ParkOhio Announces Record Net Sales and Strong Second Quarter 2024 Results
-
Record net sales of
$433 million compared to$428 million in Q2 2023 - Gross margin of 16.9% improved 50 basis points year-over-year
- Operating income margin improved 120 basis points to 5.7% year-over-year
-
GAAP income from continuing operations improved to
$12.3 million compared to$7.1 million in Q2 2023 -
GAAP EPS from continuing operations improved 67% to
$0.95 per diluted share, up from$0.57 in Q2 2023 -
Adjusted EPS from continuing operations of
$1.02 per diluted share, up 23% vs.$0.83 in Q2 2023 -
EBITDA, as defined improved 10% year-over-year to
$39 million , up 80 basis points to 9.1% of net sales
“We are proud to have delivered record revenue results and improved profitability during the second quarter. We achieved these results against a stable but mixed revenue backdrop, with particular strength coming from our aerospace and defense market as well as benefiting from significant backlogs in some of our long cycle businesses. While we expect mixed demand in global industrial markets to continue, our diversification and improved cost structure will help us achieve year-over-year revenue growth with improved profitability and free cash flow through the business cycle," said
SECOND QUARTER CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
In the second quarter of 2024, net sales from continuing operations were a record
SECOND QUARTER SEGMENT RESULTS FROM CONTINUING OPERATIONS
In our Supply Technologies segment, net sales in the second quarter of 2024 were a record
In Assembly Components, net sales were
In Engineered Products, net sales were a record
Please refer to the tables that follow for a reconciliation of segment operating income to adjusted segment operating income.
YEAR-TO-DATE CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
In the six months ended
2024 OUTLOOK - CONTINUING OPERATIONS
For 2024, we now expect year-over-year revenue growth to be between 2% and 4%, due to slowing but stable demand in certain end markets. In addition, we continue to expect year-over-year improvement in adjusted EPS and EBITDA, as defined.
CONFERENCE CALL
A conference call reviewing ParkOhio’s second quarter 2024 results will be broadcast live over the Internet on
ParkOhio 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
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: our ability to realize any contingent consideration from the sale of the Aluminum Products business; 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
|
|||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(In millions, except per share data) |
||||||||||||||
Net sales |
$ |
432.6 |
|
|
$ |
428.1 |
|
|
$ |
850.2 |
|
|
$ |
851.6 |
|
Cost of sales |
|
359.4 |
|
|
|
358.0 |
|
|
|
705.6 |
|
|
|
714.3 |
|
Selling, general and administrative expenses |
|
47.4 |
|
|
|
46.8 |
|
|
|
94.5 |
|
|
|
92.1 |
|
Restructuring, acquisition-related and other special charges |
|
1.2 |
|
|
|
4.1 |
|
|
|
1.5 |
|
|
|
6.6 |
|
Gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
Operating income |
|
24.6 |
|
|
|
19.2 |
|
|
|
48.6 |
|
|
|
39.4 |
|
Other components of pension and other postretirement benefits income, net |
|
1.4 |
|
|
|
0.6 |
|
|
|
2.7 |
|
|
|
1.3 |
|
Interest expense, net |
|
(12.0 |
) |
|
|
(11.1 |
) |
|
|
(23.9 |
) |
|
|
(21.8 |
) |
Income from continuing operations before income taxes |
|
14.0 |
|
|
|
8.7 |
|
|
|
27.4 |
|
|
|
18.9 |
|
Income tax expense |
|
(2.6 |
) |
|
|
(2.1 |
) |
|
|
(5.9 |
) |
|
|
(4.7 |
) |
Income from continuing operations |
|
11.4 |
|
|
|
6.6 |
|
|
|
21.5 |
