ParkOhio(PKOH) - 2024 Q4 - Annual Results

Financial Performance - In Q4 2024, net sales from continuing operations were $388.4 million, slightly down from $389.3 million in Q4 2023[4] - Q4 2024 adjusted EPS was $0.67 per diluted share, a 24% increase from $0.54 in Q4 2023[4] - Full year 2024 net sales totaled $1.656 billion, compared to $1.660 billion in 2023[5] - Full year 2024 adjusted EPS was $3.59 per diluted share, up 17% from $3.07 in 2023[5] - EBITDA for Q4 2024 was $37 million, a 27% increase from $29 million in Q4 2023[4] - Operating income for Q4 2024 was $14.4 million, down from $17.7 million in Q4 2023, reflecting a decrease of 18.6%[21] - Adjusted earnings from continuing operations for Q4 2024 were $9.3 million, or $0.67 per diluted share, compared to $6.9 million, or $0.54 per diluted share in Q4 2023[23] - The company reported a net income attributable to common shareholders of $0.5 million in Q4 2024, compared to a loss of $14.5 million in Q4 2023[21] - Total cost of sales for the year ended December 31, 2024, was $1,374.8 million, a decrease of 1.0% from $1,388.3 million in 2023[21] - Selling, general and administrative expenses for Q4 2024 were $45.1 million, a decrease from $46.4 million in Q4 2023[21] - The company declared cash dividends of $0.125 per common share for both Q4 2024 and Q4 2023[21] - The loss from discontinued operations for Q4 2024 was $5.1 million, an improvement from a loss of $21.4 million in Q4 2023[21] Segment Performance - In the Supply Technologies segment, Q4 2024 net sales were $181.8 million, a 2% increase from $177.5 million in Q4 2023[7] - For the Assembly Components segment, Q4 2024 net sales were $89.7 million, down from $97.0 million in Q4 2023[8] - Engineered Products segment net sales in Q4 2024 were $116.9 million, up 2% from $114.8 million in Q4 2023[9] - Segment operating income for Supply Assembly Technologies Components was $75.0 million in 2024, compared to $59.0 million in 2023, an increase of 27.1%[34] - Supply Technologies segment reported adjusted operating income of $75.2 million for 2024, a significant increase from $59.2 million in 2023, marking a growth of 27.8%[36] - Assembly Components segment adjusted operating income decreased to $26.5 million in 2024 from $34.9 million in 2023, a decline of 24.5%[36] - Engineered Products segment adjusted operating income was $21.3 million in 2024, compared to $24.0 million in 2023, indicating a decrease of 11.3%[36] - Corporate segment reported an adjusted operating loss of $29.0 million for both 2024 and 2023, showing no change year-over-year[36] - The financial results indicate a mixed performance across segments, with notable growth in Supply Technologies but declines in Assembly Components and Engineered Products[36] Liquidity and Cash Flow - Total liquidity at December 31, 2024, was $198.2 million, reflecting an increase of $32.2 million year-over-year[11] - Net cash provided by operating activities from continuing operations decreased to $35.0 million in 2024, down from $53.4 million in 2023, a decline of 34.4%[31] - Cash and cash equivalents at the end of the year were $53.1 million, down from $54.8 million at the end of 2023, a decrease of 3.1%[31] Debt and Assets - Total assets increased to $1,365.1 million in 2024, up from $1,340.7 million in 2023, representing a growth of 1.8%[30] - Total current liabilities decreased to $361.1 million in 2024 from $363.6 million in 2023, a reduction of 0.7%[30] - Long-term debt decreased to $618.3 million in 2024 from $633.4 million in 2023, a decline of 2.4%[30] Future Outlook - For 2025, the company expects year-over-year sales growth of 2% to 4% driven by stable demand in key end markets[14]