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Core Molding Technologies, a leading engineered materials company, reported a decrease in total net sales by 21.5% in the first quarter of fiscal 2024 compared to the prior year. Despite this, the company saw a sequential improvement in net sales by 5.9%. Gross margin decreased to 17.0% of net sales, while operating income and net income also declined compared to the previous year. Adjusted EBITDA decreased to 11.2% of net sales, although it improved sequentially. The company's President highlighted operational improvements and market-based pricing. The CFO anticipates a full-year sales decrease of 10% to 15% compared to 2023.
Core Molding Technologies, Inc. (NYSE American: CMT) announced the release of its second annual Sustainability Report focusing on its ESG approach and strategies. The report highlights achievements in 2023 and progress on energy consumption, greenhouse gas emissions, and landfill waste reduction goals. The Company aims to reduce these by 30% by the end of fiscal 2030. Core's President emphasized the commitment to environmental stewardship, diversity, and corporate governance for long-term shareholder value. The Sustainability Leader highlighted improvements in GHG emissions, electricity usage, and waste management KPIs.