5/21/2015 12:38:00 AM
NEWS BRIEFS
Park-Ohio Nears Double-Digit Fastener Growth
Park-Ohio Holdings Corp. reported sales, including fasteners, rose 18% to a record $374.7 million for the first quarter of 2015. Operating income increased 9.5% to $24.3 million, and net income improved 7% to $10.8 million.
In addition, EBITDA increased 15.5% to a quarterly record of $33.5 million.
“ParkOhio is off to a great start in 2015 with record revenue performance, and we expect this trend to continue,” stated CEO Edward F. Crawford.
Supply Technologies segment revenue, including fasteners, increased 12.6% to $151.4 in Q1, while segment income grew 40.6% to $14.2 million.
Q1 Assembly Components revenue gained 30% to $140.5 million, and Engineered Products revenue gained 10% to $82.8 million.
During 2014, Park-Ohio reported Supply Technologies revenue, including fasteners, increased 18.6% to $560 million, driven by a 30% increase in the heavy-duty truck market; the power sports and recreational equipment market, which grew 21%; the semiconductor market, which was up 56%; and the HVAC market, which was up 15%.
“Our fastener manufacturing division generated sales increases of 9% in 2014,” the company stated.
Overall Park-Ohio sales climbed 15% to $1.38 billion during 2014,with net income gaining 7% to $46.9 million.
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