Core Molding reports Q3 EPS 36c vs. 49c last year

Reports Q3 revenue $73M vs. $86.7M last year. David Duvall, CEO, said, “Third quarter performance continues to reflect margin stability, cash flow generation, and the execution of critical Invest for Growth strategies. We won $45 million of product sales in the first nine months of 2024, 55% of which is new versus replacement work. We are especially excited about a new program in the medical industry for hospital bed structures. In addition, we have several large program negotiations with our blue-chip customers, which are significant and demonstrate expanded wallet share with existing customers. We recently welcomed our newly appointed CCO, Alex Bantz, and we continue to be highly focused on sales growth in our Must Win Battle for 2024/2025. Alex is now leading our sales transformation initiatives to streamline sales execution processes, drive our Grow Wallet share initiatives, increase capabilities in our Account Management organization, data-driven market analyses, enhance our lead generation processes and increase trade shows displays and attendance. Elements of our specialized teams now ‘own’ each vertical with active sales engagement and cross-selling initiatives to build an active lead generation funnel. Our growing sales opportunity pipeline is currently over $275 million. Core’s quote-to-cash cycle begins 12 to 18 months after a project win due to the design and tooling phases, which will positively impact revenues throughout 2025 and into 2026. Core Molding (CMT) is known as a trusted, highly engineered provider of single-sourced OEM and wholesale products for customers in diverse, growing end markets, which include powersports, medium- and heavy-duty trucks, building products, industrial/utility, packaging, construction and agricultural products. Our aggressive multi-industry channel expansion plans target a total addressable market of $10+ billion with a focus on higher value solutions, large complex parts and long-term customer partnerships.”