Profit Returns for Park-Ohio

Jason Sandefur

Park-Ohio Holdings Corp. reported net sales for the third quarter of 2003 dropped 7% to $146.8 million, while net income totaled $88,000 compared with a $242,000 loss during the third quarter of 2002. Park-Ohio reported net sales of $146.8 million for the third quarter of 2003 compared to net sales of $157.8 million one year earlier.
“We are pleased that the Aluminum and Manufactured Product segments continued to contribute strongly in the third quarter,� stated CEO Edward Crawford. �However, (Integrated Logistics Solutions) revenue and earnings in the current quarter were lower compared to last year.� Crawford predicted a stronger fourth quarter performance based on �new customer relationships and cyclical strengthening in several market segments.�
For the first nine months of 2003, net sales fell 3.5% to $461.6 million, and net income rebounded to $5.2 million compared with a loss of $49.5 million during the third quarter of 2002. �2003 FastenerNews.com