|07/05/16 11:23 AM||Park-Ohio Holdings Corp. – Value Analysis (NASDAQ:PKOH) : July 5, 2016 - |
|07/04/16 07:09 AM||Park-Ohio Holdings Corp. breached its 50 day moving average in a Bullish Manner : PKOH-US : July 4, 2016 - |
|06/25/16 05:19 PM||Park-Ohio Holdings Corp. : Has Another Very Weak Trading Session Recording a Gap Down|
|06/17/16 04:29 PM||ETF’s with exposure to Park-Ohio Holdings Corp. : June 17, 2016 - |
|06/03/16 02:35 PM||ETF’s with exposure to Park-Ohio Holdings Corp. : June 3, 2016 - |
|05/23/16 04:30 PM||ETF’s with exposure to Park-Ohio Holdings Corp. : May 23, 2016 - |
|05/21/16 01:58 PM||FBR Capital Downgrades Park-Ohio Holdings Corp. to Market Perform with Price Target $33.00 - Trade Calls - FBR Capital Downgrades Park-Ohio Holdings Corp. to Market Perform with Price Target $33.00Trade CallsBrokerage firm FBR Capital Downgrades its rating on Park-Ohio Holdings Corp.(NASDAQ:PKOH). In a research note issued to the investors, the brokerage major Lowers the price-target to $33.00 per share. The shares have been rated Market Perform.Park-Ohio Holdings Corp. (NASDAQ:PKOH) Updated Broker Price TargetsShare Trading NewsIs it Time to Cash in Profits on Park-Ohio Holdings Corp. (NASDAQ:PKOH)Franklin Independentall 3 news articles »|
|05/17/16 02:46 PM||Park-Ohio Holdings Corp. :PKOH-US: Earnings Analysis: Q1, 2016 By the Numbers - |
|05/13/16 08:46 AM||Investor News: Park-Ohio Holdings Corp. (NASDAQ:PKOH) under Investigation - GroundReport - Investor News: Park-Ohio Holdings Corp. (NASDAQ:PKOH) under InvestigationGroundReportAn investigation for investors in NASDAQ:PKOH shares over potential securities laws violations by Cleveland, OH based Park-Ohio Holdings in connection certain financial statements was announced. Investors who purchased shares of Park-Ohio Holdings ...|
|05/07/16 08:00 AM||Park-Ohio Holdings - Poor Guidance Means Poor Performance - Seeking Alpha - Seeking AlphaPark-Ohio Holdings - Poor Guidance Means Poor PerformanceSeeking AlphaPKOH seems like a very good value. At a price of $26 and change, the market cap is about $330 million, meaning that it sells for only 2x sales, has an ROE of 23%, and a trailing P/E of 6.8. There's healthy insider ownership of over 30%. The company has ...Park-Ohio Holdings Corp. (PKOH) Drops 8.34% on May 05Equities.comWhat Analysts say about Park-Ohio Holdings CorpCWRU ObserverQ3 2016 Earnings Estimate for Park-Ohio Holdings Corp. (PKOH) Issued By FBR & Co.Web Breaking NewsDirectorsTalk Interviews -Market Digest -Share Trading Newsall 17 news articles »|
|05/07/16 08:00 AM||Park-Ohio Holdings - Poor Guidance Means Poor Performance - Good company with bad guidance = risky investment. You can see the stock fell from about $40 to near $25 on April 29. At first glance, the stock drop looks excessive. PKOH seems like a ... Finally, Park-Ohio has an assembly components group that ...|
|05/06/16 08:34 AM||Investigation for Investors of Park-Ohio Holdings Corp. (NASDAQ:PKOH) Announced - An investigation for investors in NASDAQ:PKOH shares over potential securities laws violations by Park-Ohio Holdings was announced and NASDAQ:PKOH stockholders should contact the Shareholders FoundationSan Diego, CA -- (SBWIRE) -- 05/05/2016-- An ...|
|05/05/16 05:30 AM||Park-Ohio downgraded by FBR Capital - |
|05/03/16 08:04 AM||Park-Ohio Holdings' (PKOH) CEO Edward Crawford on Q1 2016 Results - Earnings Call Transcript - Seeking Alpha - Park-Ohio Holdings' (PKOH) CEO Edward Crawford on Q1 2016 Results - Earnings Call TranscriptSeeking AlphaGood morning, ladies and gentlemen. Welcome to the first quarter 2016 Park-Ohio conference call. Matt Crawford, President of the Company and Pat Fogarty, the Chief Financial Officer, will be covering in great detail the operating activities of the ...|
