Core Molding Technologies Releases First Quarter 2019 Results

August 05 2019

Core Molding Technologies, Inc. released results for the first quarter ended March 31, 2019. Strong sales growth continued in the first quarter of 2019, led by increased demand from North American heavy-duty truck customers. Net sales increased $9.2 million or 14.6% for the first quarter of 2019 compared to the same period last year. Product sales, excluding tooling sales, increased 19.7% for the first quarter of 2019 compared to the first quarter of 2018.

The Company had a net loss of $3.8 million in the first quarter of 2019 compared to net income of $0.5 million for the first quarter of 2018.

First Quarter 2019 Compared to First Quarter 2018:
• Net sales were $72.3 million compared to $63.0 million.
• Product sales were $71.5 million compared to $59.7 million.
• Gross margin was 4.4% compared to 12.5%.
• Selling, general and administrative expenses were $7.2 million compared to $6.8 million.
• Operating loss was $4.0 million compared to operating income of $1.1 million.
• Net loss was $3.8 million, or $0.49 per diluted share, compared with net income of $0.5 million, or $0.07 per diluted share.

First quarter 2019 gross margin was negatively affected by operational inefficiencies and higher costs, including a higher-than-normal union employee bonus payment made in 2019 as a result of a regulatory adjustment doubling the minimum wage rates in Matamoros, Mexico.

Selling, general and administrative expenses increased in the first quarter compared to the same period of 2018, due to higher spending on third party technical services and internal resources primarily focused on stabilizing operations. Included in first quarter 2018 costs were one-time acquisition transaction costs of $1.3 million.

Financial Position at March 31, 2019:
• Total assets of $211.3 million.
• Total debt of $57.8 million.
• Stockholders’ equity of $95.6 million.

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