Selling, general, and administrative expenses of $8.6 million, or 11.0% of net sales, compared to $9.7 million, or 9.7% for the prior year first quarter.Operating income of $4.7 million, or 6.1% of net sales, compared to operating income of $8.1 million, or 8.1% of net sales for the prior year first quarter.Net income of $3.8 million, or $0.43 per diluted share, compared to net income of $5.9 million, or $0.66 per diluted share for the prior year first quarter.Adjusted EBITDA1 of $8.7 million, or 11.2% of net sales, compared to $12.2 million, or 12.3% for the prior year first quarter. Sequentially, Adjusted EBITDA as a percent of net sales improved to 11.2% compared to 8.9% in the 2023 fourth quarter.1Adjusted EBITDA is a non-GAAP financial measure as defined and reconciled below. Three months ended March 31, December 31, 2024 2023 % Change 2023 % ChangeNet sales$78,145 $99,507 (21.5)% $73,778 5.9% Gross margin 13,305 17,743 (25.0)% 10,937 21.7%Operating income 4,732 8,075 (41.4)% 2,517 88.0%Net income 3,759 5,852 (35.8)% 2,182 72.3%Adjusted EBITDA1 8,743 12,196 (28.3)% 6,532 33.8% Gross margin as a percent of sales 17.0% 17.8% 14.8% Operating income as a percent of sales 6.1% 8.1% 3.4% Net income as a percent of sales 4.8% 5.9% 3.0% Adjusted EBITDA as a percent of sales1 11.2% 12.3% 8.9% Net income per common share Basic$0.43 $0.69 (37.7)% $0.25 72.0%Diluted$0.43 $0.66 (34.8)% $0.25 72.0% David Duvall, the Company's President and Chief Executive Officer, said, "Our business is in a significantly better position today than we were just two years ago.
Consolidated Statements of Cash Flows(unaudited, in thousands) Three months ended March 31, 2024 2023 Cash flows from operating activities: Net income$3,759 $5,852 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 3,292 3,410 Loss on disposal of property, plant and equipment — 80 Share-based compensation 739 731 Losses (gain) on foreign currency (214) 81 Change in operating assets and liabilities: Accounts receivable 1,629 (8,240)Inventories (1,798) (1,139)Prepaid and other assets 1,908 (450)Accounts payable 280 4,209 Accrued and other liabilities (4,254) 324 Post retirement benefits liability (269) (211)Net cash provided by operating activities 5,072 4,647 Cash flows from investing activities: Purchase of property, plant and equipment (1,893) (2,127)Net cash used in investing activities (1,893) (2,127)Cash flows from financing activities: Gross borrowings on revolving loans — (35,369)Gross repayment on revolving loans — 33,505 Payments for taxes related to net share settlement of equity awards (343) (23)Payment on principal on term loans (322) (324)Net cash used in financing activities (665) (2,211)Net change in cash and cash equivalents 2,514 309 Cash and cash equivalents at beginning of year 24,104 4,183 Cash and cash equivalents at end of period$26,618 $4,492 Cash paid for: Interest$291 $345 Income taxes$326 $1,931 Non cash investing activities: Fixed asset purchases in accounts payable$489 $262 Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: dependence on certain major customers, and potential loss of any major customer due to completion of existing production programs or otherwise; general macroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; changes in the plastics, transportation, marine and commercial product industries (including changes in demand for production), efforts of the Company to expand its customer base and develop new products to diversify markets, materials and processes and increase operational enhancements; the Company’s initiatives to quote and execute manufacturing processes for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; the Company’s financial position or other financial information; and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and our subsequent quarterly reports, all of which are available on the SEC and Company website.
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Author / Journalist: Core Molding Technologies, Inc.
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