Latest news with #Park-Ohio
Business Wire
15-07-2025
- Business
- Business Wire
Park-Ohio Announces $350 Million Senior Secured Notes Offering
CLEVELAND, OHIO--(BUSINESS WIRE)--Park-Ohio Industries, Inc. (the 'Company'), a subsidiary of Park-Ohio Holdings Corp. (NASDAQ: PKOH), today announced that it intends to offer $350.0 million aggregate principal amount of senior secured notes due 2030 (the 'Notes'), subject to market and customary conditions, in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the 'Securities Act'). The Notes will be senior obligations of the Company and will be guaranteed, with certain exceptions, by the Company's existing and future domestic subsidiaries on a senior secured basis. The Notes will be secured by, subject in each case to certain exceptions and permitted liens, (i) a first-priority lien on substantially all of the Company's and the guarantors' U.S. equipment (including machinery) (the 'Notes Priority Collateral') and (ii) a second-priority lien (junior to the Company's revolving credit facility) on substantially all of the Company's and the guarantors' U.S. assets not constituting Notes Priority Collateral that secure the revolving credit facility. In connection with the offering of the Notes, the Company intends to enter into an amendment to its revolving credit facility in order to, among other things, extend the maturity date to the fifth anniversary from the closing of the amendment (the 'Revolving Credit Facility Amendment'). The Company intends to use the net proceeds from the offering of the Notes, along with cash on hand, to redeem all $350.0 million aggregate principal amount of its outstanding 6.625% Senior Notes due 2027 (the '2027 Senior Notes') and pay related fees and expenses. This is not an offer to sell or the solicitation of an offer to buy any securities. The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to certain non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws. This news release does not constitute a notice of redemption pursuant to the terms of the indenture governing the 2027 Senior Notes. There can be no assurances that the offering of the Notes will be completed as described herein or at all nor that the Revolving Credit Facility Amendment will be consummated on the anticipated terms or at all. About Park-Ohio Park-Ohio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, Park-Ohio operates approximately 125 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Forward-Looking Statements This news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: the impact supply chain and logistic issues have on our business, results of operations, financial position and liquidity; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part availability and pricing; changes in our relationships with customers and suppliers; the financial condition of our customers, including the impact of any bankruptcies; our ability to successfully integrate recent and future acquisitions into existing operations; changes in general economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions and changing government policies, laws and regulations, including those related to the current global uncertainties and crises, such as tariffs and surcharges; adverse impacts to us, our suppliers and customers from acts of terrorism or hostilities, including the conflicts between Russia and Ukraine and in the Middle East, or political unrest, including the rising tension between China and the United States; public health issues, including the outbreak of infectious diseases and any impact on our facilities and operations and our customers and suppliers; our ability to meet various covenants, including financial covenants, contained in the agreements governing our indebtedness, including our revolving credit facility and the Notes; our ability to successfully enter into the Revolving Credit Facility Amendment; disruptions, uncertainties or volatility in the credit markets that may limit our access to capital; potential disruption due to a partial or complete reconfiguration of the European Union; increasingly stringent domestic and foreign governmental regulations, including those affecting the environment or import and export controls and other trade barriers; inherent uncertainties involved in assessing our potential liability for environmental remediation-related activities; the outcome of pending and future litigation and other claims and disputes with customers; our dependence on the automotive and heavy-duty truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending; our ability to negotiate contracts with labor unions; our dependence on key management; our dependence on information systems; and the other factors we describe under 'Item 1A. Risk Factors' included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved. The Company assumes no obligation to update the information in this release.
