ParkOhio(US:PKOH)2024-11-06 21:23Financial Performance - Net sales for Q3 2024 were $418 million, slightly down from $419 million in Q3 2023[1] - GAAP EPS from continuing operations rose to $1.02 per diluted share, compared to $0.99 in Q3 2023[1] - Adjusted EPS from continuing operations increased by 8% to $1.07 per diluted share, up from $0.99 in Q3 2023[1] - Operating income for Q3 2024 was $23.6 million, down 12.6% from $27.0 million in Q3 2023[15] - The company reported a net income attributable to common shareholders of $9.8 million in Q3 2024, down from $11.1 million in Q3 2023, a decrease of 11.7%[15] - Income from continuing operations attributable to common shareholders increased to $13.7 million in Q3 2024, compared to $12.5 million in Q3 2023, representing an increase of 9.6%[15] - Adjusted earnings from continuing operations for Q3 2024 were $14.3 million, or $1.07 per diluted share, compared to $12.5 million, or $0.99 per diluted share in Q3 2023[17] Earnings and Margins - Gross margin improved to 17.3%, an increase of 60 basis points year-over-year[1] - EBITDA for Q3 2024 was $39 million, representing 9.2% of net sales[1] - EBITDA for Q3 2024 was $38.5 million, unchanged from Q3 2023, while EBITDA for the nine months ended September 30, 2024, was $115.2 million, up from $104.8 million in the same period of 2023[21] - Adjusted EPS for the nine months ended September 30, 2024, was $2.94 per diluted share, a 15% increase from $2.55 in 2023[9] Sales and Revenue Outlook - Year-to-date net sales from continuing operations were $1,267.8 million, down from $1,270.4 million in the same period of 2023[9] - The company expects 2024 revenues to be 1%-2% above record 2023 revenues, with adjusted EPS projected to increase by more than 10% year-over-year[11] - Net sales for Q3 2024 were $417.6 million, a slight decrease of 0.3% compared to $418.8 million in Q3 2023[15] - Net sales for the Supply Technologies segment increased from $192.8 million to $194.5 million year-over-year, while Engineered Products sales rose from $117.6 million to $124.4 million[27] Assets and Liabilities - Total current assets increased to $886.0 million as of September 30, 2024, compared to $824.4 million at the end of 2023, reflecting a growth of 7.5%[23] - Total current liabilities decreased slightly from $363.6 million to $361.3 million, while total long-term liabilities increased from $687.2 million to $702.3 million[24] - The company reported a total equity increase from $289.9 million to $343.0 million[24] Cash Flow and Investments - Net cash provided by operating activities from continuing operations decreased significantly from $24.3 million to $8.6 million[26] - Net cash used in investing activities from continuing operations increased from $20.0 million to $33.3 million[26] - The company issued $24.7 million in common stock, contributing to net cash provided by financing activities of $33.1 million[26] - The company experienced a decrease in cash and cash equivalents from $58.2 million to $54.8 million at the beginning of the period[26] Other Financial Metrics - Interest expense for Q3 2024 was $12.1 million, slightly up from $11.6 million in Q3 2023[15] - The company maintained dividends per common share at $0.125 for both Q3 2024 and Q3 2023[15] - The company reported a loss from discontinued operations of $3.9 million in Q3 2024, compared to a loss of $1.4 million in Q3 2023[15] - Income from continuing operations before income taxes decreased from $16.0 million to $12.6 million for the three months ended September 30, 2024[27] - Adjusted segment operating income for Supply Technologies was reported at $20.5 million, up from $15.6 million in the same period last year[30]