- Core Molding press release ( NYSE: CMT ): Q2 GAAP EPS of $0.26 beats by $0.11 .
- Revenue of $98.7M (+22.6% Y/Y) beats by $15.4M .
- Raw material cost recoveries were approximately $7.8 million, or 7.9% of net sales, for the three months ended June 30, 2022. Excluding raw materials recoveries, total net sales increased $10.5 million, or 13.0%, compared to the same period in 2021.
- Gross margin of $13.0 million, or 13.2% of net sales, compared to $13.7 million or 17.1% of net sales. Excluding the impact of raw material recoveries, gross margin was 14.3% of net sales in the 2022 second quarter. The gross margin percentage pressures were primarily due to product mix shifts, coupled with production inefficiencies and inflation.
- Selling, general and administrative expenses of $8.7 million, or 8.8% of net sales compared to $7.6 million or 9.4% in the prior year same period.
- Operating income of $4.4 million, or 4.4% of net sales, versus $6.2 million, or 7.7% of net sales in the prior year.
- Adjusted EBITDA of $7.9 million, or 8.0% of net sales, compared to $9.7 million, or 12.0% of net sales in the prior year.
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Core Molding GAAP EPS of $0.26 beats by $0.11, revenue of $98.7M beats by $15.4M