Business
ParkOhio Announces Fourth Quarter and Full Year 2023 Results and the Acquisition of EMA Indutec GmbH
Fourth quarter: Net sales from continuing operations of $389 million, up 2% year-over-year GAAP EPS from continuing operations of $0.54 per diluted share, up
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\nFourth quarter:\n\n\n\nNet sales from continuing operations of $389 million, up 2% year-over-year\n\n\n\nGAAP EPS from continuing operations of $0.54 per diluted share, up from a loss of $(0.58) per diluted share a year ago\n\n\n\nQ4 results impacted by United Auto Workers strike at light vehicle and heavy truck plants\n\n\n\nStrong Q4 operating cash flows of $29 million and free cash flow of $22 million\n\n\n\nCompleted sale of Aluminum Products business\n\n\n\nFull year:\n\n\n\nRecord net sales from continuing operations of $1.7 billion, up 11% YOY, and record net sales in each business segment\n\n\n\nGAAP EPS from continuing operations of $2.72 per diluted share compared to $0.83 in 2022\n\n\n\nAdjusted EPS from continuing operations of $3.07 per diluted share, up 74% compared to $1.76 per diluted share in 2022\n\n\n\nEBITDA from continuing operations improved 33% to $134 million in 2023\n\n\n\nStrong full year operating cash flows of $53 million and free cash flow of $25 million\n\n\n\n2024 Outlook:\n\n\n\nRevenues expected to grow in the mid-single digit range year-over-year, driven primarily by continued strong demand expected in Supply Technologies and strong backlogs in Engineered Products\n\n\n\nExpected year-over-year improvement in EPS and EBITDA\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 2023.\n\n\n“Our team delivered strong growth of 11% during 2023 even with the adverse impact of the UAW strikes during the fourth quarter. These results represented record revenue for our business in total and for every business segment. Additionally, gross margin increased more than 200 basis points over 2022, and operating cash flow exceeded $53 million, which was used to grow our business and reduce debt. Our strong performance is a testament to the hard work of our teams and strong positioning in the market of our portfolio of brands,” said Matthew V. Crawford, Chairman and Chief Executive Officer.\n\n\n“While we expect our sales growth to moderate during 2024, we will use this opportunity to build on our progress in 2023 to further improve our operating execution and drive further improvements in profitability and cash flow.”\n\n\nFOURTH QUARTER AND FULL YEAR CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS\n\n\nIn the four...