ParkOhio (NASDAQ: PKOH) today announced results for its fourth quarter
and full year ended December 31, 2018.
FOURTH QUARTER 2018 RESULTS
In the fourth quarter of 2018, net sales were $405.9 million, an
increase of 11% from net sales of $366.0 million in 2017, driven by
organic growth of 3% and acquisition-related growth of 8%. Net income
attributable to ParkOhio common shareholders in the fourth quarter of
2018 was $14.8 million, or $1.19 per diluted share, compared to net
income attributable to ParkOhio common shareholders in the fourth
quarter of 2017 of $5.8 million, or $0.46 per diluted share. On an
adjusted basis, net income attributable to ParkOhio common shareholders
was $1.20 per diluted share in the fourth quarter of 2018, up 40%
compared to $0.86 per diluted share in the 2017 period. Please refer to
the table that follows for a reconciliation of net income to adjusted
earnings.
Matthew V. Crawford, Chairman and Chief Executive Officer, stated,
"While we are proud of our record-setting results in 2018, we are even
more excited to begin to see the strategic investments we have made in
people, technology and manufacturing capacity over the past two years
begin to contribute to our success. We expect 2019 to be a year of
moderate sales growth as we emphasize improving our operating margins
and increasing our cash flows."
In the fourth quarter of 2018, GAAP EPS and Adjusted EPS were favorably
impacted by an effective income tax rate of 12.6%. This rate includes
adjustments made in the fourth quarter to reflect the 2018 impact of the
Tax Cuts and Jobs Act ("TCJA"), including regulations issued during the
fourth quarter of 2018. For the full year 2018, the effective tax rate
was 23.2%. While the U.S. Treasury Department and the Internal Revenue
Service are still finalizing regulations related to various aspects of
the TCJA, the Company is forecasting a 2019 effective income tax rate of
26-28%.
Operating cash flows were $33.0 million in the fourth quarter of 2018.
During the quarter, the Company repaid debt of $16.3 million, and as of
December 31, 2018, had cash on-hand of $55.7 million. EBITDA, as defined
was $36.2 million in the fourth quarter of 2018, up 7% compared to $33.7
million in the fourth quarter of 2017. Please refer to the table that
follows for a reconciliation of net income to EBITDA, as defined.
FULL YEAR 2018 RESULTS
For the full year 2018, net sales were $1.7 billion, an increase of 17%
from net sales of $1.4 billion in 2017, driven by organic growth of 8%
and acquisition-related growth of 9%. Net income attributable to
ParkOhio common shareholders in 2018 was $53.6 million, or $4.28 per
diluted share, compared to net income attributable to ParkOhio common
shareholders in 2017 of $28.6 million, or $2.30 per diluted share. On an
adjusted basis, net income attributable to ParkOhio common shareholders
was $4.28 per diluted share in 2018, up 33% compared to $3.23 per
diluted share in 2017. Please refer to the table that follows for a
reconciliation of net income to adjusted earnings.
EBITDA, as defined was $150.2 million in 2018, up 15% compared to $130.6
million in 2017. Please refer to the table that follows for a
reconciliation of net income to EBITDA, as defined.
2019 EARNINGS GUIDANCE
We currently forecast full year 2019 GAAP EPS guidance of $4.20 to $4.50
and 2019 Adjusted EPS guidance of $4.30 to $4.60, which reflects an
add-back of $0.10 per share for non-recurring plant closure and
consolidation costs.
A conference call reviewing ParkOhio's fourth quarter and full year 2018
results will be broadcast live over the Internet on Tuesday, March 5,
commencing at 10:00 am Eastern Time. Please log on to http://www.pkoh.com.
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 Cleveland, Ohio,
ParkOhio operates more than 125 manufacturing sites and supply chain
logistics facilities worldwide, through three reportable segments:
Supply Technologies, Assembly Components and Engineered Products.
