Business
ParkOhio Announces Strong Third Quarter 2023 Results
Net sales of $419 million, increased 9% from $384 million in Q3 2022 Record year-to-date sales; expected record full year sales GAAP EPS from continuing
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nNet sales of $419 million, increased 9% from $384 million in Q3 2022\n\n\nRecord year-to-date sales; expected record full year sales\n\n\n\n\n\n\n\nGAAP EPS from continuing operations of $0.99 per diluted share, an increase of 71% year-over-year\n\n\n\n\nAdjusted EPS from continuing operations of $0.99, an increase of 16% year-over-year\n\n\n\n\nGross margin from continuing operations improved 300 basis points year-over-year to 16.7%\n\n\n\n\nOperating income from continuing operations improved to $27 million from $12 million in Q3 2022; Adjusted operating income from continuing operations improved 70% to $27 million from $16 million year-over-year\n\n\n\n\nEBITDA from continuing operations improved 29% year-over-year to $39 million, operating cash flow was $23 million, and free cash flow was $17 million\n\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the third quarter of 2023.\n\n\nMatthew V. Crawford, Chairman, Chief Executive Officer and President, stated, “Strong financial performance during the third quarter was a tribute to our diversified business model and our commitment to both commercial and operational improvements. I would draw particular attention to our improvement in gross margins and our free cash flow during the quarter. Backlogs remain above historical levels, and demand is stable across most end markets with the notable exception of customers affected by UAW strikes, which will provide a headwind during the fourth quarter. Regardless, we are well positioned to end 2023 as a stronger and more focused company.”\n\n\nTHIRD QUARTER CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS\n\n\nIn the third quarter of 2023, net sales from continuing operations were $418.8 million compared to $383.8 million in the 2022 period, an increase of 9%. Gross margin was 16.7%, an increase of 300 basis points compared to 13.7% in the 2022 third quarter, driven by profit flow-through from our higher sales levels, benefits from completed plant consolidations, and other profit-improvement actions, including increased product pricing.\n\n\nIncome from continuing operations attributable to ParkOhio common shareholders in the third quarter of 2023 was $12.5 million, or $0.99 per diluted share, compared to $7.1 million, or $0.58 per diluted share in the third quarter of ...