Business Wire
15-07-2025
- Business
- Business Wire
ParkOhio Announces Preliminary Second Quarter 2025 Results
CLEVELAND, OHIO--(BUSINESS WIRE)--Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced preliminary financial results for the second quarter of 2025. While the Company has not yet finalized its financial results for the three months ended June 30, 2025, based on its unaudited preliminary analysis, it estimates that its total net sales will be between $400 million and $410 million and its Adjusted EBITDA will be between $34 million and $37 million for the three months ended June 30, 2025. The Company's estimates for the three months ended June 30, 2025 are preliminary and unaudited and represent the most current information available to its management. The Company's actual results may differ from the preliminary estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between the date of this news release and the time that financial results for the three months ended June 30, 2025 are finalized. The Company presents Adjusted EBITDA because it believes that Adjusted EBITDA could be useful to investors in assessing its operating performance and its operating performance relative to its financial obligations. Adjusted EBITDA is not a measurement of the Company's financial performance under generally accepted accounting principles ("GAAP") and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Additionally, other companies in the Company's industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure. The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as Adjusted EBITDA, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, certain significant noncash credits or charges and certain infrequent items. The preliminary estimates included in this news release have been prepared by, and are the responsibility of, our management. Ernst & Young LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary financial results. Accordingly, Ernst & Young LLP does not express an opinion or any other form of assurance with respect thereto. About ParkOhio Park-Ohio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, Park-Ohio operates approximately 125 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Forward-Looking Statements This news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: the finalization of our financial statements for the three months ending June 30, 2025; the impact supply chain and logistic issues have on our business, results of operations, financial position and liquidity; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part availability and pricing; changes in our relationships with customers and suppliers; the financial condition of our customers, including the impact of any bankruptcies; our ability to successfully integrate recent and future acquisitions into existing operations; the amounts and timing, if any, of purchases of our common stock; changes in general economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions and changing government policies, laws and regulations, including those related to the current global uncertainties and crises, such as tariffs and surcharges; adverse impacts to us, our suppliers and customers from acts of terrorism or hostilities, including the conflicts between Russia and Ukraine and in the Middle East, or political unrest, including the rising tension between China and the United States; public health issues, including the outbreak of infectious diseases and any impact on our facilities and operations and our customers and suppliers; our ability to meet various covenants, including financial covenants, contained in the agreements governing our indebtedness; disruptions, uncertainties or volatility in the credit markets that may limit our access to capital; potential disruption due to a partial or complete reconfiguration of the European Union; increasingly stringent domestic and foreign governmental regulations, including those affecting the environment or import and export controls and other trade barriers; inherent uncertainties involved in assessing our potential liability for environmental remediation-related activities; the outcome of pending and future litigation and other claims and disputes with customers; our dependence on the automotive and heavy-duty truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending; our ability to negotiate contracts with labor unions; our dependence on key management; our dependence on information systems; our ability to continue to pay cash dividends, and the timing and amount of any such dividends; and the other factors we describe under 'Item 1A. Risk Factors' included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved. The Company assumes no obligation to update the information in this news release.
Yahoo
30-05-2025
- Business
- Yahoo
Engineered Components and Systems Stocks Q1 Teardown: Timken (NYSE:TKR) Vs The Rest
Wrapping up Q1 earnings, we look at the numbers and key takeaways for the engineered components and systems stocks, including Timken (NYSE:TKR) and its peers. Engineered components and systems companies possess technical know-how in sometimes narrow areas such as metal forming or intelligent robotics. Lately, automation and connected equipment collecting analyzable data have been trending, creating new demand. On the other hand, like the broader industrials sector, engineered components and systems companies are at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies' offerings. The 12 engineered components and systems stocks we track reported a strong Q1. As a group, revenues beat analysts' consensus estimates by 1.2% while next quarter's revenue guidance was 1.1% below. Luckily, engineered components and systems stocks have performed well with share prices up 11.5% on average since the latest earnings results. Established after the founder noticed the difficulty freight wagons had making sharp turns, Timken (NYSE:TKR) is a provider of industrial parts used across various sectors. Timken reported revenues of $1.14 billion, down 4.2% year on year. This print exceeded analysts' expectations by 1.1%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts' adjusted operating income estimates and full-year EPS guidance missing analysts' expectations. "Timken posted solid first-quarter results in a time of heightened uncertainty," said Richard G. Kyle, president and chief executive officer. The stock is up 6.8% since reporting and currently trades at $69.70. Read our full report on Timken here, it's free. Headquartered in Milwaukee, Regal