PARK OHIO HOLDINGS CORP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
PKOH$46.60-0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Financial Statements
| Item 1. | Condensed Consolidated Financial Statements |
|---|
Condensed Consolidated Balance Sheets
| (Unaudited) | ||
|---|---|---|
| September 30,2024 | December 31,2023 | |
| (In millions) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $59.5 | $54.8 |
| Accounts receivable, net | 276.5 | 263.3 |
| Inventories, net | 430.8 | 411.1 |
| Other current assets | 119.2 | 95.2 |
| Total current assets | 886.0 | 824.4 |
| Property, plant and equipment, net | 187.9 | 184.9 |
| Operating lease right-of-use assets | 43.4 | 44.7 |
| Goodwill | 115.7 | 110.2 |
| Intangible assets, net | 74.4 | 73.3 |
| Other long-term assets | 99.2 | 103.2 |
| Total assets | $1,406.6 | $1,340.7 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Trade accounts payable | $202.1 | $204.0 |
| Current portion of long-term debt and short-term debt | 10.2 | 9.4 |
| Current portion of operating lease liabilities | 11.6 | 10.6 |
| Accrued expenses and other | 137.4 | 139.6 |
| Total current liabilities | 361.3 | 363.6 |
| Long-term liabilities, less current portion: | ||
| Long-term debt | 651.1 | 633.4 |
| Long-term operating lease liabilities | 32.1 | 34.4 |
| Other long-term liabilities | 19.1 | 19.4 |
| Total long-term liabilities | 702.3 | 687.2 |
| Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity | 335.9 | 280.4 |
| Noncontrolling interests | 7.1 | 9.5 |
| Total equity | 343.0 | 289.9 |
| Total liabilities and shareholders' equity | $1,406.6 | $1,340.7 |
Condensed Consolidated Statements of Income (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In millions, except per share data) | ||||
| Net sales | $417.6 | $418.8 | $1,267.8 | $1,270.4 |
| Cost of sales | 345.3 | 348.8 | 1,050.9 | 1,063.1 |
| Selling, general and administrative expenses | 47.8 | 43.0 | 142.3 | 135.1 |
| Restructuring, acquisition-related and other special charges | 0.9 | — | 2.4 | 6.6 |
| Gains on sales of assets | — | — | — | (0.8) |
| Operating income | 23.6 | 27.0 | 72.2 | 66.4 |
| Other components of pension and other postretirement benefits income, net | 1.1 | 0.6 | 3.8 | 1.9 |
| Interest expense, net | (12.1) | (11.6) | (36.0) | (33.4) |
| Income from continuing operations before income taxes | 12.6 | 16.0 | 40.0 | 34.9 |
| Income tax benefit (expense) | 0.6 | (3.8) | (5.3) | (8.5) |
| Income from continuing operations | 13.2 | 12.2 | 34.7 | 26.4 |
| Loss attributable to noncontrolling interests | 0.5 | 0.3 | 1.9 | 0.7 |
| Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders | 13.7 | 12.5 | 36.6 | 27.1 |
| Loss from discontinued operations, net of tax (Note 5) | (3.9) | (1.4) | (5.3) | (4.8) |
| Net income attributable to Park-Ohio Holdings Corp. common shareholders | $9.8 | $11.1 | $31.3 | $22.3 |
| Earnings (loss) per common share attributable to Park-Ohio Holdings Corp. common shareholders: | ||||
| Basic: | ||||
| Continuing operations | $1.05 | $1.01 | $2.88 | $2.22 |
| Discontinued operations | $(0.30) | $(0.11) | (0.42) | (0.39) |
| Total | $0.75 | $0.90 | $2.46 | $1.83 |
| Diluted: | ||||
| Continuing operations | $1.02 | $0.99 | $2.81 | $2.19 |
| Discontinued operations | $(0.29) | $(0.11) | (0.41) | (0.39) |
| Total | $0.73 | $0.88 | $2.40 | $1.80 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In millions) | ||||
