Core Molding Technologies Inc. (CMT, Financial) filed Quarterly Report for the period ended 2011-09-30.
Core Molding Technologies Inc. has a market cap of $63.9 million; its shares were traded at around $8.96 with a P/E ratio of 8.9 and P/S ratio of 0.6.
Sales to other customers for the three months ended September 30, 2011 increased 35% to $6,987,000 compared to $5,185,000 for the three months ended September 30, 2010. Included in total sales was $211,000 of tooling sales for the three months ended September 30, 2011 compared to $114,000 for the same three months in 2010. Product sales to other customers increased by 34% for the three months ended September 30, 2011 as compared to the same period in the prior year, with approximately 76% of the increase resulting from increased product sales to other medium and heavy-duty truck manufacturers. The remaining increase in other product sales was due to increased demand for the Company s products from customers outside of the medium and heavy-duty truck market and awards of new business.
Net sales for the nine months ended September 30, 2011 totaled $102,119,000, representing an approximate 48% increase from the $69,212,000 reported for the nine months ended September 30, 2010. Included in total sales were tooling project sales of $2,425,000 and $5,002,000 for the nine months ended September 30, 2011 and 2010, respectively. Tooling project sales result from billings to customers primarily for molds and assembly equipment specific to their products as well as other non-production billings. These sales are sporadic in nature and fluctuate in regard to scope and related revenue on a period-to-period basis. Total product sales, excluding tooling project sales, were approximately 55% higher for the nine months ended September 30, 2011, as compared to the same period a year ago. The primary reasons for the increase were higher demand from North American medium and heavy-duty truck customers and awards of new business, which had a favorable impact on sales of $38,923,000. This increase was offset by the effects of pricing which decreased product sales by approximately $3,439,000. The decrease in pricing was primarily the result of the transfer of certain products to the Company s Matamoros, Mexico production facility.
Sales to other customers for the nine months ended September 30, 2011 increased 76% to $20,234,000 compared to $11,523,000 for the nine months ended September 30, 2010. Included in total sales was $922,000 of tooling sales for the nine months ended September 30, 2011 compared to $202,000 for the same nine months in 2010. Product sales to other customers increased by 71% for the nine months ended September 30, 2011 as compared to the same period in the prior year, with approximately 53% of the
Gross margin was approximately 22% of sales for the nine months ended September 30, 2011, compared with 15% for the nine months ended September 30, 2010. Contributing approximately 6.5% to the increase in gross margin as a percent of sales for 2011 were lower benefit and labor costs as a percent of sales. Benefit and labor costs as a percent of sales decreased primarily due to lower health care costs, including lower post retirement health benefit costs, and improved efficiencies due to increased sales volume for the nine months ended September 30, 2011 over the same period one year ago. Included in cost of sales for the nine months ended September 30, 2010 was approximately $1,467,000 of costs associated with transferring certain operations to the Company s production facility in Mexico, which negatively impacted gross margin by approximately 2% of sales for the period. There were no such costs for the same period in 2011, as the transfer of these operations was completed in 2010. Better absorption of fixed costs of production due to increases in production volume contributed approximately 2% of sales to gross margin during 2011. The Company s manufacturing operations have significant overhead costs which do not change proportionately with production volumes. Partially offsetting these were higher material prices which negatively impacted gross margin by approximately 2% of sales, and changes in sales mix which negatively impacted gross margin by approximately 2% of sales for the nine months ended September 30, 2011.
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Core Molding Technologies Inc. has a market cap of $63.9 million; its shares were traded at around $8.96 with a P/E ratio of 8.9 and P/S ratio of 0.6.
Highlight of Business Operations:
Net sales for the three months ended September 30, 2011 totaled $37,836,000, representing an approximate 50% increase from the $25,295,000 reported for the three months ended September 30, 2010. Included in total sales were tooling project sales of $663,000 and $2,254,000 for the three months ended September 30, 2011 and 2010, respectively. Tooling project sales result from billings to customers primarily for molds and assembly equipment specific to their products as well as other non-production billings. These sales are sporadic in nature and fluctuate in regard to scope and related revenue on a period-to-period basis. Total product sales, excluding tooling project sales, were approximately 61% higher for the three months ended September 30, 2011, as compared to the same period a year ago. The primary reasons for the increase were higher demand from North American medium and heavy-duty truck customers and awards of new business, which had a favorable impact on sales of $15,335,000. This increase was offset by the effects of pricing which decreased product sales by approximately $1,203,000. The decrease in pricing was primarily the result of the transfer of certain products to the Company s Matamoros, Mexico production facility.Sales to other customers for the three months ended September 30, 2011 increased 35% to $6,987,000 compared to $5,185,000 for the three months ended September 30, 2010. Included in total sales was $211,000 of tooling sales for the three months ended September 30, 2011 compared to $114,000 for the same three months in 2010. Product sales to other customers increased by 34% for the three months ended September 30, 2011 as compared to the same period in the prior year, with approximately 76% of the increase resulting from increased product sales to other medium and heavy-duty truck manufacturers. The remaining increase in other product sales was due to increased demand for the Company s products from customers outside of the medium and heavy-duty truck market and awards of new business.
Net sales for the nine months ended September 30, 2011 totaled $102,119,000, representing an approximate 48% increase from the $69,212,000 reported for the nine months ended September 30, 2010. Included in total sales were tooling project sales of $2,425,000 and $5,002,000 for the nine months ended September 30, 2011 and 2010, respectively. Tooling project sales result from billings to customers primarily for molds and assembly equipment specific to their products as well as other non-production billings. These sales are sporadic in nature and fluctuate in regard to scope and related revenue on a period-to-period basis. Total product sales, excluding tooling project sales, were approximately 55% higher for the nine months ended September 30, 2011, as compared to the same period a year ago. The primary reasons for the increase were higher demand from North American medium and heavy-duty truck customers and awards of new business, which had a favorable impact on sales of $38,923,000. This increase was offset by the effects of pricing which decreased product sales by approximately $3,439,000. The decrease in pricing was primarily the result of the transfer of certain products to the Company s Matamoros, Mexico production facility.
Sales to other customers for the nine months ended September 30, 2011 increased 76% to $20,234,000 compared to $11,523,000 for the nine months ended September 30, 2010. Included in total sales was $922,000 of tooling sales for the nine months ended September 30, 2011 compared to $202,000 for the same nine months in 2010. Product sales to other customers increased by 71% for the nine months ended September 30, 2011 as compared to the same period in the prior year, with approximately 53% of the
Gross margin was approximately 22% of sales for the nine months ended September 30, 2011, compared with 15% for the nine months ended September 30, 2010. Contributing approximately 6.5% to the increase in gross margin as a percent of sales for 2011 were lower benefit and labor costs as a percent of sales. Benefit and labor costs as a percent of sales decreased primarily due to lower health care costs, including lower post retirement health benefit costs, and improved efficiencies due to increased sales volume for the nine months ended September 30, 2011 over the same period one year ago. Included in cost of sales for the nine months ended September 30, 2010 was approximately $1,467,000 of costs associated with transferring certain operations to the Company s production facility in Mexico, which negatively impacted gross margin by approximately 2% of sales for the period. There were no such costs for the same period in 2011, as the transfer of these operations was completed in 2010. Better absorption of fixed costs of production due to increases in production volume contributed approximately 2% of sales to gross margin during 2011. The Company s manufacturing operations have significant overhead costs which do not change proportionately with production volumes. Partially offsetting these were higher material prices which negatively impacted gross margin by approximately 2% of sales, and changes in sales mix which negatively impacted gross margin by approximately 2% of sales for the nine months ended September 30, 2011.
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