Park-Ohio Holdings Corp · Q2 2022 earnings

Briefing

Park-Ohio reported strong Q2 2022 results with revenue up 22% and GAAP EPS of $0.08, driven by strength in Supply Technologies and Engineered Products, while Assembly Components was impacted by restructuring and raw material costs.

Park-Ohio Holdings Corp. announced strong second-quarter results with a 22% increase in revenue to $428.6 million and a GAAP EPS of $0.08, compared to a loss of $(0.44) in Q2 2021. The company's performance was driven by strong results in Supply Technologies and Engineered Products, while Assembly Components results were impacted by restructuring and increased raw material costs. Two acquisitions in the Supply Technologies segment were completed.

• Q2 2022 Revenues of $429 million, up 22% from Q2 2021
• Q2 2022 GAAP EPS of $0.08 compared to a loss of $(0.44) in Q2 2021; Adjusted EPS of $0.21, up from a loss of $(0.33) in Q2 2021
• Strong results in Supply Technologies and Engineered Products; Assembly Components results impacted by restructuring and increased raw material costs
• Completed two acquisitions in our Supply Technologies segment

Headline financials

Revenue & EPS history

For the full year 2022, we continue to expect revenues to be at record levels, with revenue growth of approximately 15% year-over-year driven by strong customer demand in each segment. We also continue to expect significant improvement in profitability for the full year 2022 compared to 2021, and improved adjusted net income in the third and fourth quarters compared to the second quarter of 2022. However, given continuing macroeconomic headwinds from demand volatility, inflation and supply chain constraints, we will not provide further guidance at this time.