ParkOhio Announces Strong Third Quarter 2024 Results
ParkOhio reported strong Q3 2024 results with net sales of $418 million, nearly flat compared to Q3 2023. The company achieved improved profitability with gross margin increasing 60 basis points to 17.3%. GAAP EPS from continuing operations rose to $1.02 per diluted share, while adjusted EPS grew 8% to $1.07. EBITDA reached $39 million, representing 9.2% of net sales. The company significantly enhanced its liquidity through debt repayments of $23 million and expects modest growth in Q4 and into 2025.
ParkOhio ha riportato risultati solidi per il terzo trimestre del 2024 con vendite nette di 418 milioni di dollari, quasi in linea con il terzo trimestre del 2023. L'azienda ha ottenuto un miglioramento della redditività con un margine lordo aumentato di 60 punti base al 17,3%. L'utile per azione GAAP dalle operazioni continuative è salito a 1,02 dollari per azione diluita, mentre l'utile per azione rettificato è cresciuto dell'8% a 1,07 dollari. L'EBITDA ha raggiunto 39 milioni di dollari, rappresentando il 9,2% delle vendite nette. L'azienda ha notevolmente migliorato la propria liquidità attraverso il rimborso di debiti per 23 milioni di dollari e prevede una crescita modesta nel quarto trimestre e nel 2025.
ParkOhio informó resultados sólidos en el tercer trimestre de 2024 con ventas netas de 418 millones de dólares, prácticamente planas en comparación con el tercer trimestre de 2023. La empresa logró una rentabilidad mejorada con un margen bruto que aumentó 60 puntos básicos al 17.3%. El EPS GAAP de las operaciones continuas aumentó a 1.02 dólares por acción diluida, mientras que el EPS ajustado creció un 8% a 1.07 dólares. El EBITDA alcanzó 39 millones de dólares, representando el 9.2% de las ventas netas. La empresa mejoró significativamente su liquidez mediante pagos de deudas de 23 millones de dólares y espera un crecimiento moderado en el cuarto trimestre y hasta 2025.
ParkOhio는 2024년 3분기 실적이 견조하다고 보고하며, 순매출이 4억 1800만 달러에 달하며 2023년 3분기와 거의 차이가 없었습니다. 회사는 총 이익률이 60bp 증가하여 17.3%에 도달함으로써 수익성이 개선되었습니다. 계속 운영되는 GAAP 주당 순익(EPS)은 희석 주당 1.02 달러로 상승했으며, 조정된 EPS는 8% 증가하여 1.07 달러를 기록했습니다. EBITDA는 3900만 달러에 도달하여 순매출의 9.2%를 차지합니다. 회사는 2300만 달러의 부채 상환을 통해 유동성을 상당히 강화하였으며, 4분기 및 2025년까지 완만한 성장을 기대하고 있습니다.
ParkOhio a annoncé de bons résultats pour le troisième trimestre 2024 avec des ventes nettes de 418 millions de dollars, pratiquement stables par rapport au troisième trimestre 2023. L'entreprise a réalisé une rentabilité améliorée avec une marge brute augmentée de 60 points de base à 17,3%. Le BPA GAAP des opérations continues a augmenté à 1,02 dollar par action diluée, tandis que le BPA ajusté a crû de 8% à 1,07 dollar. L'EBITDA a atteint 39 millions de dollars, représentant 9,2% des ventes nettes. L'entreprise a considérablement amélioré sa liquidité grâce à des remboursements de dettes de 23 millions de dollars et prévoit une croissance modeste au quatrième trimestre et en 2025.
ParkOhio hat starke Ergebnisse im 3. Quartal 2024 mit Nettoumsätzen von 418 Millionen Dollar gemeldet, was im Vergleich zum 3. Quartal 2023 nahezu konstant blieb. Das Unternehmen erzielte eine verbesserte Rentabilität mit einer Bruttomarge, die um 60 Basispunkte auf 17,3% anstieg. Der GAAP EPS aus fortgeführten Betrieben stieg auf 1,02 Dollar pro verwässerter Aktie, während der bereinigte EPS um 8% auf 1,07 Dollar zunahm. Das EBITDA erreichte 39 Millionen Dollar, was 9,2% der Nettoumsätze entspricht. Das Unternehmen hat seine Liquidität durch Schuldenrückzahlungen in Höhe von 23 Millionen Dollar erheblich verbessert und erwartet ein moderates Wachstum im 4. Quartal und bis 2025.
