PARK OHIO HOLDINGS CORP (PKOH)
SIC breadcrumb: Manufacturing > SIC Major Group 34 > SIC 3460 Metal Forgings & Stampings
SEC company page: https://www.sec.gov/edgar/browse/?CIK=76282. Latest filing source: 0000076282-26-000007.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 1,599,100,000 USD verified
- Net income
- 23,800,000 USD verified
- Assets
- 1,419,600,000 USD verified
- Free cash flow
- 2,000,000 USD computed
- Net margin
- 1.49% computed
- Operating margin
- 4.15% computed
- Revenue YoY
- -3.45% computed
- ROE
- 6.25% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 34 SIC Major Group 34, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 1,599,100,000 | USD | 2025 | 2026-03-05 |
| Net income | 23,800,000 | USD | 2025 | 2026-03-05 |
| Assets | 1,419,600,000 | USD | 2025 | 2026-03-05 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000076282.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,276,900,000 | 1,412,900,000 | 1,658,100,000 | 1,618,300,000 | 1,152,100,000 | 1,277,000,000 | 1,492,900,000 | 1,659,700,000 | 1,656,200,000 | 1,599,100,000 |
| Net income | 31,700,000 | 28,600,000 | 53,600,000 | 38,600,000 | -4,500,000 | -24,800,000 | -14,200,000 | 7,800,000 | 31,800,000 | 23,800,000 |
| Operating income | 63,000,000 | 83,800,000 | 97,300,000 | 83,100,000 | 18,500,000 | 16,300,000 | 33,400,000 | 84,100,000 | 86,600,000 | 66,300,000 |
| Diluted EPS | 2.58 | 2.30 | 4.28 | 3.12 | -0.37 | -2.02 | -1.16 | 0.62 | 2.40 | 1.70 |
| Operating cash flow | 58,600,000 | -12,200,000 | -26,600,000 | 53,400,000 | 35,000,000 | 42,300,000 | ||||
| Capital expenditures | 28,500,000 | 27,900,000 | 45,100,000 | 40,100,000 | 20,300,000 | 22,300,000 | 26,900,000 | 28,200,000 | 31,400,000 | 40,300,000 |
| Dividends paid | 6,200,000 | 6,900,000 | 6,400,000 | 7,000,000 | 3,200,000 | 7,000,000 | 7,000,000 | 7,400,000 | 7,200,000 | 7,800,000 |
| Assets | 974,300,000 | 1,132,500,000 | 1,208,500,000 | 1,310,400,000 | 1,300,500,000 | 1,360,000,000 | 1,436,600,000 | 1,340,700,000 | 1,365,100,000 | 1,419,600,000 |
| Stockholders' equity | 226,000,000 | 276,000,000 | 299,000,000 | 335,600,000 | 344,200,000 | 314,100,000 | 256,500,000 | 280,400,000 | 330,800,000 | 380,900,000 |
| Cash and cash equivalents | 64,300,000 | 82,800,000 | 55,700,000 | 56,000,000 | 55,000,000 | 54,100,000 | 58,200,000 | 54,800,000 | 53,100,000 | 44,800,000 |
| Free cash flow | 38,300,000 | -34,500,000 | -53,500,000 | 25,200,000 | 3,600,000 | 2,000,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 2.48% | 2.02% | 3.23% | 2.39% | -0.39% | -1.94% | -0.95% | 0.47% | 1.92% | 1.49% |
| Operating margin | 4.93% | 5.93% | 5.87% | 5.14% | 1.61% | 1.28% | 2.24% | 5.07% | 5.23% | 4.15% |
| Return on equity | 14.03% | 10.36% | 17.93% | 11.50% | -1.31% | -7.90% | -5.54% | 2.78% | 9.61% | 6.25% |
| Return on assets | 3.25% | 2.53% | 4.44% | 2.95% | -0.35% | -1.82% | -0.99% | 0.58% | 2.33% | 1.68% |
| Liabilities / equity | 3.31 | 3.10 | 3.04 | 2.90 | 2.78 | 3.33 | 4.60 | 3.78 | 3.13 | 2.73 |
| Current ratio | 2.28 | 2.43 | 2.41 | 2.38 | 2.30 | 2.22 | 2.08 | 2.27 | 2.32 | 2.33 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0000076282-26-000007; concept NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | Capital expenditures: accession 0000076282-26-000007; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0000076282-26-000007; concept NetCashProvidedByUsedInOperatingActivitiesContinuingOperations - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: NetCashProvidedByUsedInOperatingActivitiesContinuingOperations. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: PaymentsOfDividends. Source concepts: us-gaap:PaymentsOfDividends.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000076282-26-000007; filed 2026-03-05. Concept: NetCashProvidedByUsedInOperatingActivitiesContinuingOperations - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000076282.