|05/03/16 08:04 AM||Park-Ohio Holdings' (PKOH) CEO Edward Crawford on Q1 2016 Results - Earnings Call Transcript - For reconciliation of net income to as adjusted earnings and for reconciliation of net income attributable to Park-Ohio common shareholders EBITDA as defined, pleased refer to the Company’s recent earnings release. I will now turn the conference over to ...|
|05/02/16 04:21 PM||ETF’s with exposure to Park-Ohio Holdings Corp. : May 2, 2016 - |
|05/02/16 11:46 AM||Edited Transcript of PKOH earnings conference call or presentation 2-May-16 2:00pm GMT - |
|05/02/16 08:59 AM||This Weeks Broker Price Targets For Park-Ohio Holdings Corp. (NASDAQ:PKOH) - Share Trading News - This Weeks Broker Price Targets For Park-Ohio Holdings Corp. (NASDAQ:PKOH)Share Trading News05/13/2014 – Park-Ohio Holdings Corp. was upgraded to “neutral” by analysts at Zacks. They now have a USD 56.3 price target on the stock. 05/07/2014 – Park-Ohio Holdings Corp. was downgraded to “hold” by analysts at TheStreet. 03/06/2014 – Park-Ohio ...and more »|
|05/02/16 08:59 AM||Stocks Gapping Down at the Close – COWN, EPAY, ISIG, PKOH, CPHD, MOH, GLNG, SYNA, IMGN, SRCL - The company traded at $2.14 – 0.3864 (15.27 percent). Park-Ohio Holdings Corp. (PKOH) reported a gap down of (7.75) points or -19.36 percent below its previous close of $40.03. The company traded at $28.01 – 12.02 (30.03 percent). CEPHEID (CPHD ...|
|05/02/16 07:15 AM||Park-Ohio Holdings Corp. breached its 50 day moving average in a Bearish Manner : PKOH-US : May 2, 2016 - |
|05/01/16 08:23 AM||Park-Ohio Holdings Corporation: ParkOhio Reports Results for the First Quarter of 2016 and Announces Quarterly ... - The Wall Street Transcript - Park-Ohio Holdings Corporation: ParkOhio Reports Results for the First Quarter of 2016 and Announces Quarterly ...The Wall Street TranscriptParkOhio 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.and more »|
|04/30/16 08:32 AM||US stocks slide on back of anaemic consumer spending - Also in the cellar was Park-Ohio Holdings Corp (NASDAQ:PKOH) after its first quarter results. Edward Crawford, chairman and chief executive of Park-Ohio, said the company was very disappointed in the results. The supply chain management outsourcing ...|
|04/29/16 09:09 AM||Park-Ohio Holdings Corporation: ParkOhio Reports Results for the First Quarter of 2016 and Announces Quarterly Dividend - Simply log on to http://www.pkoh.com. On April 28, 2016, the Company's Board of Directors declared a quarterly cash dividend of $0.125 per share on the common stock outstanding, to be paid on May 27, 2016, to shareholders of record as of the close of ...|
|04/28/16 07:41 PM||ParkOhio Reports Results for the First Quarter of 2016 and Announces Quarterly Dividend - [at noodls] - Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the first quarter of 2016. ... This is an abstract of the original noodl. To continue reading this document, click here for the original ...|
|04/27/16 03:05 PM||PARK OHIO HOLDINGS CORP Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct Financia - |
|04/26/16 09:37 AM||Park Ohio : ParkOhio Announces First Quarter 2016 Results Conference Call - Headquartered in Cleveland, Ohio, the Company operates 45 manufacturing sites and 54 supply chain logistics facilities. Visit the company website at http://www.pkoh.com for more information.|
|04/26/16 07:45 AM||ParkOhio Announces First Quarter 2016 Results Conference Call - [Business Wire] - ParkOhio announces the following webcast:|
|04/11/16 01:32 PM||Edited Transcript of PKOH earnings conference call or presentation 14-Mar-16 2:00pm GMT - |
|03/30/16 09:18 AM||ETF’s with exposure to Park-Ohio Holdings Corp. : March 30, 2016 - |
|03/16/16 09:54 AM||Park-Ohio Holdings Corp. :PKOH-US: Earnings Analysis: 2015 By the Numbers - |
|03/14/16 03:13 PM||PARK OHIO HOLDINGS CORP Files SEC form 10-K, Annual Report - |
|03/14/16 01:11 PM||Park-Ohio Q4 Earnings Conference Call: Full Transcript - Transcript
Company Park-Ohio Holdings Corp.
