Business
ParkOhio Announces Third Quarter 2021 Results
Revenue of $359 million in Q3 2021, up 5% versus Q3 2020 Strong end-market demand in Supply Technologies Continued Automotive production volatility affecting
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nRevenue of $359 million in Q3 2021, up 5% versus Q3 2020\n\n\nStrong end-market demand in Supply Technologies\n\n\nContinued Automotive production volatility affecting Assembly Components\n\n\nImproved demand in Engineered Products with significant increased bookings of new capital equipment\n\n\n\n\nGAAP EPS loss of $(0.60); Adjusted EPS loss of $(0.32)\n\n\nEPS loss driven by operating losses in Assembly Components segment caused by Automotive production volatility, raw material price inflation and higher labor costs\n\n\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the third quarter of 2021.\n\nTHIRD QUARTER CONSOLIDATED RESULTS\n\nNet sales increased 5.4% to $358.5 million in the third quarter of 2021 compared to net sales of $340.2 million in the third quarter of 2020. Net loss attributable to ParkOhio common shareholders was $7.2 million, or $0.60 per diluted share, in the third quarter of 2021, compared to net income of $5.3 million, or $0.44 per diluted share, in the third quarter of 2020. On an adjusted basis, net loss attributable to ParkOhio common shareholders was $0.32 per diluted share in the 2021 third quarter compared to adjusted net income of $0.52 per diluted share in the 2020 third quarter. Please refer to the table that follows for a reconciliation of net income to adjusted earnings.\n\nThe net loss in the quarter resulted from the operational losses in certain plants in our Assembly Components segment caused by the ongoing global semiconductor micro-chip shortage, which impacted sales and production in these plants that provide highly engineered components to the automotive end market. The net sales impact of the micro-chip shortage was approximately $15 million and resulted in an estimated impact of $0.34 to our EPS during the quarter. In addition, raw material price inflation, higher labor costs and various supply chain constraints, including supplier delays that caused extended lead times and increasing freight costs, continued to impact our quarterly results in each business segment.\n\nOn a sequential basis compared to the second quarter of 2021, net sales were up 2.4%, adjusted EPS increased slightly and operating cash flow improved by $30.6 million.\n\nMatthew V. Crawford, Chairman, Chief Executive Officer and President, stated, “...