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
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; 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; our ability to meet various covenants, including financial
covenants, contained in the agreements governing our indebtedness;
disruptions, uncertainties or volatility in the credit markets that may
limit our access to capital; potential disruption due to a partial or
complete reconfiguration of the European Union; increasingly stringent
domestic and foreign governmental regulations, including those affecting
the environment or import and export controls and other trade barriers;
inherent uncertainties involved in assessing our potential liability for
environmental remediation-related activities; the outcome of pending and
future litigation and other claims and disputes with customers; our
dependence on the automotive and heavy-duty truck industries, which are
highly cyclical; the dependence of the automotive industry on consumer
spending; our ability to negotiate contracts with labor unions; our
dependence on key management; our dependence on information systems; our
ability to continue to pay cash dividends, and the other factors we
describe under "Item 1A. Risk Factors" included in the Company's Annual
Report on Form 10-K for the year ended December 31, 2017. Any
forward-looking statement speaks only as of the date on which such
statement is made, and we undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. In light of these
and other uncertainties, the inclusion of a forward-looking statement
herein should not be regarded as a representation by us that our plans
and objectives will be achieved. The Company assumes no obligation to
update the information in this release.
|
| |
| |
| PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| | | |
|
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2018 |
| 2017(2) | | 2018 |
| 2017(2) |
| | (In millions, except per share data) |
|
Net sales
| |
$
|
405.9
| | |
$
|
366.0
| | |
$
|
1,658.1
| | |
$
|
1,412.9
| |
|
Cost of sales(1) | |
338.5
|
| |
304.7
|
| |
1,386.6
|
| |
1,180.1
|
|
|
Gross profit
| |
67.4
| | |
61.3
| | |
271.5
| | |
232.8
| |
|
Selling, general and administrative expenses(1) | |
44.2
| | |
39.8
| | |
176.1
| | |
152.3
| |
|
Gain on sale of assets
| |
-
| | |
-
| | |
(1.9
|
)
| |
-
| |
|
Litigation settlement gain
| |
-
|
| |
-
|
| |
-
|
| |
(3.3
|
)
|
|
Operating income
| |
23.2
| | |
21.5
| | |
97.3
| | |
83.8
| |
|
Other components of pension income and other postretirement benefits
expense, net(1) | |
2.4
| | |
1.7
| | |
8.8
| | |
6.4
| |
|
Interest expense, net
| |
(8.2
|
)
| |
(8.4
|
)
| |
(34.3
|
)
| |
(31.5
|
)
|
|
Loss on extinguishment of debt
| |
-
|
| |
-
|
| |
-
|
| |
(11.0
|
)
|
|
Income before income taxes
| |
17.4
| | |
14.8
| | |
71.8
| | |
47.7
| |
|
Income tax expense
| |
(2.1
|
)
| |
(8.8
|
)
| |
(16.6
|
)
| |
(18.2
|
)
|
|
Net income
| |
15.3
| | |
6.0
| | |
55.2
| | |
29.5
| |
|
Net income attributable to noncontrolling interest
| |
(0.5
|
)
| |
(0.2
|
)
| |
(1.6
|
)
| |
(0.9
|
)
|
|
Net income attributable to ParkOhio common shareholders
| |
$
|
14.8
|
| |
$
|
5.8
|
| |
$
|
53.6
|
| |
$
|
28.6
|
|
| | | | | | | |
|
|
Earnings per common share attributable to ParkOhio common
shareholders
| | | | | | | | |
|
Basic
| |
$
|
1.21
|
| |
$
|
0.48
|
| |
$
|
4.37
|
| |
$
|
2.34
|
|
|
Diluted
| |
$
|
1.19
|
| |
$
|
0.46
|
| |
$
|
4.28
|
| |
$
|
2.30
|
|
|
Weighted-average shares used to compute earnings per share:
| | | | | | | | |
|
Basic
| |
12.2
|
| |
12.2
|
| |
12.3
|
| |
12.2
|
|
|
Diluted
| |
12.4
|
| |
12.5
|
| |
12.5
|
| |
12.5
|
|
| | | | | | | |
|
|
Cash dividend per common share
| |
0.125
| | |
0.125
| | |
0.50
| | |
0.50
| |
| | | | | | | |
|
|
Other financial data:
| | | | | | | | |
|
EBITDA, as defined
| |
$
|
36.2
|
| |
$
|
33.7
|
| |
$
|
150.2
|
| |
$
|
130.6
|
|
| | | | | | | | | | | | | | | |
|
|
|
(1) - The Company adopted ASU 2017-07 in the first quarter of
2018, resulting in a change to the presentation of components of
pension income and other postretirement benefits expense, net. The
following amounts are reflected in the condensed consolidated
statements of income:
|
|
| |
| |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2018 |
| 2017 | | 2018 |
| 2017 |
|
Amounts recorded in Cost of sales
| |
$
|
(0.6
|
)
| |
$
|
(0.3
|
)
| |
$
|
(2.8
|
)
| |
$
|
(1.8
|
)
|
|
Amounts recorded in SG&A expenses
| |
(0.2
|
)
| |
(0.2
|
)
| |
(0.9
|
)
| |
(0.6
|
)
|
|
Amounts recorded in Other components of pension income and other
postretirement benefits expense, net
| |
2.4
|
| |
1.7
|
| |
8.8
|
| |
6.4
|
|
|
Total pension income and other postretirement benefit expense, net
| |
$
|
1.6
|
| |
$
|
1.2
|
| |
$
|
5.1
|
| |
$
|
4.0
|
|
| | | | | | | | | | | | | | | |
|
(2) - 2017 pension and other postretirement benefits amounts have
been reclassified to conform to the 2018 presentation.