- Gross margin improved 60 basis points to 17.3%
- Adjusted EPS increased 8% to $1.07 per share
- Record operating margins in Supply Technologies segment at 10.5%
- EBITDA margins up 90 basis points year-over-year to 9.1%
- Debt reduction of $23.3 million in Q3
- Total liquidity increased 21% from Q2 to $194.4 million
- Net sales slightly decreased to $417.6M from $418.8M YoY
- Assembly Components segment sales declined from $108.4M to $98.7M
- Lower product pricing on certain legacy programs
- Forged and machined products business sales down 23% YoY
Insights
Strong Q3 results demonstrate solid operational execution despite market challenges. Key highlights include
Notable financial improvements include
While Assembly Components saw some pressure from legacy program pricing, strong aerospace and defense demand helped offset challenges in heavy-duty truck markets. The
-
Net sales of
compared to$418 million in Q3 2023$419 million -
Gross margin of
17.3% improved 60 basis points year-over-year -
GAAP EPS from continuing operations improved to
per diluted share compared to$1.02 in Q3 2023$0.99 -
Adjusted EPS from continuing operations was
per diluted share, up$1.07 8% vs. in Q3 2023$0.99 -
EBITDA, as defined was
,$39 million 9.2% of net sales -
Significantly increased liquidity resulting from debt repayments of
$23 million
“We are pleased with the performance of our Company during the third quarter. While demand was stable overall, we continue to see challenges in some of our varied end markets. Regardless, we delivered improved profitability and additional progress towards our margin and debt reduction goals. We anticipate modest growth to return in the fourth quarter and into 2025, as well as continued progress on our debt reduction initiatives," said Matthew V.
THIRD QUARTER CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
In the third quarter of 2024, net sales from continuing operations were
THIRD QUARTER SEGMENT RESULTS FROM CONTINUING OPERATIONS
In our Supply Technologies segment, net sales in the third quarter of 2024 were
In our Assembly Components segment, net sales were
In our Engineered Products segment, net sales were
Please refer to the tables that follow for a reconciliation of segment operating income to adjusted segment operating income.
YEAR-TO-DATE CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
In the nine months ended September 30, 2024, net sales from continuing operations were
LIQUIDITY AND CASH FLOWS
At September 30, 2024, our total liquidity was
2024 OUTLOOK - CONTINUING OPERATIONS
For 2024, we now expect revenues to be
CONFERENCE CALL
A conference call reviewing ParkOhio’s third quarter 2024 results will be broadcast live over the Internet on Thursday, November 7, commencing at 10:00 am Eastern Time. Simply log on to http://www.pkoh.com. An investor presentation is available on the Company's website.
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
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 realize any contingent consideration from the sale of the Aluminum Products business; the impact supply chain and logistic issues have on our business, results of operations, financial position and liquidity; 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 conflicts between
Park-Ohio Holdings Corp. and Subsidiaries |