|
|
|
14.2 |
|
Loss attributable to noncontrolling interests |
|
0.9 |
|
|
|
0.5 |
|
|
|
1.4 |
|
|
|
0.4 |
|
Income from continuing operations attributable to |
|
12.3 |
|
|
|
7.1 |
|
|
|
22.9 |
|
|
|
14.6 |
|
Loss from discontinued operations, net of tax |
|
(0.4 |
) |
|
|
(1.7 |
) |
|
|
(1.4 |
) |
|
|
(3.4 |
) |
Net income attributable to |
$ |
11.9 |
|
|
$ |
5.4 |
|
|
$ |
21.5 |
|
|
$ |
11.2 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per common share attributable to |
|
|
|
|
|
|
|
||||||||
Basic: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.98 |
|
|
$ |
0.58 |
|
|
$ |
1.85 |
|
|
$ |
1.20 |
|
Discontinued operations |
|
(0.03 |
) |
|
|
(0.14 |
) |
|
|
(0.11 |
) |
|
|
(0.28 |
) |
Total |
$ |
0.95 |
|
|
$ |
0.44 |
|
|
$ |
1.74 |
|
|
$ |
0.92 |
|
Diluted: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.95 |
|
|
$ |
0.57 |
|
|
$ |
1.79 |
|
|
$ |
1.18 |
|
Discontinued operations |
|
(0.03 |
) |
|
|
(0.14 |
) |
|
|
(0.11 |
) |
|
|
(0.28 |
) |
Total |
$ |
0.92 |
|
|
$ |
0.43 |
|
|
$ |
1.68 |
|
|
$ |
0.90 |
|
Weighted-average shares used to compute income (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
|
12.5 |
|
|
|
12.2 |
|
|
|
12.4 |
|
|
|
12.2 |
|
Diluted |
|
12.9 |
|
|
|
12.4 |
|
|
|
12.8 |
|
|
|
12.4 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends per common share |
$ |
0.125 |
|
|
$ |
0.125 |
|
|
$ |
0.250 |
|
|
$ |
0.250 |
|
|
|
|
|
|
|
|
|
||||||||
Other financial data: |
|
|
|
|
|
|
|
||||||||
EBITDA, as defined |
$ |
39.4 |
|
|
$ |
35.7 |
|
|
$ |
77.2 |
|
|
$ |
67.2 |
|
Supplemental Non-GAAP Financial Measures (Unaudited)
Adjusted earnings from continuing operations is a non-GAAP financial measure that the Company is providing in this press release. Adjusted earnings from continuing operations is income from continuing operations calculated in accordance with generally accepted accounting principles ("GAAP"), adjusted for special items. The Company presents this non-GAAP financial measure because management uses adjusted earnings from continuing operations to compare its operating performance on a consistent basis over multiple periods because they remove the impact of certain significant noncash credits or charges and certain infrequent items impacting net income. Adjusted earnings is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, income from continuing operations calculated in accordance with GAAP. Adjusted income from continuing operations herein may not be comparable to similarly titled measures of other companies. The following table reconciles income from continuing operations to adjusted earnings from continuing operations:
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||||||
|
Earnings |
|
Diluted
|
|
Earnings |
|
Diluted
|
|
Earnings |
|
Diluted
|
|
Earnings |
|
Diluted
|
||||||||||||||||
|
(In millions, except for earnings per share (EPS)) |
||||||||||||||||||||||||||||||
Income from continuing operations attributable to |
$ |
12.3 |
|
|
$ |
0.95 |
|
|
$ |
7.1 |
|
|
$ |
0.57 |
|
|
$ |
22.9 |
|
|
$ |
1.79 |
|
|
$ |
14.6 |
|
|
$ |
1.18 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Restructuring and other special charges |
|
1.2 |
|
|
|
0.09 |
|
|
|
4.1 |
|
|
|
0.34 |
|
|
|
1.2 |
|
|
|
0.09 |
|
|
|
6.5 |
|
|
|
0.53 |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.02 |
|
|
|
0.1 |
|
|
|
0.01 |
|
Gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
|
(0.06 |
) |
Tax effect of above adjustments |
|
(0.3 |
) |
|
|
(0.02 |
) |
|
|
(1.0 |
) |
|
|
(0.08 |
) |
|
|
(0.4 |
) |
|
|
(0.03 |
) |
|
|
(1.3 |
) |
|
|
(0.11 |
) |