|
| | | | | | | | | | | | | | | |
|
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
SUPPLEMENTAL
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Adjusted earnings is a non-GAAP financial measure that the Company is
providing in this press release. Adjusted earnings is net income
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 to compare
its operating performance on a consistent basis over multiple periods
because they remove the impact of certain significant non-cash 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, net income
calculated in accordance with GAAP. Adjusted earnings herein may not be
comparable to similarly titled measures of other companies. The
following table reconciles net income to adjusted earnings:
|
| |
| |
| | Three Months Ended December 31, | | Year Ended December 31, |
| | 2018 |
| 2017 | | 2018 |
| 2017 |
| | |
| Diluted | | |
| Diluted | | |
| Diluted | | |
| Diluted |
| | Earnings | | EPS | | Earnings | | EPS | | Earnings | | EPS | | Earnings | | EPS |
| | (In millions, except for earnings per share (EPS)) |
|
Net income
| |
$
|
15.3
| | |
$
|
1.23
| | |
$
|
6.0
| | |
$
|
0.48
| | |
$
|
55.2
| | |
$
|
4.41
| | |
$
|
29.5
| | |
$
|
2.37
| |
Net income attributable to noncontrolling interest
| |
(0.5
|
)
| |
(0.04
|
)
| |
(0.2
|
)
| |
(0.02
|
)
| |
(1.6
|
)
| |
(0.13
|
)
| |
(0.9
|
)
| |
(0.07
|
)
|
|
Net income attributable to ParkOhio common shareholders
| |
14.8
| | |
1.19
| | |
5.8
| | |
0.46
| | |
53.6
| | |
4.28
| | |
28.6
| | |
2.30
| |
|
Adjustments:
| | | | | | | | | | | | | | | | |
|
Acquisition-related costs
| |
0.3
| | |
0.02
| | |
0.7
| | |
0.06
| | |
1.3
| | |
0.12
| | |
1.3
| | |
0.12
| |
|
Gain on sale of assets
| |
-
| | |
-
| | |
-
| | |
-
| | |
(1.9
|
)
| |
(0.15
|
)
| |
-
| | |
-
| |
|
Loss on extinguishment of debt
| |
-
| | |
-
| | |
-
| | |
-
| | |
-
| | |
-
| | |
11.0
| | |
0.89
| |
|
Litigation settlement gain
| |
-
| | |
-
| | |
-
| | |
-
| | |
-
| | |
-
| | |
(3.3
|
)
| |
(0.27
|
)
|
|
Plant relocation and other
| |
-
| | |
-
| | |
0.1
| | |
0.01
| | |
-
| | |
-
| | |
0.8
| | |
0.06
| |
|
Tax effect of adjustments
| |
(0.1
|
)
| |
(0.01
|
)
| |
(0.1
|
)
| |
(0.01
|
)
| |
0.2
| | |
0.01
| | |
(2.4
|
)
| |
(0.21
|
)
|
|
Net impact of U.S. Tax Act
| |
-
|
| |
-
|
| |
4.2
|
| |
0.34
|
| |
0.3
|
| |
0.02
|
| |
4.2
|
| |
0.34
|
|
|
Adjusted earnings
| |
$
|
15.0
|
| |
$
|
1.20
|
| |
$
|
10.7
|
| |
$
|
0.86
|
| |
$
|
53.5
|
| |
$
|
4.28
|
| |
$
|
40.2
|
| |
$
|
3.23
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
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 Park-Ohio Holdings Corp. common shareholders before
interest expense, income taxes, depreciation and amortization, and also
excludes certain non-cash charges and corporate-level expenses as
defined in the Company's current revolving credit facility. The Company
presents this non-GAAP financial measure because management uses EBITDA,
as defined to assess the Company's performance and believes that EBITDA
is useful to investors as an indication of the Company's compliance with
its Debt Service Ratio covenant in its revolving credit facility.
