The following is a summary of the Core Molding Technologies, Inc. (CMT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Core Molding Technologies reported annual net sales of $358 million in 2023, a decrease of 5% from 2022.

• Despite a decrease in sales, the company improved its gross margins by 410 basis points to 18% and generated free cash flows of $26 million.

• Full-year record results were reported for net income, earnings per share, and cash flows.

• In Q4 2023, the company continued to improve gross margin and adjusted EBITDA margins despite softer sales.

• The Board authorized a $7.5 million stock repurchase program.

Business Progress:

• Core Molding Technologies issued its first-ever Sustainability Report in 2023 and was acknowledged for its ethical standards and sustainability.

• The company implemented a formalized continuous improvement system and anticipates a cyclical correction in the North American Class 8 truck market in 2024.

• To foster growth, the company won $17 million of new business set to launch in 2024-2025 and is pursuing a $150 million new business opportunity pipeline.

• 2024 plans include managing cost structures to align with sales projections and maintaining solid gross margin levels, despite lower customer demand.

• Future acquisitions will focus on strengthening sales channels in the industrial and water treatment sectors, within the capacity that can generate $425 to $475 million of annual product revenue.

More details: Core Molding Technologies IR

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