CLEVELAND, OHIO - Park-Ohio Holdings Corp. (NASDAQ: NASDAQ:PKOH) announced its financial results for the fourth quarter and full year of 2023, highlighting record net sales and earnings per share (EPS) from continuing operations. The company's net sales for the full year reached $1.7 billion, marking an 11% increase year-over-year, with each business segment achieving record sales. GAAP EPS from continuing operations stood at $2.72 per diluted share, a significant rise from $0.83 in the previous year.
The fourth quarter saw net sales from continuing operations inch up 2% to $389 million, with GAAP EPS from continuing operations at $0.54 per diluted share, recovering from a loss of $(0.58) in the same period of 2022. These results were influenced by the United Auto Workers strike at light vehicle and heavy truck plants. Despite this, the company reported strong operating cash flows of $29 million and free cash flow of $22 million for the quarter.
For the entire year, ParkOhio's operating cash flows were robust at $53 million, with free cash flow reaching $25 million. The company also completed the sale of its Aluminum Products business, which is expected to streamline operations and reduce debt.
Looking ahead to 2024, ParkOhio anticipates mid-single digit revenue growth year-over-year, driven by strong demand in Supply Technologies and backlogs in Engineered Products. The company also expects to see improvements in EPS and EBITDA over the year.
Additionally, ParkOhio has recently acquired EMA Indutec GmbH, a German-based manufacturer of induction heating equipment, which is expected to enhance the company's global induction business and contribute to its margins with projected revenues exceeding $30 million in the next twelve months.
ParkOhio, a diversified international company, provides supply chain management outsourcing services, capital equipment, and manufactured components to world-class customers. It operates approximately 130 manufacturing sites and supply chain logistics facilities worldwide through three reportable segments: Supply Technologies, Assembly Components, and Engineered Products.
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