Core Molding Technologies Reports Results for the Third Quarter Ended September 30, 2015
COLUMBUS, Ohio, Nov. 5, 2015 /PRNewswire/ — Core Molding Technologies, Inc. (NYSE MKT: CMT) today announced results for the third quarter ended September 30, 2015.
Net income for the third quarter ended September 30, 2015 was $2,484,000, or $0.33 per basic and diluted share, compared with $2,428,000 or $0.32 per basic and diluted share in the third quarter of 2014. Total net sales for the third quarter were $48,049,000, compared with $43,591,000 in the same quarter of 2014. Product sales totaled $44,243,000, increasing 2.5% from $43,171,000 for the third quarter of 2014.
For the first nine months of 2015, net income was $9,719,000, or $1.28 per basic and $1.27 per diluted share, compared with $7,068,000 or $0.94 per basic and diluted share for the same period in 2014. Total net sales for the first nine months of 2015 were $152,505,000, compared with $130,790,000 for the same period in 2014. Product sales increased 14.5%, to $145,612,000 through nine months of 2015 compared to $127,152,000 for the same period in 2014.
“Although our business was impacted in the third quarter from a recent slowdown in demand from our customers, the Company still delivered solid results for the quarter,” said Kevin L. Barnett, President and Chief Executive Officer. “Year-to-date we remain on pace to achieve record sales, net income and earnings per share in 2015,” Barnett continued.
“The Company continued its focus on growing revenues from new programs. During the quarter we launched several new programs utilizing our dicyclopentadiene molding process. These programs began late in the third quarter and additional programs will continue to launch over the balance of the year,” Barnett added.
“Looking forward, we expect product sales to continue to be lower than the near record levels experienced in the first half of 2015. Our truck customers have experienced a slowdown in new truck orders and accordingly have reduced production. Customer forecasts and industry analysts project 2016 truck production levels to be 10 to 15 percent lower than 2015. Although lower, 2016 truck production is expected to be relatively strong compared to historical levels,” Barnett noted. “Going forward we will continue our efforts to grow the business by expanding our markets, increasing our customer base and adding new materials and processes,” Barnett concluded.
About Core Molding Technologies, Inc.
Core Molding Technologies, Inc. is a manufacturer of sheet molding compound (SMC) and molder of fiberglass reinforced thermoset and thermoplastic materials. Core specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastics (GMT) and bulk molding compounds (BMC); compression and transfer molding of direct long-fiber thermoplastics (D-LFT); spray-up, lay-up, resin transfer (RTM) and vacuum resin transfer molding (V-RTM). Additionally, the company offers reaction injection molding (RIM) of dicyclopentadiene (DCPD). Core serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction and other commercial products markets. Headquartered in Columbus, Ohio, Core maintains plants in Columbus and Batavia, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Matamoros, Mexico. For further information, visit the company’s website at http://www.coremt.com.