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Dec 31, 2023
Park-Ohio Q4 2023 Earnings Report
Park-Ohio's Q4 2023 results reflected a mix of challenges and achievements, with net sales increasing slightly despite the UAW strike's negative impact, and GAAP EPS improving significantly year-over-year.
Key Takeaways
Park-Ohio reported a 2% increase in net sales to $389.3 million for Q4 2023. GAAP EPS increased to $0.54 compared to a loss of $(0.58) in the same quarter last year. The UAW strike negatively impacted sales and EPS by approximately $25 million and $0.20 per diluted share, respectively. The company completed the sale of its Aluminum Products business during the quarter.
Net sales from continuing operations increased by 2% year-over-year to $389 million.
GAAP EPS from continuing operations was $0.54 per diluted share, up from a loss of $(0.58) per diluted share a year ago.
The UAW strike had a negative impact of approximately $25 million on net sales and $0.20 per diluted share on EPS.
Strong Q4 operating cash flows of $29 million and free cash flow of $22 million.
Park-Ohio
Park-Ohio
Park-Ohio Revenue by Segment
Revenue by Segment
Supply Technologies Revenue
CapyFin.comAssembly Components Revenue
CapyFin.comEngineered Products Revenue
CapyFin.com Forward Guidance
Park-Ohio anticipates mid-single-digit revenue growth in 2024, driven by strong demand in Supply Technologies and solid backlogs in Engineered Products, along with expected improvements in EPS and EBITDA.
Positive Outlook
- Revenue growth expected in the mid-single digit range year-over-year.
- Continued strong demand expected in most end markets in Supply Technologies and Assembly Components.
- Strength of backlog in Engineered Products.
- Expected year-over-year improvement in EPS.
- Expected year-over-year improvement in EBITDA.
Challenges Ahead
- Sales growth is expected to moderate during 2024.
- Uncertainty in the global economic environment.
- Potential impact of labor disturbances affecting customers.
- Raw material availability and pricing fluctuations.
- Component part availability and pricing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income