Core Molding Technologies Q3 net revenue jumps on tooling projects
CMT•Core Molding Technologies’ third-quarter net revenue rose 54% year over year to $90.2 million, while net income was $1.5 million. The company expects full-year net sales to be flat to up about 5% and gross margins of 16% to 17%.
1. Quarterly results
Core Molding Technologies reported third-quarter net revenue of $90.2 million, up 54% year over year, and net income of $1.5 million. Production revenue rose nearly 20% on higher medium- and heavy-duty truck demand, new program launches, and strength in building products, industrial and utilities markets.
2. Costs and outlook
Profitability was affected by one-time commissioning costs in Monterrey, footprint optimization, higher external input costs, and a larger share of tooling project revenue in the sales mix. The company expects full-year net sales to be flat to up about 5%, gross margins of 16% to 17%, and 2026 capital spending of $28 million to $30 million.