|||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In millions, except per share data) |
||||||||||||||
Net sales |
$ |
417.6 |
|
|
$ |
418.8 |
|
|
$ |
1,267.8 |
|
|
$ |
1,270.4 |
|
Cost of sales |
|
345.3 |
|
|
|
348.8 |
|
|
|
1,050.9 |
|
|
|
1,063.1 |
|
Selling, general and administrative expenses |
|
47.8 |
|
|
|
43.0 |
|
|
|
142.3 |
|
|
|
135.1 |
|
Restructuring, acquisition-related and other special charges |
|
0.9 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
6.6 |
|
Gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
Operating income |
|
23.6 |
|
|
|
27.0 |
|
|
|
72.2 |
|
|
|
66.4 |
|
Other components of pension and other postretirement benefits income, net |
|
1.1 |
|
|
|
0.6 |
|
|
|
3.8 |
|
|
|
1.9 |
|
Interest expense, net |
|
(12.1 |
) |
|
|
(11.6 |
) |
|
|
(36.0 |
) |
|
|
(33.4 |
) |
Income from continuing operations before income taxes |
|
12.6 |
|
|
|
16.0 |
|
|
|
40.0 |
|
|
|
34.9 |
|
Income tax benefit (expense) |
|
0.6 |
|
|
|
(3.8 |
) |
|
|
(5.3 |
) |
|
|
(8.5 |
) |
Income from continuing operations |
|
13.2 |
|
|
|
12.2 |
|
|
|
34.7 |
|
|
|
26.4 |
|
Loss attributable to noncontrolling interests |
|
0.5 |
|
|
|
0.3 |
|
|
|
1.9 |
|
|
|
0.7 |
|
Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders |
|
13.7 |
|
|
|
12.5 |
|
|
|
36.6 |
|
|
|
27.1 |
|
Loss from discontinued operations, net of tax |
|
(3.9 |
) |
|
|
(1.4 |
) |
|
|
(5.3 |
) |
|
|
(4.8 |
) |
Net income attributable to Park-Ohio Holdings Corp. common shareholders |
$ |
9.8 |
|
|
$ |
11.1 |
|
|
$ |
31.3 |
|
|
$ |
22.3 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per common share attributable to Park-Ohio Holdings Corp. common shareholders: |
|
|
|
|
|
|
|
||||||||
Basic: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
1.05 |
|
|
$ |
1.01 |
|
|
$ |
2.88 |
|
|
$ |
2.22 |
|
Discontinued operations |
|
(0.30 |
) |
|
|
(0.11 |
) |
|
|
(0.42 |
) |
|
|
(0.39 |
) |
Total |
$ |
0.75 |
|
|
$ |
0.90 |
|
|
$ |
2.46 |
|
|
$ |
1.83 |
|
Diluted: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
1.02 |
|
|
$ |
0.99 |
|
|
$ |
2.81 |
|
|
$ |
2.19 |
|
Discontinued operations |
|
(0.29 |
) |
|
|
(0.11 |
) |
|
|
(0.41 |
) |
|
|
(0.39 |
) |
Total |
$ |
0.73 |
|
|
$ |
0.88 |
|
|
$ |
2.40 |
|
|
$ |
1.80 |
|
Weighted-average shares used to compute income (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
|
13.1 |
|
|
|
12.4 |
|
|
|
12.7 |
|
|
|
12.2 |
|
Diluted |
|
13.4 |
|
|
|
12.6 |
|
|
|
13.0 |
|
|
|
12.4 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends per common share |
$ |
0.125 |
|
|
$ |
0.125 |
|
|
$ |
0.375 |
|
|
$ |
0.375 |
|
|
|
|
|
|
|
|
|
||||||||
Other financial data: |
|
|
|
|
|
|
|
||||||||
EBITDA, as defined |
$ |
38.5 |
|
|
$ |
38.5 |
|
|
$ |
115.2 |
|
|
$ |
104.8 |
|
Park-Ohio Holdings Corp. and Subsidiaries
Supplemental Non-GAAP Financial Measures (Unaudited)
Adjusted earnings from continuing operations is a non-GAAP financial measure that the Company is providing in this press release. Adjusted earnings from continuing operations is income from continuing operations calculated in accordance with generally accepted accounting principles ("GAAP"), adjusted for special items. The Company presents this non-GAAP financial measure because management uses adjusted earnings from continuing operations to compare its operating performance on a consistent basis over multiple periods because they remove the impact of certain significant noncash