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Park-Ohio
🇺🇸 NASDAQ:PKOH
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•
Mar 31, 2021

Park-Ohio Q1 2021 Earnings Report

Park-Ohio's first quarter results reflected a strong rebound to pre-pandemic levels, driven by robust demand and strategic acquisitions.

Key Takeaways

Park-Ohio Holdings Corp. announced its first quarter 2021 results, with revenue of $359.6 million. GAAP EPS was $0.45, and adjusted EPS was $0.53. The company generated $9.9 million in operating cash flows and $3.3 million in free cash flow. They also completed the acquisition of NYK Component Solutions.

Revenue reached $359.6 million.

GAAP EPS was $0.45; Adjusted EPS was $0.53.

Operating cash flows amounted to $9.9 million.

Liquidity increased to $264.4 million at the end of the quarter.

Total Revenue
$360M
Previous year: $366M
-1.8%
EPS
$0.53
Previous year: $0.13
+307.7%
EBITDA
$27.2M
Previous year: $25.5M
+6.7%
Gross Profit
$52M
Previous year: $53.9M
-3.5%
Cash and Equivalents
$58.9M
Previous year: $56.8M
+3.7%
Free Cash Flow
$3.3M
Previous year: -$8.8M
-137.5%
Total Assets
$1.32B
Previous year: $1.29B
+2.0%

Park-Ohio

Park-Ohio

Park-Ohio Revenue by Segment

Forward Guidance

The business rebounded strongly, returning to pre-pandemic levels. Robust demand in most markets accelerated throughout the quarter, and while the COVID-19 pandemic continues to provide an uncertain backdrop to the economy, the company anticipates improvement throughout the year.

Positive Outlook

  • Strong customer demand is expected to continue throughout 2021.
  • The majority of end markets are expected to fully recover from the global pandemic.
  • New orders in the industrial equipment business increased 38% over fourth quarter 2020 levels.
  • The acquisition of NYK Component Solutions is expected to be immediately accretive to earnings.
  • Expect annual sales from NYK to exceed $10 million.

Challenges Ahead

  • The COVID-19 pandemic continues to provide an uncertain backdrop to the economy.
  • Sales levels in Assembly Components were negatively impacted by customer plant shut-downs due to weather-related issues and demand volatility caused by semiconductor chip shortages.
  • The global semiconductor chip shortage is expected to continue, with an estimated sales impact of approximately $10 million in the second quarter.
  • The Engineered Products segment continued to be affected by the slow recovery in key end markets.
  • The company incurred an operating loss of $1.3 million in the Engineered Products segment due to lower sales levels and one-time charges to consolidate certain facilities.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Park-Ohio