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Park-Ohio Holdings Corp. (PKOH-1.48%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $1,656.2 million, a slight decrease from $1,659.7 million in the previous year. This decrease is attributed to lower sales in the Assembly Components segment, offset by higher sales in Supply Technologies and Engineered Products.
Cost of sales decreased to $1,374.8 million from $1,388.3 million, reflecting ongoing profit improvement initiatives. The company reported a gross margin of 17.0%, up from 16.4% in the prior year.
Selling, general, and administrative expenses increased to $187.4 million, or 11.3% of net sales, primarily due to higher employee costs and ongoing inflation.
Restructuring and other special charges were $4.9 million, down from $6.6 million in the previous year, related to plant closure and consolidation activities.
Net income from continuing operations attributable to ParkOhio common shareholders was $42.2 million, compared to $34.0 million in 2023.
The company recorded a loss from discontinued operations of $10.4 million, primarily related to the sale of its Aluminum Products business.
Cash provided by operating activities was $35.0 million, down from $53.4 million in 2023, due to higher working capital needs.
Capital expenditures were $31.4 million, primarily for growth initiatives across all segments.
Park-Ohio completed the acquisition of EMA Indutec GmbH for $11.0 million, expanding its Engineered Products segment.
The company's Board of Directors declared a quarterly dividend of $0.125 per common share, paid on February 21, 2025.
Park-Ohio's liquidity remains strong with total liquidity of $198.2 million, including cash and cash equivalents of $53.1 million and unused borrowing availability of $145.1 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Park-Ohio Holdings Corp. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.