| Net income attributable to Park-Ohio Holdings Corp. common shareholders before noncontrolling interest | $9.3 | $10.8 | $29.4 | $21.6 |
| Other comprehensive income (loss), net of tax: | ||||
| Currency translation | 7.4 | (9.3) | 2.5 | (3.8) |
| Foreign currency forward contracts | (0.2) | (0.1) | (1.3) | (0.5) |
| Pension and other postretirement benefits | 0.6 | 1.0 | 1.5 | 3.9 |
| Total other comprehensive income (loss) | 7.8 | (8.4) | 2.7 | (0.4) |
| Total comprehensive income, net of tax | 17.1 | 2.4 | 32.1 | 21.2 |
| Comprehensive loss attributable to noncontrolling interests | 0.5 | 0.3 | 1.9 | 0.7 |
| Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders | $17.6 | $2.7 | $34.0 | $21.9 |
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)
| Common Stock | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · AdditionalPaid-InCapital · RetainedEarnings · Treasury Stock · AccumulatedOtherComprehensive Loss · Noncontrolling Interests · Total | |||||||||||||||
| (In whole shares) · (In millions) | |||||||||||||||
| Balance at January 1, 2024 | 17,029,938 | $17.0 | $155.9 | $240.1 | $(88.9) | $(43.7) | $9.5 | $289.9 | |||||||
| Other comprehensive income (loss) | — | — | — | 9.6 | — | (1.3) | (0.5) | 7.8 | |||||||
| Stock-based compensation expense | — | — | 1.5 | — | — | — | — | 1.5 | |||||||
| Stock-based compensation activity | 3,065 | — | — | — | — | — | — | — | |||||||
| Dividends | — | — | — | (1.6) | — | — | (1.6) | ||||||||
| Payments of withholding taxes on share awards | — | — | — | — | (0.1) | — | — | (0.1) | |||||||
| Balance at March 31, 2024 | 17,033,003 | 17.0 | 157.4 | 248.1 | (89.0) | (45.0) | 9.0 | 297.5 | |||||||
| Other comprehensive income (loss) | — | — | — | 11.9 | — | (3.8) | (0.9) | 7.2 | |||||||
| Stock-based compensation expense | — | — | 1.2 | — | — | — | — | 1.2 | |||||||
| Stock-based compensation activity | 132,012 | 0.2 | (0.2) | — | — | — | — | — | |||||||
| Dividends | — | — | — | (1.7) | — | — | — | (1.7) | |||||||
| Payments of withholding taxes on share awards | — | — | — | — | (2.3) | — | — | (2.3) | |||||||
| Balance at June 30, 2024 | 17,165,015 | 17.2 | 158.4 | 258.3 | (91.3) | (48.8) | 8.1 | 301.9 | |||||||
| Other comprehensive income (loss) | — | — | — | 9.8 | — | 7.8 | (0.5) | 17.1 | |||||||
| Stock-based compensation expense | — | 1.4 | — | — | — | — | 1.4 | ||||||||
| Stock-based compensation activity | 75,480 | — | — | — | — | — | — | — | |||||||
| Issuances of common stock | 856,933 | 0.9 | 23.8 | — | — | — | — | 24.7 | |||||||
| Dividends | — | — | — | (1.6) | — | — | (0.5) | (2.1) | |||||||
| Balance at September 30, 2024 | 18,097,428 | $18.1 | $183.6 | $266.5 | $(91.3) | $(41.0) | $7.1 | $343.0 | |||||||
| Common Stock | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · AdditionalPaid-InCapital · RetainedEarnings · Treasury Stock · AccumulatedOtherComprehensive Loss · Noncontrolling Interests · Total | |||||||||||||||
| (In whole shares) · (In millions) | |||||||||||||||
| Balance at January 1, 2023 | 16,653,928 | $16.6 | $149.8 | $238.8 | $(86.9) | $(61.8) | $11.4 | $267.9 | |||||||
| Other comprehensive income | — | — | — | 5.8 | — | 5.1 | 0.1 | 11.0 | |||||||
| Stock-based compensation expense | — | — | 1.6 | — | — | — | — | 1.6 | |||||||
| Stock-based compensation activity | 9,535 | 0.1 | (0.1) | — | — | — | — | — | |||||||
| Dividends | — | — | — | (1.6) | — | — | — | (1.6) | |||||||
