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Park-Ohio (PKOH) investor relations material
Park-Ohio Small-Cap Virtual Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic transformation and business positioning
Completed a major business reshaping, focusing on capital allocation and operating leverage, aiming for growth after a period of flat performance.
Sold the aluminum products business to reduce capital intensity and focus on technology and centers of excellence.
Consolidated nearly a million square feet of manufacturing space to unlock margins and improve operating leverage.
Restructured leadership and maintained a highly decentralized structure, empowering business unit leaders.
Family ownership remains significant, supporting stewardship and talent attraction.
Financial performance and targets
Market cap is approximately $310 million, with 14.3 million shares outstanding and a 33% insider ownership.
2023 sales guidance is $1.62–$1.65 billion, with EPS of $2.90–$3.20 and free cash flow of $20–$30 million.
Trailing 12-month revenue is $1.61 billion, adjusted EBITDA is $145 million, and a $0.50 dividend yields 2.3%.
Long-term goals include reaching $2 billion in revenue, 10% EBITDA margin, and net leverage below 3x.
Focus is on deleveraging and improving earnings quality and cash flow conversion.
Business segments and operational highlights
Operates through three segments: Supply Technologies (50% of business), Assembly Components (24%), and Engineered Products (29%).
Over 80% of business is sole-sourced, with a highly diversified customer base and no single customer over 7% of sales.
Supply Technologies segment shows margin improvement and high EBITDA-to-cash flow conversion.
Assembly Components segment landed $50 million in new business; margins are expected to improve with facility consolidation.
Engineered Products group is recovering from underperformance, with strong backlogs and a focus on margin growth.
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