credits or charges and certain infrequent items impacting net income. Adjusted earnings is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, income from continuing operations calculated in accordance with GAAP. Adjusted income from continuing operations herein may not be comparable to similarly titled measures of other companies. The following table reconciles income from continuing operations to adjusted earnings from continuing operations:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||||
|
Earnings |
|
Diluted
|
|
Earnings |
|
Diluted
|
|
Earnings |
|
Diluted
|
|
Earnings |
|
Diluted
|
||||||||||||||
|
(In millions, except for earnings per share (EPS)) |
||||||||||||||||||||||||||||
Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders |
$ |
13.7 |
|
|
$ |
1.02 |
|
|
$ |
12.5 |
|
$ |
0.99 |
|
$ |
36.6 |
|
|
$ |
2.81 |
|
|
$ |
27.1 |
|
|
$ |
2.19 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Restructuring and other special charges |
|
0.9 |
|
|
|
0.07 |
|
|
|
— |
|
|
— |
|
|
2.1 |
|
|
|
0.16 |
|
|
|
6.5 |
|
|
|
0.52 |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.3 |
|
|
|
0.02 |
|
|
|
0.1 |
|
|
|
0.01 |
|
Gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
|
(0.06 |
) |
Tax effect of above adjustments |
|
(0.3 |
) |
|
|
(0.02 |
) |
|
|
— |
|
|
— |
|
|
(0.7 |
) |
|
|
(0.05 |
) |
|
|
(1.3 |
) |
|
|
(0.11 |
) |
Non-controlling interest impact |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted earnings |
$ |
14.3 |
|
|
$ |
1.07 |
|
|
$ |
12.5 |
|
$ |
0.99 |
|
$ |
38.2 |
|
|
$ |
2.94 |
|
|
$ |
31.6 |
|
|
$ |
2.55 |
|
The following table shows the impact of these adjustments on our segment results (continuing operations): |
|||||||||||||||||
|
Cost of Sales |
|
SG&A |
|
Total |
|
Cost of Sales |
|
SG&A |
|
Total |
||||||
|
(In millions) |
||||||||||||||||
|
Three Months Ended September 30, 2024 |
|
Three Months Ended September 30, 2023 |
||||||||||||||
Supply Technologies |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Assembly Components |
|
— |
|
|
0.5 |
|
|
0.5 |
|
|
— |
|
|
— |
|
|
— |
Engineered Products |
|
— |
|
|
0.4 |
|
|
0.4 |
|
|
— |
|
|
— |
|
|
— |
Corporate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total continuing operations |
$ |
— |
|
$ |
0.9 |
|
$ |
0.9 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
||||||||||||||
Supply Technologies |
$ |
— |
|
$ |
0.2 |
|
$ |
0.2 |
|
$ |
— |
|
$ |
0.2 |
|
$ |
0.2 |
Assembly Components |
|
— |
|
|
0.5 |
|
|
0.5 |
|
|
1.5 |
|
|
— |
|
|
1.5 |
Engineered Products |
|
— |
|
|
1.7 |
|
|
1.7 |
|
|
0.2 |
|
|
4.7 |
|
|
4.9 |
Corporate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total continuing operations |
$ |
— |
|
$ |
2.4 |
|
$ |
2.4 |
|
$ |
1.7 |
|
$ |
4.9 |
|
$ |
6.6 |
Park-Ohio Holdings Corp. and Subsidiaries
Supplemental Non-GAAP Financial Measures (Unaudited)
EBITDA, as defined is a non-GAAP financial measure that the Company is providing in this press release. EBITDA, as defined reflects net income attributable to Park-Ohio Holdings Corp. common shareholders before interest expense, income taxes, depreciation and amortization, and also excludes certain charges and corporate-level expenses as defined in the Company's current revolving credit facility. The Company presents this non-GAAP financial measure because management uses EBITDA, as defined to assess the Company's performance and to calculate its debt service coverage ratio under its current revolving credit facility. EBITDA, as defined is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, net income or cash flow information calculated in accordance with GAAP. EBITDA, as defined herein may not be comparable to similarly titled measures of other companies. The following table reconciles net income to EBITDA, as defined:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
