Business
ParkOhio Announces Record Net Sales and Strong Second Quarter 2024 Results
Record net sales of $433 million compared to $428 million in Q2 2023 Gross margin of 16.9% improved 50 basis points year-over-year Operating income margin
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nRecord net sales of $433 million compared to $428 million in Q2 2023\n\n\n\nGross margin of 16.9% improved 50 basis points year-over-year\n\n\n\nOperating income margin improved 120 basis points to 5.7% year-over-year\n\n\n\nGAAP income from continuing operations improved to $12.3 million compared to $7.1 million in Q2 2023\n\n\n\nGAAP EPS from continuing operations improved 67% to $0.95 per diluted share, up from $0.57 in Q2 2023\n\n\n\nAdjusted EPS from continuing operations of $1.02 per diluted share, up 23% vs. $0.83 in Q2 2023\n\n\n\nEBITDA, as defined improved 10% year-over-year to $39 million, up 80 basis points to 9.1% of net sales\n\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the second quarter of 2024.\n\n\n“We are proud to have delivered record revenue results and improved profitability during the second quarter. We achieved these results against a stable but mixed revenue backdrop, with particular strength coming from our aerospace and defense market as well as benefiting from significant backlogs in some of our long cycle businesses. While we expect mixed demand in global industrial markets to continue, our diversification and improved cost structure will help us achieve year-over-year revenue growth with improved profitability and free cash flow through the business cycle,\" said Matthew V. Crawford, Chairman and Chief Executive Officer.\n\n\nSECOND QUARTER CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS\n\n\nIn the second quarter of 2024, net sales from continuing operations were a record $432.6 million, an increase of 1% compared to $428.1 million in the 2023 period. Gross margin was 16.9%, an increase of 50 basis points compared to 16.4% in the 2023 second quarter. Income from continuing operations attributable to ParkOhio common shareholders in the second quarter of 2024 was $12.3 million, or $0.95 per diluted share, compared to $7.1 million, or $0.57 per diluted share in the second quarter of 2023. Excluding special non-recurring items, adjusted EPS from continuing operations was $1.02 per diluted share in the second quarter of 2024 compared to $0.83 per diluted share in the 2023 period, an increase of 23%. The year-over-year profit improvement was driven by strong operating profit in our Supply Technologies segment, higher sales and imp...