Park-ohio Holdings Corp. · NASDAQ:PKOH
Park-ohio — Q4 2023 Earnings Presentation
17 slides from Park-ohio's earnings presentation, Mar 6, 2024
Slide 1: Fourth Quarter 2023 Earnings Call Presentation
Park-Ohio Holdings Corp. Fourth Quarter 2023 Earnings Call Presentation March 6, 2024
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures These slides contain forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievem
Slide 3: Full Year 2023 Highlights
Full Year 2023 Highlights Record net sales from continuing operations of $1.7 billion, up 11% YOY, and record net sales in each business segment GAAP EPS from continuing operations of $2.72 per diluted share compared to $0.83 in 2022 Adjusted EPS from continuing operations of $3.07 per diluted
Slide 4: Consolidated Results
Consolidated Results (in millions, except EPS) Net Sales Adjusted EPS EBITDA, as defined $1,660 $134 $1,493 $3.07 $101 $1.76 2022 2023 2022 2023 2022 2023 • Record sales from continuing operations, driven by stronger customer demand across most key end markets and increased product pricing. • Record
Slide 5: Supply Technologies Segment
Supply Technologies Segment (in millions) Net Sales Adjusted Operating Income $763 $712 $59 $47 2022 2023 2022 2023 • Net sales increased 7% to a record $763.4 million, • Adjusted operating income improved by $12 million. as we benefited from strong demand in most key • Operating margin improved to
Slide 6: Assembly Components Segment
Assembly Components Segment (in millions) Net Sales Adjusted Operating Income $428 $389 $35 $7 2022 2023 2022 2023 • Net sales increased 10% to a record $427.8 • Adjusted operating income increased by $28 million, million, driven by increased customer pricing and driven by the benefit of profit-impr
Slide 7: Engineered Products Segment
Engineered Products Segment (in millions) Net Sales Adjusted Operating Income $469 $393 $24 $23 2022 2023 2022 2023 • Net sales increased 19% to a record $468.5 million, driven by our backlogs • Operating income improvement was driven by profit flow-through at the start of the year and higher custom
Slide 8: 2024 Outlook
2024 Outlook For 2024, we expect revenue growth in the mid-single digit range year-over-year, driven by continued strong demand expected in most end markets in Supply Technologies and Assembly Components and the strength of our backlog in Engineered Products. In addition, we expect year-over-year
Slide 9: Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Highlights Net sales from continuing operations of $389 million, up 2% year-over-year and negatively impacted by the United Auto Workers (“UAW”) strike by approximately $25 million Gross margin increased 200 basis points year-over-year GAAP EPS from continuing operations of
Slide 10: Q4 Consolidated Results
Q4 Consolidated Results (in millions, except EPS) Net Sales Adjusted EPS EBITDA, as defined $0.54 $382 $389 $29 Q4 2022 $26 Q4 2023 ($0.09) Q4 2022 Q4 2023 Q4 2022 Q4 2023 • Increase in sales from continuing operations was driven by an 8% increase in sales in our Engineered Products segment. • Impro
Slide 11: Q4 Supply Technologies Segment
Q4 Supply Technologies Segment (in millions) Net Sales Adjusted Operating Income $181 $178 $14 $11 Q4 2022 Q4 2023 Q4 2022 Q4 2023 • Sales decreased 2% year-over-year driven by impact • Income improvement of $3 million was driven by of UAW strike and lower demand in the heavy-duty customer price inc
Slide 12: Q4 Assembly Components Segment
Q4 Assembly Components Segment (in millions) Net Sales Adjusted Operating Income $95 $97 $7 $2 Q4 2022 Q4 2023 Q4 2022 Q4 2023 • Sales increased 3% year-over-year. • We have completed our restructuring actions in this segment, which included the consolidation of multiple • Adjusted operating income
Slide 13: Q4 Engineered Products Segment
Q4 Engineered Products Segment (in millions) Net Sales Adjusted Operating Income $115 $106 $6 $4 Q4 2022 Q4 2023 Q4 2022 Q4 2023 • Sales increased 8% year-over-year driven by strong demand in both our • Adjusted operating income decreased year-over-year driven by capital equipment business and our f
Slide 14: Non-GAAP Reconciliations – Full Year
Non-GAAP Reconciliations – Full Year 14
Slide 15: FY Non-GAAP Reconciliations (continued)
FY Non-GAAP Reconciliations (continued) 15
Slide 16: Non-GAAP Reconciliations – Q4
Non-GAAP Reconciliations – Q4 16
Slide 17: Q4 Non-GAAP Reconciliations (continued)
Q4 Non-GAAP Reconciliations (continued) 17