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Dec 31, 2023
Core Molding Q4 2023 Earnings Report
Core Molding Technologies reported a decrease in net sales due to lower demand from building products and industrial & utilities markets, but improved operational performance and profitability goals were achieved.
Key Takeaways
Core Molding Technologies reported a decrease in net sales for Q4 2023, primarily due to lower demand in the building products and industrial & utilities markets. Despite this, the company achieved improved operational performance and profitability goals, with gross margins remaining relatively stable and Adjusted EBITDA increasing.
Net sales decreased by 14.7% compared to the prior year, mainly due to lower demand in building products and industrial & utilities markets.
Operating income decreased to $2.5 million, or 3.4% of net sales, versus $3.0 million, or 3.4% of net sales, in the prior year.
Net income decreased to $2.2 million, or $0.25 per diluted share, compared to $4.8 million, or $0.57 per diluted share, in the prior year.
Adjusted EBITDA increased to $6.5 million, or 8.9% of net sales, compared to $6.1 million, or 7.0% of net sales in the prior year.
Revenue by Geographic Location
Revenue & Expenses
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