(In millions) |
||||||||||||
Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders |
$ |
13.7 |
|
$ |
12.5 |
|
|
$ |
36.6 |
|
$ |
27.1 |
|
Add back: |
|
|
|
|
|
|
|
||||||
Interest expense, net |
|
12.1 |
|
|
12.6 |
|
|
|
36.0 |
|
|
35.9 |
|
Income tax expense |
|
— |
|
|
3.0 |
|
|
|
5.3 |
|
|
6.3 |
|
Depreciation and amortization |
|
8.5 |
|
|
7.9 |
|
|
|
25.2 |
|
|
23.4 |
|
Stock-based compensation expense |
|
1.4 |
|
|
1.6 |
|
|
|
4.1 |
|
|
4.9 |
|
Restructuring, business optimization and other costs |
|
0.9 |
|
|
— |
|
|
|
1.1 |
|
|
6.5 |
|
Acquisition-related expenses |
|
— |
|
|
— |
|
|
|
0.3 |
|
|
0.1 |
|
EBITDA loss attributable to Designated Subsidiary |
|
1.9 |
|
|
1.2 |
|
|
|
6.5 |
|
|
2.0 |
|
Other |
|
— |
|
|
(0.3 |
) |
|
|
0.1 |
|
|
(1.4 |
) |
EBITDA, as defined |
$ |
38.5 |
|
$ |
38.5 |
|
|
$ |
115.2 |
|
$ |
104.8 |
|
Note: Nine months ended may not equal the sum of quarterly amounts due to defined calculation within Park-Ohio Industries, Inc. Seventh Amended and Restated Credit Agreement. |
Park-Ohio Holdings Corp. and Subsidiaries |
|||||
Condensed Consolidated Balance Sheets |
|||||
|
(Unaudited) |
|
|
||
|
September 30,
|
|
December 31,
|
||
|
(In millions) |
||||
ASSETS |
|||||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
59.5 |
|
$ |
54.8 |
Accounts receivable, net |
|
276.5 |
|
|
263.3 |
Inventories, net |
|
430.8 |
|
|
411.1 |
Other current assets |
|
119.2 |
|
|
95.2 |
Total current assets |
|
886.0 |
|
|
824.4 |
Property, plant and equipment, net |
|
187.9 |
|
|
184.9 |
Operating lease right-of-use assets |
|
43.4 |
|
|
44.7 |
Goodwill |
|
115.7 |
|
|
110.2 |
Intangible assets, net |
|
74.4 |
|
|
73.3 |
Other long-term assets |
|
99.2 |
|
|
103.2 |
Total assets |
$ |
1,406.6 |
|
$ |
1,340.7 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|
|
|
||
Trade accounts payable |
$ |
202.1 |
|
$ |
204.0 |
Current portion of long-term debt and short-term debt |
|
10.2 |
|
|
9.4 |
Current portion of operating lease liabilities |
|
11.6 |
|
|
10.6 |
Accrued expenses and other |
|
137.4 |
|
|
139.6 |
Total current liabilities |
|
361.3 |
|
|
363.6 |
Long-term liabilities, less current portion: |
|
|
|
||
Long-term debt |
|
651.1 |
|
|
633.4 |
Long-term operating lease liabilities |
|
32.1 |
|
|
34.4 |
Other long-term liabilities |
|
19.1 |
|
|
19.4 |
Total long-term liabilities |
|
702.3 |
|
|
687.2 |
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity |
|
335.9 |
|
|
280.4 |
Noncontrolling interests |
|
7.1 |
|
|
9.5 |
Total equity |
|
343.0 |
|
|
289.9 |
Total liabilities and shareholders' equity |
$ |
1,406.6 |
|
$ |
1,340.7 |
Park-Ohio Holdings Corp. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
2024 |
|
2023 |
||||
|
(In millions) |
||||||
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
|
|
|
||||
Income from continuing operations |
$ |
34.7 |
|
|
$ |
26.4 |
|
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: |
