ParkOhio Announces Quarterly Dividend

Rhea-AI Summary

The Board of Directors of Park-Ohio Holdings Corp. (NASDAQ: PKOH) has declared a quarterly cash dividend of $0.125 per share on its common stock. The payment is scheduled for May 19, 2023, with the record date set for May 5, 2023. ParkOhio operates over 120 manufacturing and supply chain facilities globally, focusing on supply chain management outsourcing, capital equipment, and manufactured components.

This announcement includes forward-looking statements that may be influenced by various risks and uncertainties, including supply chain issues, substantial indebtedness, and economic conditions. The company highlights potential challenges such as the impact of COVID-19, geopolitical tensions, and reliance on the automotive sector. The company assures investors of its commitment to maintaining dividend payments amidst these challenges.

Positive

• Declaration of a quarterly cash dividend of $0.125 per share.
• Commitment to maintain dividend payouts reflects company confidence.
• Diverse operational segments mitigate risks, providing stability.

Negative

• Substantial indebtedness may pose risks to financial stability.
• Dependence on the cyclical automotive and heavy-duty truck industries.
• Potential supply chain disruptions from geopolitical tensions and COVID-19.

CLEVELAND, OHIO--(BUSINESS WIRE)-- The Board of Directors of Park-Ohio Holdings Corp. (NASDAQ: PKOH) has declared a quarterly cash dividend of $0.125 per share on the common stock outstanding, to be paid on May 19, 2023, to shareholders of record as of the close of business on May 5, 2023.

ParkOhio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, ParkOhio operates more than 120 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products.

This news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: our ability to consummate the sale of our Aluminum Products business for any reason, including the inability to enter into a definitive purchase agreement; the ultimate impact the COVID-19 pandemic has on our business, results of operations, financial position and liquidity, including, without limitation, supply chain issues such as the global semiconductor micro-chip shortage and logistic issues; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part availability and pricing; changes in our relationships with customers and suppliers; the financial condition of our customers, including the impact of any bankruptcies; our ability to successfully integrate recent and future acquisitions into existing operations; the amounts and timing, if any, of purchases of our common stock; changes in general economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions and changing government policies, laws and regulations, including those related to the current global uncertainties and crises, such as tariffs and surcharges; adverse impacts to us, our suppliers and customers from acts of terrorism or hostilities, including the conflict between Russia and Ukraine, or political unrest, including the rising tension between China and the United States; public health issues, including the outbreak of COVID-19 and its impact on our facilities and operations and our customers and suppliers; our ability to meet various covenants, including financial covenants, contained in the agreements governing our indebtedness; disruptions, uncertainties or volatility in the credit markets that may limit our access to capital; potential disruption due to a partial or complete reconfiguration of the European Union; increasingly stringent domestic and foreign governmental regulations, including those affecting the environment or import and export controls and other trade barriers; inherent uncertainties involved in assessing our potential liability for environmental remediation-related activities; the outcome of pending and future litigation and other claims and disputes with customers; our dependence on the automotive and heavy-duty truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending; our ability to negotiate contracts with labor unions; our dependence on key management; our dependence on information systems; our ability to continue to pay cash dividends, and the timing and amount of any such dividends; and the other factors we describe under “Item 1A. Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved. The Company assumes no obligation to update the information in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005269/en/

MATTHEW V. CRAWFORD

PARK-OHIO HOLDINGS CORP.

(440) 947-2000

Source: Park-Ohio Holdings Corp.

FAQ

What is the dividend amount declared by Park-Ohio Holdings Corp.?

Park-Ohio Holdings Corp. has declared a quarterly cash dividend of $0.125 per share.

When will the dividend for Park-Ohio Holdings Corp. be paid?

The dividend will be paid on May 19, 2023.

What is the record date for the dividend payment by Park-Ohio?

The record date for the dividend payment is May 5, 2023.

What risks does Park-Ohio Holdings Corp. face regarding its financial performance?

Park-Ohio faces risks related to substantial indebtedness, supply chain issues, and dependence on the automotive sector.