Brief: Core Molding Technologies Reports Q1 Earnings Per Share Of $0.97

Core Molding Technologies

11/05/2020 13:21

May 11 (Reuters) - Core Molding Technologies Inc  CMT.A :
    * CORE MOLDING TECHNOLOGIES REPORTS $11.8M IMPROVEMENT IN
NET
INCOME ON 11.4% LOWER SALES FOR THE FIRST QUARTER 2020
    * Q1 EARNINGS PER SHARE $0.97
    * Q1 SALES $64 MILLION VERSUS $72.3 MILLION
    * CORE MOLDING TECHNOLOGIES - SALES DECLINED IN Q1 OF 2020,
DUE TO
INDUSTRY DEMAND DECLINE IN NORTH AMERICAN HEAVY-DUTY TRUCKS
    * PRODUCT REVENUES DECLINED ABOUT 72% IN APRIL AS COMPARED
TO
PRIOR THREE MONTHS' AVERAGE
    * BEGUN TO INCREASE PRODUCTION STARTING MAY 4
    * CORE MOLDING TECHNOLOGIES - EXPECTS TO INCREASE PRODUCTION
THROUGHOUT MONTH OF MAY
    * CORE MOLDING TECHNOLOGIES - IMPLEMENTED COST REDUCTION
MEASURES
TO REDUCE OPERATING COSTS, INCLUDING TEMPORARY LAYOFFS OF HOURLY
EMPLOYEES
    * TEMPORARY REDUCTION IN SALARIES, AND DISCRETIONARY
SPENDING
REDUCTIONS
    * WORKING CLOSELY WITH ITS LENDING GROUP TO MANAGE AVAILABLE
LIQUIDITY
    * CORE MOLDING TECHNOLOGIES - EXTENT TO WHICH COVID-19 WILL
IMPACT
BUSINESS IS UNCERTAIN
    * EXPECTS HEAVY AND MEDIUM DUTY TRUCK SALES LEVELS TO
DECLINE IN
2020

Source text for Eikon:  ID:nPn2YyVvTa 
Further company coverage:  CMT.A 

 ((Reuters.Briefs@thomsonreuters.com;))