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Core Molding Technologies Promotes Michael Gayford to COO
Core Molding Technologies announced the promotion of Michael Gayford to Chief Operating Officer, COO, effective immediately. In his expanded role, Gayford will assume operational responsibility for the Company's North American operations, and Arnold Alanis, Executive Vice President of Operations in Mexico, will report to him.
Core Molding Authorizes Stock Repurchase Program Up to $7.5M
Core Molding announced that its board authorized a stock repurchase program of up to $7.5M of the company's issued and outstanding common stock, par value $1.00 per share.
Company Anticipates $25M to $30M Investment for Mexico Expansion in 2026
The Company anticipates spending approximately $25 million to $30 million during 2026 on property, plant and equipment purchases for all of the Company's operations, including the Mexico expansion. Included in the Company's anticipated spending in 2026 is approximately $18 million to $20 million for the Mexico expansion project. The Company generated a Return on Capital Employed of 8.0% for the trailing twelve months and 10.2% excluding cash.
Core Revenues Decline 9.5% in FY2025, 2026 Sales Expected Flat to Up 5%
Alex Panda, CFO, commented, "As expected, fiscal 2025 revenues declined 9.5%, primarily due to weakness in the Truck sector, which represents 44% of Core's product sales. Gross margins of 17.4%, within our previously communicated range, reflected stability despite lower volumes and operating leverage pressure. By maintaining margins within our long-term 17% to 19% target range and managing SG&A tightly, we generated strong operating cash flows of over $19 million for the year. Looking ahead, we anticipate total sales for 2026 to be flat to up approximately 5%, when compared to 2025. This is primarily driven by our SMC compound wins, which will start production by the end of third quarter of 2026 and our expectation that the Truck cycle will begin to recover in the second half of 2026 with momentum continuing through 2027."
Company Reports $74.7M Revenue for Fiscal 2025
Reports revenue $74.7M vs. $62.5M last year. David Duvall, CEO, said, "Fiscal 2025 was intensely focused on our Invest For Growth Must Win Battle - and we delivered as stated. We won $63 million in business, the majority of which was new business for Core, and over 65% of these new wins are outside our largest end markets, Truck and Powersports. We also launched proprietary sheet molding compound into Building Products, generating close to $10 million in revenue in a large, growing addressable market. While continuing to invest for growth in 2025, we maintained disciplined operational management. We systematically improved execution through optimizing our footprint, while implementing strategies to stabilize margins, generate operating cash flow, and prepare for growth. In fiscal 2026, our focus is on execution: expanding the Matamoros facility and bringing the planned Monterrey plant online-on time and on budget. These projects are supported by current business, with a pipeline expected to deliver $150 million in incremental revenue over the next several years. With improving end-market visibility in the current year, we see a clear path to over $300 million in revenue in 2027."
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