Posted August 8, 2019

ParkOhio sales decline 4 percent

Park-Ohio Holdings Corp. said its net sales of $415.3 million in the second quarter of 2019 decreased 4 percent from $432.2 million in the second quarter of 2018.

Net income of $7.6 million, or 61 cents per diluted share, compared to $14.8 million, or $1.18 per diluted share, in the second quarter of 2018.

Net sales in the Supply Technologies segment decreased 3 percent year-over-year due to lower demand from semiconductor and consumer electronics customers, primarily in Asia, which was partially offset by strong demand from heavy-duty truck and aerospace and defense customers.

In Assembly Components, net sales decreased 11 percent year-over-year due to anticipated end-of-life programs, slower than expected ramp up in sales in two new plants in China, and the impact of lower global auto production.

In Engineered Products, net sales were up 4 precent year-over-year, resulting from continued strong demand and backlog for induction heating systems, aftermarket parts and services, and aerospace and rail forgings.