Non-controlling interest impact |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted earnings |
$ |
13.1 |
|
|
$ |
1.02 |
|
|
$ |
10.2 |
|
|
$ |
0.83 |
|
|
$ |
23.9 |
|
|
$ |
1.87 |
|
|
$ |
19.1 |
|
|
$ |
1.55 |
|
The following table shows the impact of these adjustments on our segment results (continuing operations): |
|||||||||||||||||
|
Cost of
|
|
SG&A |
|
Total |
|
Cost of
|
|
SG&A |
|
Total |
||||||
|
(In millions) |
||||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||
Supply Technologies |
$ |
— |
|
$ |
0.2 |
|
$ |
0.2 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Assembly Components |
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
1.2 |
Engineered Products |
|
— |
|
|
1.0 |
|
|
1.0 |
|
|
0.2 |
|
|
2.7 |
|
|
2.9 |
Corporate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total continuing operations |
$ |
— |
|
$ |
1.2 |
|
$ |
1.2 |
|
$ |
1.4 |
|
$ |
2.7 |
|
$ |
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||||
Supply Technologies |
$ |
— |
|
$ |
0.2 |
|
$ |
0.2 |
|
$ |
— |
|
$ |
0.2 |
|
$ |
0.2 |
Assembly Components |
|
— |
|
|
— |
|
|
— |
|
|
1.5 |
|
|
— |
|
|
1.5 |
Engineered Products |
|
— |
|
|
1.3 |
|
|
1.3 |
|
|
0.2 |
|
|
4.7 |
|
|
4.9 |
Corporate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total continuing operations |
$ |
— |
|
$ |
1.5 |
|
$ |
1.5 |
|
$ |
1.7 |
|
$ |
4.9 |
|
$ |
6.6 |
Supplemental Non-GAAP Financial Measures (Unaudited)
EBITDA, as defined is a non-GAAP financial measure that the Company is providing in this press release. EBITDA, as defined reflects net income attributable to
|
Three Months Ended
|
|
Six Months Ended
|
|
Trailing
|
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|||||||
|
(In millions) |
||||||||||||||
Income from continuing operations attributable to |
$ |
12.3 |
|
$ |
7.1 |
|
$ |
22.9 |
|
$ |
14.6 |
|
|
$ |
42.3 |
Add back: |
|
|
|
|
|
|
|
|
|
||||||
Interest expense, net |
|
12.0 |
|
|
11.1 |
|
|
23.9 |
|
|
21.8 |
|
|
|
47.2 |
Income tax expense |
|
2.6 |
|
|
2.1 |
|
|
5.9 |
|
|
4.7 |
|
|
|
9.7 |
Depreciation and amortization |
|
8.3 |
|
|
7.8 |
|
|
16.7 |
|
|
15.5 |
|
|
|
32.9 |
Stock-based compensation expense |
|
1.2 |
|
|
1.7 |
|
|
2.7 |
|
|
3.3 |
|
|
|
5.9 |
Restructuring, business optimization and other costs |
|
0.2 |
|
|
4.1 |
|
|
0.2 |
|
|
6.5 |
|
|
|
0.2 |
Loss on sale of assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
0.4 |
Acquisition-related expenses |
|
— |
|
|
— |
|
|
0.3 |
|
|
0.1 |
|
|
|
0.3 |
EBITDA loss attributable to Designated Subsidiary |
|
2.8 |
|
|
1.8 |
|
|
4.6 |
|
|
1.6 |
|
|
|
5.8 |
Other |
|
— |
|
|
— |
|
|
— |
|
|
(0.9 |
) |
|
|
0.2 |
EBITDA, as defined |
$ |
39.4 |
|
$ |
35.7 |
|
$ |
77.2 |
|
$ |
67.2 |
|
|
$ |
144.9 |
Note: Trailing twelve-months may not equal the sum of quarterly amounts due to defined calculation within |
|
|||||
Condensed Consolidated Balance Sheets |
|||||
|
|||||
|
(Unaudited) |
|
|
||
|
|
|
|
||
|
(In millions) |
||||
ASSETS |
|||||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
59.9 |
|
$ |
54.8 |
Accounts receivable, net |
|
275.5 |
|
|
263.3 |
Inventories, net |
|
427.8 |
|
|
411.1 |
Other current assets |
|
100.9 |
|
|
95.2 |
Total current assets |
|
864.1 |
|
|
824.4 |
Property, plant and equipment, net |
|
184.1 |
|
|
184.9 |
Operating lease right-of-use assets |
|
43.8 |
|
|
44.7 |
|
|
114.1 |
|
|
110.2 |
Intangible assets, net |
|
74.5 |
|
|
73.3 |
Other long-term assets |
|
100.0 |
|
|
103.2 |
Total assets |
$ |
1,380.6 |
|
$ |
1,340.7 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|
|
|
||
Trade accounts payable |
$ |
194.7 |
|
$ |
204.0 |
Current portion of long-term debt and short-term debt |