Event Name Q4 2015 Earnings Call
Event Date Mar 14, 2016
Event Time 10:00 AM ET
Good morning and welcome to the Park-Ohio Fourth Quarter and Year End 2015 Results Conference Call. At this time, all participants are in listen-only mode. After the presentation, the company will conduct a question-and-answer session. Today's conference is also being recorded. If you have any objections, you may disconnect at this time.
Before we get started I want remind everybody that certain statements made on today's call maybe forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Risks and uncertainties maybe found in the earnings press release as well as company's 2015 10-K which will be filed later today with the SEC. Additionally the company may discuss as adjusted earnings and EBITDA as defined. As adjusted earnings and EBITDA as defined are not measures of performance under Generally Accepted Accounting Principles. For a reconciliation of net income to as adjusted earnings and for reconciliation of net income attributable to Park-Ohio common shareholders EBITDA as defined, please refer to the company's recent earnings release. I will not turn the conference over to Mr. Edward Crawford, Chairman and CEO. Please proceed Mr. Crawford.
Edward F. Crawford: Chairman and Chief Executive Officer:
Good morning ladies and gentlemen. Welcome to Park-Ohio's 2015 Report Card Review. I would like to turn over the call to Matthew Crawford, the President and COO of the company. Matthew.
Matthew V. Crawford: President and Chief Operating Officer:
Thank you very much and good morning. We're pleased with our results for 2015 and excited that we set several new company records as of December 31. We set new records for annual revenues of $1.5 billion, net income of $48.1 million, EBITDA as defined of $136.5 million, adjusted EPS of $4.17, and GAAP EPS of $3.88. We attribute these annual records to the strong performance of our supply technologies and assembly components segments as well as the late 2014 Autoform and Saet acquisitions which were both accretive to our 2015 results.
First I'll discuss our annual results followed by our fourth quarter results. 2015 sales increased 6.2%, so $1.467 billion from $1.378 billion in 2014. We experienced both top and bottom line growth on our supply technologies and assembly components business due to strong demand from heavy-duty truck, automotive, power sports, and semiconductor end markets. But our engineered product segment continues to be effected by the continuing low demand from the oil and gas, tubular steel, and military aerospace end markets.
Our gross profit margins for the full year were 16.1% versus 17% in 2014. The reduced margin percentage is a direct result of the sales mix in our engineered product segment and that reduced demand from oil and gas and steel related products.
As we previously discussed is gross profit margins in these end markets are higher than our average gross margins particularly in the aftermarket product and services.
Full year consolidated SG&A expenses were $135.1 million in 2015 compared to $136.6 million in the prior year. SG&A expense as a percent of net sales was 9.2% in 2015 compared to 9.9% in the prior year. In the fourth quarter of 2015, we took a noncash charge of $2.2 million related to a court judgment in the EBSCO case which is been in litigation for several years. We expect to appeal the court's ruling in this.
Interest expense increased $1.8 million in 2015 compared to the prior year to an increase in average borrowings to fund our 2014 acquisitions which appeared right at the end of 2014. Our effective tax rate for 2015 was 30.4% which is lower than our 2014 effective tax rate of 34.7%. The decrease in 2015 effective rate is a result of the recognition of certain foreign tax benefits. We anticipate we'll continue to show an increase in foreign income in countries which have lower income tax rate than the US statutory income tax rate, and therefore as our non-US revenues and related profitability continues to grow, we'll see a lower effective tax rate.
