Core Molding Technologies Reports Record Results For The Second Quarter Ended June 30, 2015
COLUMBUS, Ohio, Aug. 10, 2015 /PRNewswire/ --
Core Molding Technologies, Inc. (NYSE MKT: CMT) today announced results for the second quarter ended June 30, 2015.
Net income for the second quarter ended June 30, 2015 was $4,039,000, or $0.53 per basic and diluted share, compared with $2,520,000 or $0.34 per basic and $0.33 per diluted share in the second quarter of 2014. Total net sales for the second quarter were $54,856,000, compared with $46,124,000 in the same quarter of 2014. Product sales totaled $53,514,000, increasing 24% from $43,317,000 for the second quarter of 2014.
For the first six months of 2015, net income was $7,235,000, or $0.96 per basic and $0.95 per diluted share, compared with $4,640,000 or $0.62 per basic and diluted share for the same period in 2014. Total net sales for the first six months of 2015 were $104,455,000, compared with $87,199,000 for the same period in 2014. Product sales increased 21%, to $101,368,000 through six months of 2015 compared to $83,981,000 for the same period in 2014.
"Second quarter sales, net income and earnings per share were new all-time quarterly records surpassing the previous records set in the first quarter of this year," said Kevin L. Barnett, President and Chief Executive Officer. "Strong demand from our customers and new business from CPI, which the Company acquired in the first quarter, pushed our revenues to a new level. Our continued focus on operational efficiencies as well as benefits from CPI drove our gross margin percent to 20.0% and positively impacted our earnings," Barnett continued.
"We are very pleased with the initial results from our acquisition of CPI which have exceeded our original expectations. We are working diligently to fully integrate the CPI business including efforts to diversify the customer base, cross-sell technologies and grow sales," said Barnett. "We are already experiencing opportunities to offer CPI's D-LFT technology to our existing customers and to cross-sell our thermoset technology to CPI's customers," Barnett added.
"We continue to remain optimistic regarding our overall business. While we anticipate the third quarter being impacted by seasonality and customer summer shut-downs, we expect to finish the overall year with record results," 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