Additionally, EBITDA, as defined is a measure used under the Company's
revolving credit facility to determine whether the Company may incur
additional debt under such facility. EBITDA, as defined is not a measure
of performance under GAAP and should not be considered in isolation
from, or as a substitute for, net income or cash flow information
calculated in accordance with GAAP. EBITDA, as defined herein may not be
comparable to similarly titled measures of other companies. The
following table reconciles net income to EBITDA, as defined:
|
| |
| |
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2018 |
| 2017 | | 2018 |
| 2017 |
| | (In millions) |
|
Net income attributable to ParkOhio common shareholders
| |
$
|
14.8
| | |
$
|
5.8
| | |
$
|
53.6
| | |
$
|
28.6
|
|
Add back:
| | | | | | | | |
|
Interest expense, net
| |
8.2
| | |
8.4
| | |
34.3
| | |
31.5
|
|
Loss on extinguishment of debt
| |
-
| | |
-
| | |
-
| | |
11.0
|
|
Income tax expense
| |
2.2
| | |
8.8
| | |
16.6
| | |
18.2
|
|
Depreciation and amortization
| |
9.0
| | |
8.0
| | |
36.3
| | |
31.5
|
|
Stock-based compensation
| |
1.8
| | |
2.2
| | |
8.3
| | |
8.6
|
|
Acquisition-related expenses and other
| |
0.2
|
| |
0.5
|
| |
1.1
|
| |
1.2
|
|
EBITDA, as defined
| |
$
|
36.2
|
| |
$
|
33.7
|
| |
$
|
150.2
|
| |
$
|
130.6
|
| | | | | | | | | | | | | | |
|
|
| |
| PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
| |
|
| | December 31, |
| | 2018 |
| 2017 |
| | (In millions) |
| ASSETS | | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| |
$
|
55.7
| |
$
|
82.8
|
|
Accounts receivable, net
| |
264.4
| |
242.6
|
|
Inventories, net
| |
317.8
| |
282.8
|
|
Unbilled contract revenue
| |
66.3
| |
44.5
|
|
Other current assets
| |
16.4
| |
16.9
|
|
Total current assets
| |
720.6
| |
669.6
|
|
Property, plant and equipment, net
| |
219.4
| |
177.0
|
|
Goodwill
| |
103.4
| |
100.2
|
|
Intangible assets, net
| |
95.3
| |
99.5
|
|
Pension assets
| |
57.0
| |
74.3
|
|
Other long-term assets
| |
12.8
| |
11.9
|
|
Total assets
| |
$
|
1,208.5
| |
$
|
1,132.5
|
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | |
|
Current liabilities:
| | | | |
|
Trade accounts payable
| |
$
|
177.8
| |
$
|
173.7
|
|
Current portion of long-term debt and short-term debt
| |
17.9
| |
17.7
|
|
Accrued employee compensation
| |
27.5
| |
23.0
|
|
Deferred revenue
|
|
39.5
| |
23.0
|
|
Other accrued expenses
| |
36.2
| |
38.7
|
|
Total current liabilities
| |
298.9
| |
276.1
|
|
Long-term liabilities, less current portion:
| | | | |
|
Long-term debt
| |
547.5
| |
515.5
|
|
Deferred income taxes
| |
23.4
| |
22.3
|
|
Other long-term liabilities
| |
26.1
| |
30.6
|
|
Total long-term liabilities
| |
597.0
| |
568.4
|
|
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity
| |
299.0
| |
276.0
|
|
Noncontrolling interests
| |
13.6
| |
12.0
|
|
Total equity
| |
312.6
| |
288.0
|
|