|
13.1 |
|
|
9.4 |
Current portion of operating lease liabilities |
|
11.7 |
|
|
10.6 |
Accrued expenses and other |
|
137.5 |
|
|
139.6 |
Total current liabilities |
|
357.0 |
|
|
363.6 |
Long-term liabilities, less current portion: |
|
|
|
||
Long-term debt |
|
670.3 |
|
|
633.4 |
Long-term operating lease liabilities |
|
32.3 |
|
|
34.4 |
Other long-term liabilities |
|
19.1 |
|
|
19.4 |
Total long-term liabilities |
|
721.7 |
|
|
687.2 |
|
|
293.8 |
|
|
280.4 |
Noncontrolling interests |
|
8.1 |
|
|
9.5 |
Total equity |
|
301.9 |
|
|
289.9 |
Total liabilities and shareholders' equity |
$ |
1,380.6 |
|
$ |
1,340.7 |
|
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
|||||||
|
Six Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(In millions) |
||||||
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
|
|
|
||||
Income from continuing operations |
$ |
21.5 |
|
|
$ |
14.2 |
|
Adjustments to reconcile income from continuing operations to net cash (used in) provided by operating activities from continuing operations: |
|
|
|
||||
Depreciation and amortization |
|
16.7 |
|
|
|
15.5 |
|
Stock-based compensation expense |
|
2.7 |
|
|
|
3.3 |
|
Gain on sale of assets |
|
— |
|
|
|
(0.8 |
) |
|
|
|
|
||||
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(10.1 |
) |
|
|
(8.8 |
) |
Inventories |
|
(11.3 |
) |
|
|
3.0 |
|
Prepaid and other current assets |
|
(1.4 |
) |
|
|
(14.1 |
) |
Accounts payable and accrued expenses |
|
(13.4 |
) |
|
|
(15.1 |
) |
Other |
|
(5.1 |
) |
|
|
3.7 |
|
Net cash (used in) provided by operating activities from continuing operations |
|
(0.4 |
) |
|
|
0.9 |
|
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS |
|
|
|
||||
Purchases of property, plant and equipment |
|
(13.2 |
) |
|
|
(13.4 |
) |
Proceeds from sales of assets |
|
— |
|
|
|
1.4 |
|
Business acquisitions, net of cash acquired |
|
(11.0 |
) |
|
|
(1.0 |
) |
Net cash used in investing activities from continuing operations |
|
(24.2 |
) |
|
|
(13.0 |
) |
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS |
|
|
|
||||
Proceeds from revolving credit facility, net |
|
38.2 |
|
|
|
14.2 |
|
Proceeds from other debt, net |
|
5.4 |
|
|
|
3.4 |
|
(Payments on) proceeds from finance lease facilities, net |
|
(1.8 |
) |
|
|
0.9 |
|
Payments related to prior acquisitions |
|
(0.8 |
) |
|
|
(2.0 |
) |
Dividends |
|
(3.3 |
) |
|
|
(3.2 |
) |
Payments of withholding taxes on share awards |
|
(2.4 |
) |
|
|
(1.2 |
) |
Net cash provided by financing activities from continuing operations |
|
35.3 |
|
|
|
12.1 |
|
DISCONTINUED OPERATIONS: |
|
|
|
||||
Total used by operating activities |
|
(4.1 |
) |
|
|
(2.2 |
) |
Total used by investing activities |
|
— |
|
|
|
(1.7 |
) |
Total used by financing activities |
|
— |
|
|
|
(1.2 |
) |
Decrease in cash and cash equivalents from discontinued operations |
|
(4.1 |
) |
|
|
(5.1 |
) |
Effect of exchange rate changes on cash |
|
(1.5 |
) |
|
|
0.3 |
|
Increase (decrease) in cash and cash equivalents |
|
5.1 |
|
|
|
(4.8 |
) |
Cash and cash equivalents at beginning of period |
|
54.8 |
|
|
|
58.2 |
|
Cash and cash equivalents at end of period |
$ |
59.9 |
|
|
$ |
53.4 |
|
Interest paid |
$ |
23.3 |
|
|
$ |
22.6 |
|
Income taxes paid |
$ |
5.7 |
|
|
$ |
4.4 |
|
|
|||||||||||||||
Business Segment Information (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(In millions) |
||||||||||||||
NET SALES OF CONTINUING OPERATIONS: |
|
|
|
|
|
|
|
||||||||
Supply Technologies |
$ |
202.6 |
|
|
$ |
197.3 |
|
|
$ |
399.5 |
|
|
$ |
393.1 |
|
Assembly Components |
|
103.1 |
|
|
|
112.0 |
|
|
|
210.3 |
|
|
|
222.4 |
|
