Business
ParkOhio Reports Improved First Quarter 2022 Results
Revenues of $418 million, up 13% from Q4 2021 and 16% from Q1 2021 GAAP EPS of $0.50, up from a loss of $(1.48) in Q4 2021 and $0.45 in Q1 2021 Adjusted EPS
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":"\n\nRevenues of $418 million, up 13% from Q4 2021 and 16% from Q1 2021\n\n\n\nGAAP EPS of $0.50, up from a loss of $(1.48) in Q4 2021 and $0.45 in Q1 2021\n\n\n\nAdjusted EPS of $0.73, up from a loss of $(1.08) in Q4 2021 and $0.53 in Q1 2021\n\n\n\nEarnings improvement resulting from strong customer demand, improved product pricing and cost reduction efforts\n\n\n CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the first quarter of 2022.\n\nMatthew V. Crawford, Chairman, Chief Executive Officer and President, stated, “Despite the challenging environment, our business showed strong revenue growth across almost all the product and business portfolio, which we expect to continue throughout 2022. Additionally, we stabilized margins due to ongoing efforts to address pricing and our initiatives to reduce operating costs and overheads across the business. We expect additional margin improvements as we leverage the ongoing work of our entire team. Thank you to all our ParkOhio associates during these unusual times.”\n\nFIRST QUARTER CONSOLIDATED RESULTS\n\nNet sales were $418.4 million in the first quarter of 2022, an increase of 13% sequentially from $369.9 million in the fourth quarter of 2021, and up 16% from $359.6 million in the first quarter of 2021.\n\nNet income attributable to ParkOhio common shareholders was $6.1 million, or $0.50 per diluted share, in the first quarter of 2022, compared to a net loss in the fourth quarter of 2021 of $17.8 million, or $1.48 per diluted share, and net income of $5.5 million, or $0.45 per diluted share, in the first quarter of 2021. Results in the 2022 period included customer pricing adjustments related to 2021, which favorably impacted our EPS by $0.27 per diluted share.\n\nOn an adjusted basis, net income attributable to ParkOhio common shareholders in the first quarter of 2022 was $0.73 per diluted share, compared to a net loss of $1.08 in the fourth quarter of 2021 and net income of $0.53 in the first quarter of 2021. Our net income in the first quarter of 2022 benefited from various tax credits totaling $4.1 million, which positively impacted our EPS by $0.34 per diluted share. Please refer to the table that follows for a reconciliation of net income to adjusted earnings.\n\nFIRST QUARTER SEGMENT RESULTS\n\nIn Supply Technologies...