Posted March 12, 2020

ParkOhio 2019 sales down 2.4 percent

Park-Ohio Holdings Corp. reported net sales of $379.5 million in the fourth quarter of 2019 compared to $405.9 million in the 2018 period, a decline of 6.5 percent.

Net income was $7.6 million, or 61 cents per diluted share, compared to net income $14.8 million, or $1.19 per diluted share, in the same period the previous year.

Full year 2019 net sales of $1.62 billion declined 2.4 percent from $1.66 billion in 2018.

Net income was $38.6 million, or $3.12 per diluted share, compared to $53.6 million, or $4.28 per diluted share, the previous year.

"While we continued to manage through a challenging industrial environment to end 2019, including the significant adverse impact of the GM labor strike, extended customer delays on new product launches, and softness in certain end markets, we made excellent progress on several key strategic objectives," said Matthew V. Crawford, chairman and chief executive officer. "Most significantly in 2019, we delivered strong operating cash flows, completed several important capital investments in our businesses, implemented key margin improvement initiatives, and completed the strategic acquisition of Erie Press."

In the Supply Technologies segment, sales volumes declined 12 percent in the fourth quarter in certain key end markets, most notably in the heavy-duty truck market, which declined 20 percent year-over-year, the agricultural and industrial equipment markets, which declined 23 percent, and the consumer products markets, which declined 25 percent. These declines were partially offset by growth in ParkOhio's aerospace business, which was up 23 percent during the quarter. "We believe customer demand levels and daily sales levels in the latter half of the fourth quarter of 2019 were at unusually low levels caused by increases in customer plant shutdowns during the holidays and end of year purchasing decisions, and we are seeing an improvement in the early part of 2020," the company said.