| Balance at March 31, 2023 | 16,663,463 | 16.7 | 151.3 | 243.0 | (86.9) | (56.7) | 11.5 | 278.9 | |||||||
| Other comprehensive income (loss) | — | — | — | 5.4 | — | 2.9 | (0.5) | 7.8 | |||||||
| Stock-based compensation expense | — | — | 1.7 | — | — | — | — | 1.7 | |||||||
| Stock-based compensation activity | 309,237 | 0.3 | (0.3) | — | — | — | — | — | |||||||
| Dividends | — | — | — | (1.6) | — | — | — | (1.6) | |||||||
| Payments of withholding taxes on share awards | — | — | — | — | (1.2) | — | — | (1.2) | |||||||
| Balance at June 30, 2023 | 16,972,700 | 17.0 | 152.7 | 246.8 | (88.1) | (53.8) | 11.0 | 285.6 | |||||||
| Other comprehensive income (loss) | — | — | — | 11.1 | — | (8.4) | (0.3) | 2.4 | |||||||
| Stock-based compensation expense | — | 1.6 | — | — | — | — | 1.6 | ||||||||
| Stock-based compensation activity | 36,949 | — | — | — | — | — | — | — | |||||||
| Dividends | — | — | — | (1.6) | — | — | — | (1.6) | |||||||
| Payments of withholding taxes on share awards | — | — | — | — | (0.7) | — | — | (0.7) | |||||||
| Balance at September 30, 2023 | 17,009,649 | $17.0 | $154.3 | $256.3 | $(88.8) | $(62.2) | $10.7 | $287.3 | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Dividends per common share | $0.125 | $0.125 | $0.375 | $0.375 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | ||
| Income from continuing operations | $34.7 | $26.4 |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | ||
| Depreciation and amortization | 25.2 | 23.4 |
| Stock-based compensation expense | 4.1 | 4.9 |
| Gain on sale of assets | — | (0.8) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (7.9) | (20.2) |
| Inventories | (13.9) | 2.5 |
| Prepaid and other current assets | (19.1) | (30.8) |
| Accounts payable and accrued expenses | (9.6) | 14.2 |
| Other | (4.9) | 4.7 |
| Net cash provided by operating activities from continuing operations | 8.6 | 24.3 |
| INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | ||
| Purchases of property, plant and equipment | (22.3) | (20.8) |
| Proceeds from sales of assets | — | 2.0 |
| Business acquisitions, net of cash acquired | (11.0) | (1.2) |
| Net cash used in investing activities from continuing operations | (33.3) | (20.0) |
| FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | ||
| Proceeds from revolving credit facility, net | 18.7 | 1.4 |
| Payments on other debt | (4.4) | (1.4) |
| Proceeds from other debt | 5.8 | 5.1 |
| (Payments on) proceeds from finance lease facilities, net | (1.7) | 0.3 |
| Net proceeds from common stock issuances | 24.7 | — |
| Payments related to prior acquisitions | (2.2) | (2.1) |
| Dividends | (5.4) | (4.9) |
| Payments of withholding taxes on share awards | (2.4) | (1.9) |
| Net cash provided by (used in) financing activities from continuing operations | 33.1 | (3.5) |
| DISCONTINUED OPERATIONS: | ||
| Total used by operating activities | (4.1) | (3.4) |
| Total used by investing activities | — | (2.0) |
| Total used by financing activities | — | (1.9) |
| Decrease in cash and cash equivalents from discontinued operations | (4.1) | (7.3) |
| Effect of exchange rate changes on cash | 0.4 | (0.5) |
| Increase (decrease) in cash and cash equivalents | 4.7 | (7.0) |
| Cash and cash equivalents at beginning of period | 54.8 | 58.2 |
| Cash and cash equivalents at end of period | $59.5 | $51.2 |
| Interest paid | $29.9 | $29.6 |
| Income taxes paid | $8.5 | $7.1 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.