- Net sales of $418 million compared to $419 million in Q3
2023
- Gross margin of 17.3% improved 60 basis points
year-over-year
- GAAP EPS from continuing operations improved to $1.02 per
diluted share compared to $0.99 in Q3 2023
- Adjusted EPS from continuing operations was $1.07 per diluted
share, up 8% vs. $0.99 in Q3 2023
- EBITDA, as defined was $39 million, 9.2% of net sales
- Significantly increased liquidity resulting from debt
repayments of $23 million
Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its
results for the third quarter of 2024.
“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.
Crawford, Chairman and Chief Executive Officer.
THIRD QUARTER CONSOLIDATED RESULTS FROM
CONTINUING OPERATIONS
In the third quarter of 2024, net sales from continuing
operations were $417.6 million compared to $418.8 million in the
2023 period. Gross margin was 17.3%, an increase of 60 basis points
compared to 16.7% in the 2023 third quarter. Income from continuing
operations attributable to ParkOhio common shareholders in the
third quarter of 2024 was $13.7 million, or $1.02 per diluted
share, compared to $12.5 million, or $0.99 per diluted share in the
third quarter of 2023. Excluding special non-recurring items,
adjusted EPS from continuing operations was $1.07 per diluted share
in the third quarter of 2024 compared to $0.99 per diluted share in
the 2023 period, an increase of 8%. The year-over-year profit
improvement was driven by strong sales and record operating margins
in our Supply Technologies segment; higher sales and operating
income in the capital equipment business included in our Engineered
Products segment; and ongoing profit-improvement initiatives
throughout the company. In addition, our net income in the third
quarter of 2024 benefited from changes in estimates related to
federal research and development credits which positively impacted
our EPS by $0.18 per diluted share. EBITDA, as defined totaled
$38.5 million, or 9.2% of net sales, in the 2024 third quarter.
Please refer to the table that follows for a reconciliation of
income from continuing operations to adjusted income from
continuing operations and EBITDA, as defined.
THIRD QUARTER SEGMENT RESULTS FROM CONTINUING
OPERATIONS
In our Supply Technologies segment, net sales in the third
quarter of 2024 were $194.5 million compared to $192.8 million in
the third quarter a year ago. In our supply chain business,
continued strength in certain of our end markets, including
aerospace and defense, consumer electronics, electrical
distribution and medical equipment, offset lower year-over-year
sales in our heavy-duty truck and power sports end markets. Strong
customer demand continued in our fastener manufacturing business,
with sales up 9% compared to the 2023 third quarter. Segment
operating income increased $4.9 million, or 31%, to a record $20.5
million in the third quarter of 2024 compared to $15.6 million in
the third quarter of 2023. Operating income margin was a record
10.5% in the 2024 quarter, up 240 basis points from 8.1% in the
2023 third quarter, due primarily to an increase in sales of
higher-margin products, strong operational execution, and continued
strong demand in our fastener manufacturing business.
In our Assembly Components segment, net sales were $98.7 million
compared to $108.4 million in the 2023 third quarter. Sales were
lower year-over-year due primarily to lower product pricing on
certain legacy programs and lower unit volumes primarily on
end-of-life programs, partially offset by higher product pricing on
certain other programs. Segment operating income in the 2024 third
quarter was $6.1 million compared to $11.2 million in the 2023
third quarter and $6.9 million last quarter. On an adjusted basis,
which excludes restructuring and other special charges, segment
operating income was $6.6 million in the third quarter of 2024
compared to $11.2 million in the third quarter of 2023 and $6.9
million last quarter. The decrease in operating income and margin
in the third quarter of 2024 compared to the 2023 third quarter was
due to the lower product pricing and unit volumes, which were
partially offset by profit enhancement initiatives in the 2024
period. On a sequential basis, adjusted operating income margin was
6.7% in both the second and third quarters of 2024, as higher
pricing on certain programs in the third quarter 2024 offset lower
volumes on certain programs compared to the second quarter of
2023.
In our Engineered Products segment, net sales were $124.4
million in the 2024 third quarter, an increase of 6% compared to
$117.6 million in last year's third quarter. This increase was
primarily driven by higher sales in Europe, which were up 32%
year-over-year, and higher sales of aftermarket parts and services
in North America, which were up 19% compared to the third quarter
of 2023. New equipment backlog totaled $161 million at September
30, 2024 compared to $162 million at December 31, 2023. In our
forged and machined products business, third quarter 2024 sales
were down 23% compared to the same quarter a year ago. Segment
operating income in the 2024 third quarter was $4.8 million
compared to $7.1 million in the 2023 third quarter. On an adjusted
basis, which excludes restructuring and other special charges,
segment operating income was $5.2 million in the third quarter of
2024 compared to $7.1 million in the 2023 period. The lower
profitability in the 2024 third quarter was driven by lower sales
levels and operating margins in our forged and machined products
business, which more than offset higher sales and profitability in
our capital equipment business.
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 $1,267.8 million compared to $1,270.4
million in the 2023 period. Gross margin was 17.1%, an increase of
80 basis points compared to 16.3% in the 2023 period. Income from
continuing operations attributable to ParkOhio common shareholders
in the nine months ended September 30, 2024 increased 35% to $36.6
million, or $2.81 per diluted share, compared to $27.1 million, or
$2.19 per diluted share in the same period in 2023. Excluding
special non-recurring items, adjusted EPS from continuing
operations was $2.94 per diluted share in the 2024 period compared
to $2.55 per diluted share in the 2023 period, an increase of 15%.
EBITDA, as defined increased 10% and totaled $115.2 million during
the nine-month period ended September 30, 2024, and EBITDA margins
were up 90 basis points year-over-year to 9.1% of net sales. Please
refer to the table that follows for a reconciliation of income from
continuing operations to adjusted income from continuing operations
and EBITDA, as defined.
LIQUIDITY AND CASH FLOWS
At September 30, 2024, our total liquidity was $194.4 million,
which included cash and cash equivalents of $59.5 million and
$134.9 million of unused borrowing capacity under our credit
agreements and was an increase of 21% from June 30, 2024. During
the third quarter of 2024, we made debt repayments of $23.3 million
utilizing the majority of cash proceeds from the sale of our common
stock, which totaled $24.7 million.
2024 OUTLOOK - CONTINUING OPERATIONS
For 2024, we now expect revenues to be 1%-2% above our record
2023 revenues, reflecting stable demand in most end markets and
revenue growth in the fourth quarter of this year compared to a
year ago. In addition, we now expect adjusted EPS to increase more
than 10% year-over-year, and EBITDA, as defined to approximate $150
million, an increase of 12% compared to 2023.
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 Cleveland, Ohio, ParkOhio operates approximately
130 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 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 Russia and Ukraine
and in the Middle East, or political unrest, including the rising
tension between China and the United States; public health issues,
including the outbreak of infectious diseases and any 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, 2023. 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.
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 EPS
Earnings
Diluted EPS
Earnings
Diluted EPS
Earnings
Diluted EPS
(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,
2024
December 31,
2023
(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 September
30,
Nine Months Ended September
30,
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. CRAWFORD PARK-OHIO HOLDINGS CORP. (440) 947-2000
Park Ohio (NASDAQ:PKOH)
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