Rexnord (NYSE:RRX) provides power transmission and industrial automation products. Regal Rexnord reported revenues of $1.42 billion, down 8.4% year on year, outperforming analysts' expectations by 3%. The business had a stunning quarter with a solid beat of analysts' organic revenue and EBITDA estimates. The market seems happy with the results as the stock is up 24.7% since reporting. It currently trades at $137.35. Is now the time to buy Regal Rexnord? Access our full analysis of the earnings results here, it's free. Based in Cleveland, Park-Ohio (NASDAQ:PKOH) provides supply chain management services, capital equipment, and manufactured components. Park-Ohio reported revenues of $405.4 million, down 2.9% year on year, falling short of analysts' expectations by 4.7%. It was a softer quarter as it posted a significant miss of analysts' EBITDA and EPS estimates. Park-Ohio delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 15.4% since the results and currently trades at $18.05. Read our full analysis of Park-Ohio's results here. A developer of the communication systems used in the Batmobile of 'The Dark Knight,' ESCO (NYSE:ESE) is a provider of engineered components for the aerospace, defense, and utility sectors. ESCO reported revenues of $265.5 million, up 6.6% year on year. This print met analysts' expectations. It was a very strong quarter as it also produced full-year EPS guidance exceeding analysts' expectations. ESCO pulled off the fastest revenue growth and highest full-year guidance raise among its peers. The stock is up 10.8% since reporting and currently trades at $181.17. Read our full, actionable report on ESCO here, it's free. Originally founded solely on tool and die manufacturing, Mayville Engineering Company (NYSE:MEC) specializes in metal fabrication, tube bending, and welding to be used in various industries. Mayville Engineering reported revenues of $135.6 million, down 15.9% year on year. This number topped analysts' expectations by 0.8%. Overall, it was an exceptional quarter as it also logged a solid beat of analysts' EPS estimates and an impressive beat of analysts' adjusted operating income estimates. Mayville Engineering had the slowest revenue growth among its peers. The stock is up 20.3% since reporting and currently trades at $15.93. Read our full, actionable report on Mayville Engineering here, it's free. As a result of the Fed's rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed's 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump's victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
Park-Ohio (NASDAQ:PKOH) Reports Sales Below Analyst Estimates In Q1 Earnings
Diversified manufacturing and supply chain services provider Park-Ohio (NASDAQ:PKOH) missed Wall Street's revenue expectations in Q1 CY2025, with sales falling 2.9% year on year to $405.4 million. The company's full-year revenue guidance of $1.65 billion at the midpoint came in 1.5% below analysts' estimates. Its non-GAAP profit of $0.66 per share was 21% below analysts' consensus estimates. Is now the time to buy Park-Ohio? Find out in our full research report. Park-Ohio (PKOH) Q1 CY2025 Highlights: Revenue: $405.4 million vs analyst estimates of $425.5 million (2.9% year-on-year decline, 4.7% miss) Adjusted EPS: $0.66 vs analyst expectations of $0.84 (21% miss) Adjusted EBITDA: $33.9 million vs analyst estimates of $36.75 million (8.4% margin, 7.8% miss) Adjusted EPS guidance for the full year is $3.25 at the midpoint, roughly in line with what analysts were expecting Operating Margin: 4.7%, down from 6.1% in the same quarter last year Free Cash Flow was -$19.5 million compared to -$7.1 million in the same quarter last year Market Capitalization: $289.7 million Company Overview Based in Cleveland, Park-Ohio (NASDAQ:PKOH) provides supply chain management services, capital equipment, and manufactured components. Sales Growth A company's long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Unfortunately, Park-Ohio struggled to consistently increase demand as its $1.64 billion of sales for the trailing 12 months was close to its revenue five years ago. This wasn't a great result and is a sign of poor business quality. Park-Ohio Quarterly Revenue We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Park-Ohio's annualized revenue growth of 2.7% over the last two years is above its five-year trend, but we were still disappointed by the results. Park-Ohio Year-On-Year Revenue Growth This quarter, Park-Ohio missed Wall Street's estimates and reported a rather uninspiring 2.9% year-on-year revenue decline, generating $405.4 million of revenue. Looking ahead, sell-side analysts expect revenue to grow 4.5% over the next 12 months. Although this projection indicates its newer products and services will spur better top-line performance, it is still below the sector average. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories.
Yahoo
05-05-2025
- Business
- Yahoo
Park-Ohio (PKOH) Reports Q1: Everything You Need To Know Ahead Of Earnings
Diversified manufacturing and supply chain services provider Park-Ohio (NASDAQ:PKOH) will be announcing earnings results tomorrow after the bell. Here's what to look for. Park-Ohio missed analysts' revenue expectations by 4.3% last quarter, reporting revenues of $388.4 million, flat year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts' EBITDA estimates. Is Park-Ohio a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting Park-Ohio's revenue to grow 1.9% year on year to $425.5 million, a reversal from the 1.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.84 per share. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Park-Ohio has missed Wall Street's revenue estimates four times over the last two years. Looking at Park-Ohio's peers in the engineered components and systems segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Arrow Electronics's revenues decreased 1.6% year on year, beating analysts' expectations by 7.2%, and Gates Industrial Corporation reported a revenue decline of 1.7%, topping estimates by 2.9%. Arrow Electronics traded up 3.6% following the results while Gates Industrial Corporation was also up 6.2%. Read our full analysis of Arrow Electronics's results here and Gates Industrial Corporation's results here. There has been positive sentiment among investors in the engineered components and systems segment, with share prices up 12.9% on average over the last month. Park-Ohio is up 10.3% during the same time. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Sign in to access your portfolio