As we discussed on previous calls, the effective foreign operations in the current year conversion to US dollars has affected our business. We estimate that our year-to-date 2015 budgeted revenues were unfavorably impacted by $30.9 million and our 2015 budgeted net income year-to-date was unfavorably impacted by $2.4 million or $0.19 per share from the effective currency changes since last year.
Now let's discuss the fourth quarter of 2015. Our US GAAP earnings in the fourth quarter of '15 were $0.95 per share compared to $0.86 per share in the prior year. Our as adjusted earnings for the fourth quarter of 2015 were $1.15 per share compared to $0.90 per share in the prior year. EBITDA as defined was $32.1 million in the fourth quarter of '15 compared to $31.7 million in the fourth quarter of 2014.
Net sales decreased 6.9% to $347.4 million in the fourth quarter compared $373 million in the prior year. The decrease is attributable to reduced demand in the oil and gas and steel industries as well decreased demand from certain end markets from our supply technologies segment compared to the prior year, primarily in heavy-duty truck, power sports and construction equipment end markets. Gross profit earned in the fourth quarter was $54.1 million compared to $56.9 million in the prior year.
Gross profit margin percentage was 15.6% compared 15.3%. The increase in our gross margin percentage was primarily due to the improved margin and supply technologies and in our General Aluminum business, and a continued focus on managing costs throughout the business.
SG&A cost increased in the fourth quarter of 2015 as a result of employee severance cost incurred. These are onetime costs and added back to arrive at our as adjusted EPS.
Now we'll look at the segments. 2015 Supply Technologies revenue grew 3.5% to $579 million from $560 million in the prior year as demand from heavy duty truck, power sports and semiconductors end markets were strong. During the fourth quarter, we began to see weaker demand from these markets as well as semiconductor and industrial capital equipment, which had an effect on Supply Technologies results in the fourth quarter as sales were down year-over-year $5.4 million.
For the full year, segment operating income increased to $50.3 million, an increase of $7.8 million over 2014. Operating income of $42.5 million. Segment operating income margin for the year was 8.7%, a significant improvement over the prior year of 7.6%. The full year improvement was driven by improved operating leverage and strong execution in our facilities that service heavy duty truck, power sports and auto-related customers.
Segment operating income margins were 7.5% during the fourth quarter of 2015 compared to 7% in the prior year.
Assembly Components full year net sales increased 16% or $78.7 million to $569 million compared to the prior year. We're pleased with this growth which is related to our ongoing initiatives around auto fuel efficiency and increased global penetration of our key technologies. Most notably, our investment into direct injection products, our commitment to light weighting using aluminum to displace iron at safety critical components and our additional investments in both China and Mexico to support our fuel systems hose and molding capabilities is clearly paying off.
2015 segment operating income grew $15.9 million to $57.9 million, which was a 38% improvement year-over-year.
Segment operating income margin was 10.2% compared to 8.6% in the prior to year. This improving is a result of operational improvements and improved pricing on various products throughout this business segment.
Revenues in the fourth quarter of 2015 were $139.6 million compared to $138.8 million or essentially flat over the prior year. Operating margin expanded to 11.5% compared to 7.7% in the prior year.
Now let's move to Engineered Products. Full year 2015 net sales decreased 3.9% to $316 million compared to $329 million in the prior year. Our equipment business continues to be affected by historically low demand for new equipment and after-market products and services throughout the year.
Low demand from our oil and gas, tubular steel, and military aerospace customer has been a challenge for the business throughout 2015 and we expect well into 2016.
For the full year 2015, the effect of the industry-wide slowdown in oil and gas, steal and military aerospace markets impacted our operating income by approximately $21.8 million. We continue to aggressively reduce costs, implement operation improvements and launch new customer initiatives as we manage in this extremely difficult environment within this particular segment of our business.