Total liabilities and shareholders' equity
| |
$
|
1,208.5
| |
$
|
1,132.5
|
| | | | | |
|
|
| |
| PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
| |
|
| | Year Ended December 31, |
| | 2018 |
| 2017 |
| | (In millions) |
| OPERATING ACTIVITIES | | | | |
|
Net income
| |
$
|
55.2
| | |
$
|
29.5
| |
|
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | |
|
Depreciation and amortization
| |
36.3
| | |
31.5
| |
|
Stock-based compensation
| |
8.3
| | |
8.6
| |
|
Net impact of U.S. Tax Act
| |
0.3
| | |
4.2
| |
|
Gain on sale of assets
| |
(1.9
|
)
| |
-
| |
|
Loss on extinguishment of debt
| |
-
| | |
11.0
| |
|
Litigation settlement gain
| |
-
| | |
(3.3
|
)
|
|
Deferred income taxes
| |
0.6
| | |
5.6
| |
|
Changes in operating assets and liabilities:
| | | | |
|
Accounts receivable
| |
(11.9
|
)
| |
(25.1
|
)
|
|
Inventories
| |
(29.4
|
)
| |
(19.0
|
)
|
|
Prepaid and other current assets
| |
(9.7
|
)
| |
(4.4
|
)
|
|
Accounts payable and accrued expenses
| |
15.5
| | |
23.8
| |
|
Litigation settlement payment
| |
-
| | |
(4.0
|
)
|
|
Other noncurrent liabilities
| |
(2.0
|
)
| |
(4.3
|
)
|
|
Other
| |
(6.5
|
)
| |
(7.4
|
)
|
|
Net cash provided by operating activities
| |
54.8
| | |
46.7
| |
| INVESTING ACTIVITIES | | | | |
|
Purchases of property, plant and equipment
| |
(45.1
|
)
| |
(27.9
|
)
|
|
Proceeds from sale of assets
| |
2.8
| | |
-
| |
|
Business acquisitions, net of cash acquired
| |
(46.9
|
)
| |
(39.7
|
)
|
|
Net cash used by investing activities
| |
(89.2
|
)
| |
(67.6
|
)
|
| FINANCING ACTIVITIES | | | | |
|
Proceeds from (payments on) revolving credit facility, net
| |
40.3
| | |
(8.1
|
)
|
|
Payments on term loans and other debt
| |
(15.5
|
)
| |
(31.3
|
)
|
|
Proceeds from other long-term debt
| |
4.0
| | |
-
| |
|
(Payments on) proceeds from capital lease facilities, net
| |
(0.9
|
)
| |
1.5
| |
|
Issuance of 6.625% senior notes due 2027
| |
-
| | |
350.0
| |
|
Deferred financing costs
| |
-
| | |
(7.6
|
)
|
|
Repurchase of 8.125% senior notes due 2021
| |
-
| | |
(250.0
|
)
|
|
Premium on early extinguishment of debt
| |
-
| | |
(8.0
|
)
|
|
Dividends
| |
(6.4
|
)
| |
(6.9
|
)
|
|
Purchase of treasury shares
| |
(9.0
|
)
| |
(4.2
|
)
|
|
Payments of withholding taxes on share awards
| |
(3.1
|
)
| |
(2.4
|
)
|
|
Other
| |
-
|
| |
0.7
|
|
|
Net cash provided by financing activities
| |
9.4
| | |
33.7
| |
|
Effect of exchange rate changes on cash
| |
(2.1
|
)
| |
5.7
|
|
|
(Decrease) increase in cash and cash equivalents
| |
(27.1
|
)
| |
18.5
| |
|
Cash and cash equivalents at beginning of year
| |
82.8
|
| |
64.3
|
|
|
Cash and cash equivalents at end of year
| |
$
|
55.7
|
| |
$
|
82.8
|
|
|
Income taxes paid
| |
$
|
21.0
| | |
$
|
11.3
| |
|
Interest paid
| |
$
|
33.0
| | |
$
|
29.9
| |
| | | | | | | |
|
|
| |
| |
| PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES |
| BUSINESS SEGMENT INFORMATION (UNAUDITED) |
