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Jun 30, 2020
Core Molding Q2 2020 Earnings Report
Core Molding Technologies' financial results were impacted by COVID-19, leading to a net loss.
Key Takeaways
Core Molding Technologies reported a decrease in net sales and a net loss for the second quarter of 2020, primarily due to the impact of COVID-19 on customer operations. Despite these challenges, the company saw a rebound in revenues in June and strong cash flows from operations due to operational improvements.
Net sales decreased by 53.5% compared to the same period last year due to COVID-19.
The company experienced a net loss of $2.3 million, or ($0.29) per diluted share, compared to a net income of $0.2 million, or $0.03 per diluted share, in Q2 2019.
Gross margin decreased to 7.7% compared to 10.5% in the second quarter of 2019.
Cash flows from operations significantly increased to $13.1 million compared to $0.4 million in the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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