|
|
|
||||
Depreciation and amortization |
|
25.2 |
|
|
|
23.4 |
|
Stock-based compensation expense |
|
4.1 |
|
|
|
4.9 |
|
Gain on sale of assets |
|
— |
|
|
|
(0.8 |
) |
|
|
|
|
||||
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(7.9 |
) |
|
|
(20.2 |
) |
Inventories |
|
(13.9 |
) |
|
|
2.5 |
|
Prepaid and other current assets |
|
(19.1 |
) |
|
|
(30.8 |
) |
Accounts payable and accrued expenses |
|
(9.6 |
) |
|
|
14.2 |
|
Other |
|
(4.9 |
) |
|
|
4.7 |
|
Net cash provided by operating activities from continuing operations |
|
8.6 |
|
|
|
24.3 |
|
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS |
|
|
|
||||
Purchases of property, plant and equipment |
|
(22.3 |
) |
|
|
(20.8 |
) |
Proceeds from sales of assets |
|
— |
|
|
|
2.0 |
|
Business acquisitions, net of cash acquired |
|
(11.0 |
) |
|
|
(1.2 |
) |
Net cash used in investing activities from continuing operations |
|
(33.3 |
) |
|
|
(20.0 |
) |
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS |
|
|
|
||||
Proceeds from revolving credit facility, net |
|
18.7 |
|
|
|
1.4 |
|
Proceeds from other debt, net |
|
1.4 |
|
|
|
3.7 |
|
(Payments on) proceeds from finance lease facilities, net |
|
(1.7 |
) |
|
|
0.3 |
|
Net proceeds from common stock issuances |
|
24.7 |
|
|
|
— |
|
Payments related to prior acquisitions |
|
(2.2 |
) |
|
|
(2.1 |
) |
Dividends |
|
(5.4 |
) |
|
|
(4.9 |
) |
Payments of withholding taxes on share awards |
|
(2.4 |
) |
|
|
(1.9 |
) |
Net cash provided by (used in) financing activities from continuing operations |
|
33.1 |
|
|
|
(3.5 |
) |
DISCONTINUED OPERATIONS: |
|
|
|
||||
Total used by operating activities |
|
(4.1 |
) |
|
|
(3.4 |
) |
Total used by investing activities |
|
— |
|
|
|
(2.0 |
) |
Total used by financing activities |
|
— |
|
|
|
(1.9 |
) |
Decrease in cash and cash equivalents from discontinued operations |
|
(4.1 |
) |
|
|
(7.3 |
) |
Effect of exchange rate changes on cash |
|
0.4 |
|
|
|
(0.5 |
) |
Increase (decrease) in cash and cash equivalents |
|
4.7 |
|
|
|
(7.0 |
) |
Cash and cash equivalents at beginning of period |
|
54.8 |
|
|
|
58.2 |
|
Cash and cash equivalents at end of period |
$ |
59.5 |
|
|
$ |
51.2 |
|
Interest paid |
$ |
29.9 |
|
|
$ |
29.6 |
|
Income taxes paid |
$ |
8.5 |
|
|
$ |
7.1 |
|
Park-Ohio Holdings Corp. and Subsidiaries |
|||||||||||||||
Business Segment Information (Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In millions) |
||||||||||||||
NET SALES OF CONTINUING OPERATIONS: |
|
|
|
|
|
|
|
||||||||
Supply Technologies |
$ |
194.5 |
|
|
$ |
192.8 |
|
|
$ |
594.0 |
|
|
$ |
585.9 |
|
Assembly Components |
|
98.7 |
|
|
|
108.4 |
|
|
|
309.0 |
|
|
|
330.8 |
|
Engineered Products |
|
124.4 |
|
|
|
117.6 |
|
|
|
364.8 |
|
|
|
353.7 |
|
|
$ |
417.6 |
|
|
$ |
418.8 |
|
|
$ |
1,267.8 |
|
|
$ |
1,270.4 |
|
|
|
|
|
|
|
|
|
||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: |
|
|
|
|
|
|
|
||||||||
Supply Technologies |
$ |
20.5 |
|
|
$ |
15.6 |
|
|
$ |
59.0 |
|
|
$ |
45.0 |
|
Assembly Components |
|
6.1 |
|
|
|
11.2 |
|
|
|
21.6 |
|
|
|
26.9 |
|
Engineered Products |
|
4.8 |
|
|
|
7.1 |
|
|
|
14.6 |
|
|
|
15.3 |
|
Total segment operating income |
|
31.4 |
|
|
|
33.9 |
|
|
|
95.2 |
|
|
|
87.2 |
|
Corporate costs |
|
(7.8 |
) |
|
|
(6.9 |
) |
|
|
(23.0 |
) |
|
|
(21.6 |
) |
Gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Operating income |
|
23.6 |
|
