Park Ohio Holdings Corp. Files Q2 2024 10-Q

Ticker: PKOH · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 76282

Park Ohio Holdings Corp 10-Q Filing Summary
FieldDetail
CompanyPark Ohio Holdings Corp (PKOH)
Form Type10-Q
Filed DateAug 8, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-filing, financials

TL;DR

Park Ohio Holdings Corp. dropped its Q2 2024 10-Q. Financials look steady.

AI Summary

Park Ohio Holdings Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with the latest financial data for Park Ohio Holdings Corp., crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information without immediate red flags.

Key Numbers

  • 2024 Q2 — Reporting Period (Covers the second quarter of 2024)
  • 12-31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st)

Key Players & Entities

  • PARK OHIO HOLDINGS CORP (company) — Filer of the 10-Q
  • 20240630 (date) — End of the reporting period
  • 20240808 (date) — Filing date
  • CLEVELAND (location) — Company headquarters city
  • OH (location) — Company headquarters state

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 8, 2024.

What is the primary business of Park Ohio Holdings Corp. according to the filing?

Park Ohio Holdings Corp. is classified under METAL FORGING & STAMPINGS [3460].

Where is Park Ohio Holdings Corp. headquartered?

Park Ohio Holdings Corp. is headquartered in Cleveland, OH.

What is the fiscal year end for Park Ohio Holdings Corp.?

The fiscal year end for Park Ohio Holdings Corp. is December 31.

Filing Stats: 4,870 words · 19 min read · ~16 pages · Grade level 6.4 · Accepted 2024-08-08 15:03:53

Key Financial Figures

  • $1.00 — ich registered Common Stock, Par Value $1.00 Per Share PKOH The NASDAQ Stock Market

Filing Documents

Financial Information

Part I. Financial Information

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 4 Notes to unaudited condensed consolidated financial statements — June 30, 2024 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 2 Table of Contents

Financial Information

Part I. Financial Information 3 Table of Contents

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 4 Table of Contents Park-Ohio Holdings Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 (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 Goodwill 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 Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity 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 Refer to the accompanying notes to these unaudited condensed consolidated financial statements. 5 Table of Contents Park-Ohio Holdings Corp. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 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 O

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