ParkOhio sales decline 12.8 percent
Park-Ohio Holdings Corp. said its net sales were $366.3 million in the first quarter of 2020, a 12.8 percent decline from $420.1 million in the first quarter of 2019.
Net income was $1.2 million, or 10 cents per diluted share, compared to $11.2 million, or 90 cents, in the first quarter of 2019.
The initial impact of the COVID-19 pandemic weakened demand in several of the company's end markets in the quarter, primarily in the automotive, oil and gas, aerospace and defense and industrial end markets.
In the Supply Technologies business segment, net sales declined 15 percent year-over-year to $141 million, compared to $165 million last year.
"The decline in demand began in March in most of our end markets, most notably in the heavy-duty truck, aerospace and defense, automotive, and industrial equipment markets. This decline was partially offset by sales growth in the semiconductor and medical markets. Although many Supply Technologies end markets were not completely closed during March, demand levels were significantly affected by the downturn in the global economy caused by the COVID-19 pandemic. At this time, there have been no disruptions in our supply chains that have affected our ability to service our customers," the company said.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
