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Core Molding Technologies Inc (CMT-3.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in the engineered materials market, focusing on thermoplastic and thermoset structural products. Core Molding Technologies operates six production facilities across the United States, Canada, and Mexico.
Net sales for 2024 were reported at $302,378,000, a decrease from $357,738,000 in 2023. This decline was attributed to lower demand across the company's key markets.
The company identified five major customers: BRP, International Motors, PACCAR, Yamaha, and Volvo, which together accounted for 69% of total sales in 2024.
Core Molding Technologies reported a gross margin of 17.6% for 2024, slightly down from 18.0% in 2023, due to lower fixed cost leverage and production inefficiencies.
The company recorded a net income of $13,299,000 for 2024, compared to $20,324,000 in 2023. This decrease was primarily due to reduced sales and increased cost pressures.
Cash flow from operating activities was $35,151,000, with capital expenditures totaling $11,525,000, primarily for equipment improvements and new production capabilities.
Core Molding Technologies continues to face risks related to customer concentration, raw material price fluctuations, and foreign currency exchange rates.
The company maintains a credit agreement with The Huntington National Bank, which includes a revolving loan commitment of $25,000,000, none of which was outstanding as of December 31, 2024.
Core Molding Technologies is engaged in research and development activities, with expenditures of approximately $1.9 million in 2024, focusing on new material formulations and production processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Core Molding Technologies Inc annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.