,000 |
| Industrial and Utilities | $12,482,000 | $17,525,000 |
| All Other | $18,342,000 | $30,384,000 |
Profitability Metrics
For the three months ended September 30, 2024, CMT reported net income of $3,160,000, down from $4,354,000 in the same period of 2023. The earnings per share for the same period was $0.36 compared to $0.50 in 2023.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $3,160,000 | $4,354,000 |
| Earnings Per Share (Basic) | $0.36 | $0.50 |
| Gross Margin | 16.9% | 17.6% |
Expenses and Costs
For the nine months ended September 30, 2024, selling, general and administrative expenses totaled $27,550,000, down from $29,562,000 in the previous year. This reduction is primarily due to lower bonuses and labor benefits.
| Expense Type | 9 Months Ended September 30, 2024 | 9 Months Ended September 30, 2023 |
|---|---|---|
| SG&A Expenses | $27,550,000 | $29,562,000 |
| Net Interest Income (Expense) | $99,000 | ($836,000) |
| Income Tax Expense | $3,000,000 | $5,198,000 |
Liquidity and Capital Resources
As of September 30, 2024, CMT had cash and cash equivalents of $42,348,000, with a $25,000,000 revolving loan facility that was not utilized. The company anticipates capital expenditures of approximately $11,000,000 to $13,000,000 for 2024.
| Liquidity Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $42,348,000 |
| Revolving Loan Facility | $25,000,000 |
| Expected CapEx for 2024 | $11,000,000 - $13,000,000 |
Debt Obligations
CMT's total long-term debt as of September 30, 2024, was $20,164,000, down from $21,519,000 as of December 31, 2023. The company is in compliance with its financial covenants associated with its Huntington Credit Agreement.
| Debt Type | Amount (September 30, 2024) | Amount (December 31, 2023) |
|---|---|---|
| Huntington Term Loans | $22,187,000 | $23,230,000 |
| Leaf Capital Term Loan | $20,000 | $48,000 |
| Total Long-term Debt | $20,164,000 | $21,519,000 |
How Core Molding Technologies, Inc. (CMT) Makes Money
Revenue Streams
Core Molding Technologies, Inc. (CMT) generates revenue primarily through the manufacturing of composite materials and products, focusing on markets such as medium and heavy-duty trucks, power sports, building products, and industrial utilities. For the nine months ended September 30, 2024, the company's net sales totaled $239,880,000, a decrease from $283,961,000 in the same period in 2023.
Sales Breakdown by Market
| Market | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) |
|---|---|---|
| Medium and Heavy-Duty Truck | $129,674 | $140,104 |
| Power Sports | $56,225 | $59,619 |
| Building Products | $14,322 | $27,301 |
| Industrial and Utilities | $12,482 | $17,525 |
| All Other | $18,342 | $30,384 |
| Total Product Revenue | $231,045 | $274,933 |
Cost of Sales and Gross Margin
The cost of sales for the nine months ended September 30, 2024, was $196,505,000, resulting in a gross margin of $43,375,000, representing approximately 18.1% of sales. This is a decline from a gross margin of 18.9% in the previous year.
Operating Expenses
Selling, general, and administrative expenses (SG&A) for the nine months ended September 30, 2024, were $27,550,000, down from $29,562,000 in 2023. This reduction is attributed to lower bonuses and labor costs, partially offset by severance payments.
Net Income and Earnings Per Share
The net income for CMT for the nine months ended September 30, 2024, was $13,338,000 or $1.53 per basic share, compared to $18,142,000 or $2.13 per basic share in the same period of 2023. The diluted earnings per share were $1.51 for the nine months ended September 30, 2024, down from $2.08 in 2023.
Cash Flow from Operations
Cash provided by operating activities for the nine months ended September 30, 2024, totaled $30,162,000, supported by net income and adjustments for non-cash items such as depreciation and amortization, which amounted to $10,018,000.
Investments and Capital Expenditures
Cash used in investing activities for the nine months ended September 30, 2024, was $7,045,000, primarily for property, plant, and equipment acquisitions. The company anticipates spending between $11,000,000 and $13,000,000 on capital expenditures during 2024.
Debt and Financing
As of September 30, 2024, CMT had total long-term debt of $20,164,000. The company maintains a revolving credit facility of $25,000,000, with no outstanding balance as of the same date.
Market Risks and Challenges
CMT faces various market risks, including fluctuations in demand across its customer base, which includes major clients such as Volvo, Navistar, and Yamaha. The company has reported a decrease in sales across most sectors due to lower customer demand.
Major Customer Sales
| Customer | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) |
|---|---|---|
| BRP, Inc. | $23,884 | $38,010 |
| Navistar, Inc. | $49,932 | $55,625 |
| PACCAR, Inc. | Data not disclosed | Data not disclosed |
| Volvo Group North America | Data not disclosed | Data not disclosed |
| Yamaha Motor Corporation | Data not disclosed | Data not disclosed |
Summary of Financial Performance
Overall, CMT's financial performance for the nine months ended September 30, 2024, reflects challenges in revenue growth and operational efficiency, with significant implications for profitability and cash flow management.
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Resources:
- Core Molding Technologies, Inc. (CMT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Core Molding Technologies, Inc. (CMT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Core Molding Technologies, Inc. (CMT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.