Business
ParkOhio Announces 2022 Fourth Quarter and Full Year Results
Fourth quarter results: Net sales from continuing operations of $382 million, up 17% YOY GAAP EPS loss from continuing operations of $0.58 per diluted share
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\nFourth quarter results:\n\n\nNet sales from continuing operations of $382 million, up 17% YOY\n\n\nGAAP EPS loss from continuing operations of $0.58 per diluted share\n\n\nAdjusted EPS loss from continuing operations of $0.09 per diluted share\n\n\nIncludes tax adjustments which negatively impacted GAAP and adjusted EPS by $0.26 per diluted share and negative foreign currency impacts of $0.10 per diluted share\n\n\n\n\nFull year results:\n\n\nNet sales from continuing operations of $1.5 billion, up 17% YOY\n\n\nRecord sales from continuing operations\n\n\n\n\nGAAP EPS from continuing operations of $0.83 per diluted share\n\n\nAdjusted EPS from continuing operations of $1.76 per diluted share\n\n\n\n\n2023 Outlook:\n\n\nRevenues from continuing operations expected to increase 5-10% YOY\n\n\nHigher YOY sales and profitability in each segment resulting from strong end market demand and prior year margin improvement initiatives\n\n\nDiscontinued Operations:\n\n\nCompany entered into a Memorandum of Understanding to sell its Aluminum Products business, subject to completion of a purchase agreement\n\n\nAluminum Products now classified as a discontinued operation for all periods\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the fourth quarter and full year 2022.\n\nMatthew V. Crawford, Chairman and Chief Executive Officer, stated, “Our Company had record growth in 2022 despite a challenging period highlighted by inflation, supply chain challenges and other disruptions. We emerge as a leaner and more profitable entity. Additionally, we are announcing the intent of a strategic exit of our Aluminum Products business. This is a difficult decision given the substantial opportunities in the business as it relates to lightweighting and electrification, but we have decided to prioritize other investment opportunities. As we look to the future, we see continued growth and opportunity particularly in the North American manufacturing sector as we see substantial opportunities in infrastructure, energy transition and key traditional markets which have only recently begun to recover.”\n\nFOURTH QUARTER AND FULL YEAR CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS\n\nIn the fourth quarter of 2022, net sales from continuing operations were $381.6 million compared to $326.5 million...