Core Molding Q3 2024 Earnings Report
Key Takeaways
Core Molding Technologies reported a decrease in net sales by 15.8% compared to the prior year third quarter, with a gross margin of 16.9%. The company completed a labor reduction expected to yield $2.6 million in annual cost savings and repurchased 111,884 shares under its share repurchase authorization.
Total net sales decreased by 15.8% compared to the prior year third quarter.
Gross margin was 16.9% of net sales, slightly lower than the prior year's 17.6%.
Operating income decreased to $3.6 million, or 4.9% of net sales, compared to $5.9 million in the prior year.
Net income decreased to $3.2 million, or $0.36 per diluted share, compared to $4.4 million in the prior year.
Core Molding
Core Molding
Core Molding Revenue by Segment
Forward Guidance
The company now expects full year 2024 revenues to be down approximately 17%.