Business
ParkOhio Announces Record Net Sales and Strong Second Quarter 2023 Results
Net sales of $428 million, increased 16% from $370 million in Q2 2022 GAAP EPS from continuing operations of $0.57 per diluted share, an increase of 10%
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nNet sales of $428 million, increased 16% from $370 million in Q2 2022\n\n\n\nGAAP EPS from continuing operations of $0.57 per diluted share, an increase of 10% year-over-year\n\n\n\nAdjusted EPS from continuing operations of $0.83, an increase of 69% year-over-year\n\n\n\nGross margin from continuing operations improved 190 basis points year-over-year to 16.4%\n\n\n\nOperating income from continuing operations improved to $19 million from $14 million in Q2 2022; Adjusted operating income from continuing operations improved 77% to $23 million from $13 million year-over-year\n\n\n\nEBITDA, as defined, from continuing operations improved 37% year-over-year to $35.7 million\n\n\n\n2023 Outlook for Net Sales from continuing operations growth increased to 10-15% year-over-year\n\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the second quarter of 2023.\n\n\nMatthew V. Crawford, Chairman, Chief Executive Officer and President, stated, “Record revenue during the second quarter was the result of continued strength across almost all our end markets. Our earnings metrics also show substantial progress resulting from restructuring achieved in prior periods, ongoing operational improvements, and improved commercial terms. In the aggregate, we see demand growth leveling off during the second half of this year, but still solid as we enjoy strong backlogs in many parts of the business.\"\n\n\nSECOND QUARTER CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS\n\n\nIn the second quarter of 2023, net sales from continuing operations were a record $428.1 million compared to $369.8 million in the 2022 period, an increase of 16%. Gross margin was 16.4%, an increase of 190 basis points compared to 14.5% in the 2022 second quarter, driven by profit flow-through from our higher sales levels, benefits from plant consolidation, and other profit-improvement actions, including increased product pricing.\n\n\nIncome from continuing operations attributable to ParkOhio common shareholders in the second quarter of 2023 was $7.1 million, or $0.57 per diluted share, compared to $6.4 million, or $0.52 per diluted share in the second quarter of 2022. Excluding special items, adjusted EPS from continuing operations was $0.83 per diluted share in the second quarter of 2023 compared to $0.49 per dilute...