|
|
27.0 |
|
|
|
72.2 |
|
|
|
66.4 |
|
Other components of pension and other postretirement benefits income, net |
|
1.1 |
|
|
|
0.6 |
|
|
|
3.8 |
|
|
|
1.9 |
|
Interest expense, net |
|
(12.1 |
) |
|
|
(11.6 |
) |
|
|
(36.0 |
) |
|
|
(33.4 |
) |
Income from continuing operations before income taxes |
$ |
12.6 |
|
|
$ |
16.0 |
|
|
$ |
40.0 |
|
|
$ |
34.9 |
|
Park-Ohio Holdings Corp. and Subsidiaries
Supplemental Non-GAAP Financial Measures (Unaudited)
Adjusted segment operating income (loss) is a non-GAAP financial measure that the Company is providing in this press release. Adjusted segment operating income (loss) is calculated as segment operating income (loss) plus adjustments for plant closure and consolidation, severance and other. The Company presents this non-GAAP financial measure because the business segments have incurred significant restructuring and related expenses during the year-to-date periods. Adjusted segment operating income (loss) is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, earnings in accordance with GAAP. Adjusted segment operating income (loss) herein may not be comparable to similarly titled measures of other companies. The following table reconciles adjusted segment operating income (loss) to segment operating income (loss):
|
Three Months Ended September 30, |
||||||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||||||
|
(In millions) |
||||||||||||||||||||
|
As reported |
|
Adjustments |
|
As adjusted |
|
As reported |
|
Adjustments |
|
As adjusted |
||||||||||
Supply Technologies |
$ |
20.5 |
|
|
$ |
— |
|
$ |
20.5 |
|
|
$ |
15.6 |
|
|
$ |
— |
|
$ |
15.6 |
|
Assembly Components |
|
6.1 |
|
|
|
0.5 |
|
|
6.6 |
|
|
|
11.2 |
|
|
|
— |
|
|
11.2 |
|
Engineered Products |
|
4.8 |
|
|
|
0.4 |
|
|
5.2 |
|
|
|
7.1 |
|
|
|
— |
|
|
7.1 |
|
Corporate |
|
(7.8 |
) |
|
|
— |
|
|
(7.8 |
) |
|
|
(6.9 |
) |
|
|
— |
|
|
(6.9 |
) |
Operating income - continuing operations |
$ |
23.6 |
|
|
$ |
0.9 |
|
$ |
24.5 |
|
|
$ |
27.0 |
|
|
$ |
— |
|
$ |
27.0 |
|
|
Nine Months Ended September 30, |
|||||||||||||||||||||
|
2024 |
|
2023 |
|||||||||||||||||||
|
(In millions) |
|||||||||||||||||||||
|
As reported |
|
Adjustments |
|
As adjusted |
|
As reported |
|
Adjustments |
|
As adjusted |
|||||||||||
Supply Technologies |
$ |
59.0 |
|
|
$ |
0.2 |
|
$ |
59.2 |
|
|
$ |
45.0 |
|
|
$ |
0.2 |
|
|
$ |
45.2 |
|
Assembly Components |
|
21.6 |
|
|
|
0.5 |
|
|
22.1 |
|
|
|
26.9 |
|
|
|
1.5 |
|
|
|
28.4 |
|
Engineered Products |
|
14.6 |
|
|
|
1.7 |
|
|
16.3 |
|
|
|
15.3 |
|
|
|
4.9 |
|
|
|
20.2 |
|
Corporate |
|
(23.0 |
) |
|
|
— |
|
|
(23.0 |
) |
|
|
(21.6 |
) |
|
|
— |
|
|
|
(21.6 |
) |
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.8 |
|
|
|
(0.8 |
) |
|
|
— |
|
Operating income - continuing operations |
$ |
72.2 |
|
|
$ |
2.4 |
|
$ |
74.6 |
|
|
$ |
66.4 |
|
|
$ |
5.8 |
|
|
$ |
72.2 |
|
|
Three Months Ended June 30, |
|||||||
|
2024 |
|||||||
|
(In millions) |
|||||||
|
As reported |
|
Adjustments |
|
As adjusted |
|||
Assembly Components |
$ |
6.9 |
|
$ |
— |
|
$ |
6.9 |
|
||||||||
Note: Amounts above include non-controlling interest impact. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106228973/en/
MATTHEW V.
PARK-OHIO HOLDINGS CORP.
(440) 947-2000
Source: Park-Ohio Holdings Corp.
FAQ
What was ParkOhio's (PKOH) EPS in Q3 2024?
How much debt did ParkOhio (PKOH) repay in Q3 2024?