Core Molding Technologies Reports Annual Sales of $307 Million

Core Molding Technologies, Inc. reported financial and operating results for the fiscal quarter and year ended December 31, 2021. Fourth Quarter 2021 Highlights • Net sales of $73.2 million, up 21% from $60.7 million in the prior year; and Product sales of $68.1 million, up 16% from the prior year. • Gross margin of $8.5 million or 11.6% of sales, compared to $10.0 million or 16.4% of sales, with such decrease primarily due to raw materials inflation. • Selling, general and administrative expenses of $6.5 million, down $0.4 million from the prior year. • Operating income of $2.0 million versus $3.0 million from the prior year. • Net income of $0.4 million, or $0.05 per diluted share, up from a net loss of ($0.9) million, or ($0.10) a year ago. • Adjusted EBITDA1 of $4.7 million, or 6.5% of sales, compared to $5.9 million, or 9.7% of sales in the prior year. Fiscal Year 2021 Highlights • Net sales of $307.5 million, up 38% from $222.4 million in the prior year; and Product sales of $284.0 million, up 35% from the prior year. • Gross margin of $41.3 million or 13.4% of sales, compared to $34.5 million or 15.5% of sales. • Selling, general and administrative expenses of $30.3 million, up $6.2 million from a year ago, primarily due to the planned closure of a facility, as well as higher labor and travel costs versus last year. • Operating income of $11.1 million, including $2.3 million costs for a facility closing, compared to $10.4 million in the prior year. • Net income of $4.7 million, or $0.55 per diluted share, compared to net income of $8.2 million, or $0.98 a year ago. • Adjusted EBITDA1 of $26.6 million, 8.6% of sales, up from $22.6 million, 10.2% of sales, in the prior year.