| | | |
|
| | Three Months Ended | | Year Ended |
| | December 31, | | December 31, |
| | 2018 |
| 2017 | | 2018 |
| 2017 |
| | (In millions) |
| NET SALES: | | | | | | | | |
|
Supply Technologies
| |
$
|
154.6
| | |
$
|
146.0
| | |
$
|
636.8
| | |
$
|
561.8
| |
|
Assembly Components
| |
133.6
| | |
131.3
| | |
578.3
| | |
524.5
| |
|
Engineered Products
| |
117.7
|
| |
88.7
|
| |
443.0
|
| |
326.6
|
|
| |
$
|
405.9
|
| |
$
|
366.0
|
| |
$
|
1,658.1
|
| |
$
|
1,412.9
|
|
| | | | | | | |
|
| INCOME BEFORE INCOME TAXES: | | | | | | | | |
|
Supply Technologies
| |
$
|
11.7
| | |
$
|
10.5
| | |
$
|
49.0
| | |
$
|
43.3
| |
|
Assembly Components
| |
9.3
| | |
12.6
| | |
42.9
| | |
47.8
| |
|
Engineered Products
| |
11.0
|
| |
7.1
|
| |
38.4
|
| |
19.5
|
|
|
Total segment operating income
| |
32.0
| | |
30.2
| | |
130.3
| | |
110.6
| |
|
Corporate costs
| |
(8.8
|
)
| |
(8.7
|
)
| |
(34.9
|
)
| |
(30.1
|
)
|
|
Gain on sale of assets
| |
-
| | |
-
| | |
1.9
| | |
-
| |
|
Litigation judgment gain
| |
-
|
| |
-
|
| |
-
|
| |
3.3
|
|
|
Operating income
| |
23.2
| | |
21.5
| | |
97.3
| | |
83.8
| |
|
Other components of pension income and other postretirement benefits
expense, net
| |
2.4
| | |
1.7
| | |
8.8
| | |
6.4
| |
|
Interest expense, net
| |
(8.2
|
)
| |
(8.4
|
)
| |
(34.3
|
)
| |
(31.5
|
)
|
|
Loss on extinguishment of debt
| |
-
|
| |
-
|
| |
-
|
| |
(11.0
|
)
|
|
Income before income taxes
| |
$
|
17.4
|
| |
$
|
14.8
|
| |
$
|
71.8
|
| |
$
|
47.7
|
|
| | | | | | | | | | | | | | | |
|
PARKOHIO AND SUBSIDIARIES
SUPPLEMENTAL NON-GAAP FINANCIAL
MEASURES (UNAUDITED)
Adjusted earnings per share is a non-GAAP financial measure that the
Company is providing in this press release. Adjusted earnings per share
is earnings per share calculated in accordance with GAAP, adjusted for
special items. The Company presents this non-GAAP financial measure
because management uses adjusted earnings per share to compare its
operating performance on a consistent basis over multiple periods
because they remove the impact of certain significant non-cash credits
or charges and certain infrequent items impacting earnings per share.
Adjusted earnings per share is not a measure of performance under GAAP
and should not be considered in isolation from, or as a substitute for,
earnings per share calculated in accordance with GAAP. Adjusted earnings
per share herein may not be comparable to similarly titled measures of
other companies. The following table reconciles earnings per share to
adjusted earnings per share:
|
| |
| | Year Ending December 31, |
| | 2019 Forecast |
| | Low |
| High |
|
EPS (GAAP)
| |
$
|
4.20
| | |
$
|
4.50
|
|
Plant closure and consolidation costs
| |
0.10
|
| |
0.10
|
|
Adjusted EPS (non-GAAP)
| |
$
|
4.30
|
| |
$
|
4.60
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190304005946/en/
Matthew V. Crawford
ParkOhio
(440) 947-2000