Engineered Products were $73.8 million in the fourth quarter of 2015 compared to $94.8 million for the same period in 2014. Operating margins declined to 7% from 10.4% in the prior year, as low volumes continue to affect our plants.
Next let's highlight cash flows for 2015, operating cash flows for the full year totaled $45 million. Net capital expenditures were $36.5 million. We invested a significant amount of capital in high return internal projects for Assembly Components segment, which will grow sales and enhance product margins in the future.
Overall, we're pleased with our performance in 2015. Despite the headwinds we're faced in our Engineered Product segment, the diversification of Park-Ohio was evident as other businesses grew in sales and profitability, which include international expansion, introduction of new products and continued investment in highly engineered and proprietary solutions.
At this time, we'd like to provide you with the revised outlook for 2016. We are concerned that the economic malaise which intensified in the fourth quarter is continuing well into 2016. Continued weakness in engineered products, key end markets will also continue to be a headwind.
On the positive side, generally strong automotive sales combined with the cost cutting initiatives and new business launches mostly in ...Full story available on Benzinga.com|
|03/11/16 08:00 AM||Park-Ohio posts 4Q profit - |
|03/11/16 07:37 AM||ParkOhio Announces Record 2015 Year-End Results - [Business Wire] - ParkOhio today announced results for its fourth quarter and year ended December 31, 2015.|
|03/11/16 06:07 AM||Q4 2015 Park Ohio Holdings Corp Earnings Release - Time Not Supplied - |
|03/10/16 04:03 PM||PARK OHIO HOLDINGS CORP Files SEC form 8-K, Change in Directors or Principal Officers - |
|03/07/16 12:54 PM||ParkOhio Announces Fourth Quarter and Year-End 2015 Results Conference Call - [Business Wire] - ParkOhio announces the following webcast:|
|02/05/16 10:57 AM||How To YieldBoost Park-Ohio Holdings Corp. From 1.8% To 13.3% Using Options - Shareholders of Park-Ohio Holdings Corp. (PKOH) looking to boost their income beyond the stock's 1.8% annualized dividend yield can sell the September covered call at the $35 strike and collect the premium based on the $2.05 bid, which annualizes to an ...|
|01/26/16 10:48 AM||Park-Ohio Holdings (PKOH) Prelim. FY15 EPS Light of Expectations; Guides FY16 EPS Below Views - Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here. Park-Ohio Holdings Corp. (NASDAQ: PKOH) announced that the company expects to report 2015 as adjusted earnings per diluted share of approximately $3.90. These results are ...|
|01/26/16 08:29 AM||ParkOhio Announces Preliminary 2015 EPS and 2016 EPS Guidance - [at noodls] - Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced that the company expects to report 2015 as adjusted earnings per diluted share of approximately $3.90. These results are preliminary in nature and ...|
|01/26/16 08:23 AM||9:23 am Park-Ohio sees FY15 and FY16 EPS below consensus - |
|01/06/16 02:36 PM||Edited Transcript of PKOH earnings conference call or presentation 3-Nov-15 3:00pm GMT - |
|12/21/15 11:12 AM||Park-Ohio Holdings Corp. Earnings Analysis: Q3, 2015 By the Numbers - |
|12/18/15 08:08 AM||ConocoPhillips (COP) And Other Struggling Companies Witness Insider Buying Activity - |
|12/14/15 11:46 AM||Park-Ohio Holdings Corp. breached its 50 day moving average in a Bearish Manner : December 14, 2015 - |
|12/08/15 12:17 PM||PARK OHIO HOLDINGS CORP Financials - |
|11/09/15 01:27 PM||PARK OHIO HOLDINGS CORP Files SEC form 10-Q, Quarterly Report - |
|11/02/15 04:45 PM||Park-Ohio posts 3Q profit - |
|11/02/15 03:56 PM||ParkOhio Announces Third Quarter and Record Year-to-Date Results - [at noodls] - Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced its results for the third quarter of 2015. ... This is an abstract of the original noodl. To continue reading this document, click here for the original ...|
|11/02/15 03:38 PM||PARK OHIO HOLDINGS CORP Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and E - |