Engineered Products |
|
126.9 |
|
|
|
118.8 |
|
|
|
240.4 |
|
|
|
236.1 |
|
|
$ |
432.6 |
|
|
$ |
428.1 |
|
|
$ |
850.2 |
|
|
$ |
851.6 |
|
|
|
|
|
|
|
|
|
||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: |
|
|
|
|
|
|
|
||||||||
Supply Technologies |
$ |
19.0 |
|
|
$ |
15.4 |
|
|
$ |
38.5 |
|
|
$ |
29.4 |
|
Assembly Components |
|
6.9 |
|
|
|
8.4 |
|
|
|
15.5 |
|
|
|
15.7 |
|
Engineered Products |
|
6.3 |
|
|
|
3.2 |
|
|
|
9.8 |
|
|
|
8.2 |
|
Total segment operating income |
|
32.2 |
|
|
|
27.0 |
|
|
|
63.8 |
|
|
|
53.3 |
|
Corporate costs |
|
(7.6 |
) |
|
|
(7.8 |
) |
|
|
(15.2 |
) |
|
|
(14.7 |
) |
Gains on sales of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Operating income |
|
24.6 |
|
|
|
19.2 |
|
|
|
48.6 |
|
|
|
39.4 |
|
Other components of pension and other postretirement benefits income, net |
|
1.4 |
|
|
|
0.6 |
|
|
|
2.7 |
|
|
|
1.3 |
|
Interest expense, net |
|
(12.0 |
) |
|
|
(11.1 |
) |
|
|
(23.9 |
) |
|
|
(21.8 |
) |
Income from continuing operations before income taxes |
$ |
14.0 |
|
|
$ |
8.7 |
|
|
$ |
27.4 |
|
|
$ |
18.9 |
|
Supplemental Non-GAAP Financial Measures (Unaudited)
Adjusted segment operating income (loss) is a non-GAAP financial measure that the Company is providing in this press release. Adjusted segment operating income (loss) is calculated as segment operating income (loss) plus adjustments for plant closure and consolidation, severance and other. The Company presents this non-GAAP financial measure because the business segments have incurred significant restructuring and related expenses during the year-to-date periods. Adjusted segment operating income (loss) is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, earnings in accordance with GAAP. Adjusted segment operating income (loss) herein may not be comparable to similarly titled measures of other companies. The following table reconciles adjusted segment operating income (loss) to segment operating income (loss):
|
Three Months Ended |
||||||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||||||
|
(In millions) |
||||||||||||||||||||
|
As
|
|
Adjustments |
|
As
|
|
As
|
|
Adjustments |
|
As
|
||||||||||
Supply Technologies |
$ |
19.0 |
|
|
$ |
0.2 |
|
$ |
19.2 |
|
|
$ |
15.4 |
|
|
$ |
— |
|
$ |
15.4 |
|
Assembly Components |
|
6.9 |
|
|
|
— |
|
|
6.9 |
|
|
|
8.4 |
|
|
|
1.2 |
|
|
9.6 |
|
Engineered Products |
|
6.3 |
|
|
|
1.0 |
|
|
7.3 |
|
|
|
3.2 |
|
|
|
2.9 |
|
|
6.1 |
|
Corporate |
|
(7.6 |
) |
|
|
— |
|
|
(7.6 |
) |
|
|
(7.8 |
) |
|
|
— |
|
|
(7.8 |
) |
Operating income - continuing operations |
$ |
24.6 |
|
|
$ |
1.2 |
|
$ |
25.8 |
|
|
$ |
19.2 |
|
|
$ |
4.1 |
|
$ |
23.3 |
|
|
Six Months Ended |
|||||||||||||||||||||
|
2024 |
|
2023 |
|||||||||||||||||||
|
(In millions) |
|||||||||||||||||||||
|
As
|
|
Adjustments |
|
As
|
|
As
|
|
Adjustments |
|
As
|
|||||||||||
Supply Technologies |
$ |
38.5 |
|
|
$ |
0.2 |
|
$ |
38.7 |
|
|
$ |
29.4 |
|
|
$ |
0.2 |
|
|
$ |
29.6 |
|
Assembly Components |
|
15.5 |
|
|
|
— |
|
|
15.5 |
|
|
|
15.7 |
|
|
|
1.5 |
|
|
|
17.2 |
|
Engineered Products |
|
9.8 |
|
|
|
1.3 |
|
|
11.1 |
|
|
|
8.2 |
|
|
|
4.9 |
|
|
|
13.1 |
|
Corporate |
|
(15.2 |
) |
|
|
— |
|
|
(15.2 |
) |
|
|
(14.7 |
) |
|
|
— |
|
|
|
(14.7 |
) |
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.8 |
|
|
|
(0.8 |
) |
|
|
— |
|
Operating income - continuing operations |
$ |
48.6 |
|
|
$ |
1.5 |
|
$ |
50.1 |
|
|
$ |
39.4 |
|
|
$ |
5.8 |
|
|
$ |
45.2 |
|
|
||||||||||||||||||||||
Note: Amounts above include non-controlling interest impact. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807746327/en/
(440) 947-2000
Source: