Business
ParkOhio Announces Third Quarter 2022 Results
Q3 2022 Revenues of $436 million, up 22% from Q3 2021 driven by strong demand in each business segment Q3 2022 GAAP EPS of $0.22 compared to a loss of
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nQ3 2022 Revenues of $436 million, up 22% from Q3 2021 driven by strong demand in each business segment\n\n\nQ3 2022 GAAP EPS of $0.22 compared to a loss of $(0.60) in Q3 2021; Adjusted EPS of $0.52, up from a loss of $(0.32) in Q3 2021\n\n\nYTD 2022 Revenues of $1.3 billion, up 20% from YTD 2021\n\n\nYTD GAAP EPS of $0.80 compared to a loss of $(0.58) in YTD 2021; Adjusted EPS of $1.45, up from a loss of $(0.11) in YTD 2021\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the third quarter of 2022.\n\nMatthew V. Crawford, Chairman, Chief Executive Officer and President, stated, “Sales growth was at or near record levels in each segment during the third quarter, and earnings momentum improved due to significant commercial and cost reduction activities. We expect continuing these trends going into 2023 as we also begin to harvest the investments made to support our customers over the last two years.\"\n\nTHIRD QUARTER CONSOLIDATED RESULTS\n\nNet sales were $435.8 million in the third quarter of 2022, an increase of 22% from $358.5 million in the third quarter of 2021. Net income attributable to ParkOhio common shareholders was $2.7 million, or $0.22 per diluted share, in the third quarter of 2022, a significant improvement compared to a net loss in the 2021 third quarter of $7.2 million, or $0.60 per diluted share. On an adjusted basis, net income attributable to ParkOhio common shareholders in the third quarter of 2022 was $0.52 per diluted share, compared to a net loss of $0.32 in the third quarter of 2021. Our net income in the third quarter of 2022 benefited from changes in estimates related to federal research and development credits and changes in other income tax estimates totaling $2.4 million, which positively impacted our EPS by $0.19 per diluted share. Results in the third quarter of 2022 reflect an unfavorable currency impact totaling $0.03 per diluted share. Please refer to the table that follows for a reconciliation of net income to adjusted net income.\n\nTHIRD QUARTER SEGMENT RESULTS\n\nIn Supply Technologies, net sales were at an all-time quarterly high of $185.9 million, breaking the previous record of $175.8 million established last quarter. The third quarter of 2022 is the third consecutive quarter of record sales in this segment. Net sales in...