Core Molding reports positive second quarter

Columbus, OH – Core Molding Technologies, Inc. reports financial and operating results for the fiscal periods ended June 30, 2023.

Second Quarter 2023 Highlights include: Net sales of $97.7 million, compared to $98.7 million in the prior year; and product sales of $95.7 million, up 2.6% from the prior year. Gross margin of $20.6 million, or 21.0% of net sales, compared to $13.0 million or 13.2% of net sales. Improvement in 2023 was due to improved customer pricing and operational efficiencies. Selling, general and administrative expenses of $10.5 million, or 10.7% of net sales compared to $8.7 million or 8.8% in the prior year same period. Increase in the current year primarily a result of compensation-related costs from improving performance. Operating income of $10.1 million, or 10.3% of net sales, versus operating income of $4.4 million, or 4.4% of net sales in the prior year. Net income of $7.9 million, or $0.91 per diluted share, compared to net income of $2.2 million, or $0.26 a year ago.

David Duvall, the Company’s President and Chief Executive Officer, said, “We had a record-breaking second quarter, and I want to thank our dedicated Core Molding team members for making this possible. We have been relentlessly executing our strategic plan to initially turnaround the operations, and then to transform the Core business. It is rewarding to see our disciplined execution showing up in our financial results. As part of our 2023 strategy, we communicated the focus on profitability improvements through our Must Win Battle of key operational improvements. This was an important, but necessary step, to enable us to effectively achieve our growth goals. We have made significant progress on our continuous operational improvement journey, and it is now time to increase our focus on one of our other 2023 strategic initiatives of revenue growth.”