COLUMBUS, Ohio, May 7, 2019 /PRNewswire/
Core Molding Technologies, Inc. (NYSE American: CMT) ("Core Molding", "Core" or the "Company") today announced results for the first quarter ended March 31, 2019.
Strong sales growth continued in the first quarter of 2019, led by increased demand from North American heavy-duty truck customers. Net sales increased $9.2 million or 14.6% for the first quarter of 2019 compared to the same period last year. Product sales, excluding tooling sales, increased 19.7% for the first quarter of 2019 compared to the first quarter of 2018.
The Company had a net loss of $3.8 million in the first quarter of 2019 compared to net income of $0.5 million for the first quarter of 2018. "Spending to stabilize operations, while the Company is undertaking its turnaround, continued to be elevated in the first quarter of 2019," said David Duvall, President and Chief Executive Officer. "The business is more stable than it was six months ago, as our output levels have increased, allowing us to meet increasing customer demand while significantly improving on time delivery and reducing past due orders by 80%. During the first quarter we began to decrease spending on third party technical services that we added in the fourth quarter of 2018 to stabilize the business. We expect to continue to decrease these costs moving forward and begin seeing gross margin improvement," Duvall continued. https://ih.advfn.com/stock-market/AMEX/core-molding-CMT/stock-news/79850203/core-molding-technologies-reports-first-quarter-20