Business
ParkOhio Announces 2019 Results and Share Repurchase Program
Fourth Quarter 2019: Q4 2019 Sales of $380 million Q4 GAAP EPS of $0.61; Adjusted EPS of $0.65 Operating cash flows of $30.2 million Full Year 2019: Sales of
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nFourth Quarter 2019:\n\n\nQ4 2019 Sales of $380 million\n\n\nQ4 GAAP EPS of $0.61; Adjusted EPS of $0.65\n\n\nOperating cash flows of $30.2 million\n\n\n\n\nFull Year 2019:\n\n\nSales of $1.618 billion in 2019\n\n\nGAAP EPS of $3.12; Adjusted EPS of $3.74\n\n\nOperating cash flows of $63.7 million\n\n\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the fourth quarter and full year 2019.\n\n\nMatthew V. Crawford, Chairman and Chief Executive Officer, stated, “While we continued to manage through a challenging industrial environment to end 2019, including the significant adverse impact of the GM labor strike, extended customer delays on new product launches, and softness in certain end markets, we made excellent progress on several key strategic objectives. Most significantly in 2019, we delivered strong operating cash flows, completed several important capital investments in our businesses, implemented key margin improvement initiatives, and completed the strategic acquisition of Erie Press.”\n\n\nFOURTH QUARTER AND FULL YEAR CONSOLIDATED RESULTS\n\n\nIn the fourth quarter of 2019, net sales were $379.5 million compared to $405.9 million in the 2018 period. Net income attributable to ParkOhio common shareholders in the fourth quarter of 2019 was $7.6 million, or $0.61 per diluted share, compared to net income attributable to ParkOhio common shareholders in the fourth quarter of 2018 of $14.8 million, or $1.19 per diluted share. Excluding special items, Adjusted EPS was $0.65 per diluted share in the fourth quarter of 2019 compared to $1.20 per diluted share in the 2018 period. The GM labor strike and customer delays in launching new business in our Assembly Components segment negatively impacted our sales by approximately $20 million and our earnings per share by approximately $0.35 in the fourth quarter.\n\n\nFull year 2019 net sales were $1.62 billion compared to $1.66 billion in 2018. Net income attributable to ParkOhio common shareholders in 2019 was $38.6 million, or $3.12 per diluted share, compared to net income attributable to ParkOhio common shareholders in 2018 of $53.6 million, or $4.28 per diluted share. Excluding special items, Adjusted EPS was $3.74 per diluted share in 2019 compared to $4.28 per diluted share in 2018.\n\n\nDuring 2019, the Compan...