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q3 | 2022-09-30 | 0.22 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 0.47 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 0.43 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 418,800,000 | 11,100,000 | 0.88 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 389,300,000 | -14,500,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 417,600,000 | 9,600,000 | 0.75 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 432,600,000 | 11,900,000 | 0.92 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 417,600,000 | 9,800,000 | 0.73 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 388,400,000 | 500,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 405,400,000 | 8,300,000 | 0.60 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 400,100,000 | 9,200,000 | 0.66 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 398,600,000 | 5,300,000 | 0.38 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 395,000,000 | 1,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 421,000,000 | 8,100,000 | 0.57 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 440,100,000 | 12,100,000 | 0.86 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0000076282-26-000028; filed 2026-08-06. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0000076282-26-000028; filed 2026-08-06. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-30; accession 0000076282-26-000028; filed 2026-08-06. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read PKOH's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read PKOH's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0000076282-26-000028.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Our condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation.
EXECUTIVE OVERVIEW
We are 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. We operate through three reportable segments: Supply Technologies, Assembly Components and Engineered Products.
Supply Technologies provides our customers with Total Supply Management™, a proactive solutions approach that manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation. Total Supply Management™ includes such services as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support. Our Supply Technologies business services customers in the following principal industries: heavy-duty truck; power sports and recreational equipment; aerospace and defense; semiconductor equipment; electrical distribution and controls; consumer electronics; bus and coaches; automotive; agricultural and industrial equipment; HVAC; lawn and garden; plumbing; and medical devices.
Assembly Components manufactures products oriented towards fuel efficiency and reduced emission standards. Assembly Components designs, develops and manufactures highly efficient, high pressure direct fuel injection fuel rails and pipes; fuel filler pipes that route fuel from the gas cap to the gas tank; flexible multi-layer plastic and rubber assemblies used to transport fuel from the vehicle's gas tank and then, at extreme high pressure, to the engine's fuel injector nozzles. Our product offerings include gasoline direct injection systems and fuel filler assemblies, and industrial hose and injected molded rubber and plastic components. Our products are primarily used in the following industries: including automotive and light-vehicle; agricultural equipment; construction equipment; heavy-duty truck; and bus.
Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of highly-engineered products, including induction heating and melting systems, pipe threading systems, generators and transformers, inverters and forged and machined products. Engineered Products also produces and provides services and spare parts for the equipment it manufactures. The principal customers of Engineered Products are OEMs, sub-assemblers and end users in the following industries: power generation and energy; general steel processing; automotive and heavy vehicles; aerospace and defense; semiconductor; precious metals and industrial materials; oil and gas; general industrial; and rail.
Sales and operating income for these three segments are provided in Note 4 to the condensed consolidated financial statements, included elsewhere herein.
As part of its ongoing portfolio optimization strategy, the Company is conducting a formal review of strategic alternatives for its Southwest Steel Processing (“SSP”) business, including a potential sale or other transaction. SSP is part of our Engineered Products segment. This review reflects our continued focus on aligning capital and resources toward higher-growth, higher-margin opportunities across our portfolio. The Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this review process will result in any transaction or particular outcome.
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RESULTS OF CONTINUING OPERATIONS
Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025
| Three Months Ended June 30, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | $ Change | % Change | |||||||||||
| (Dollars in millions, except per share data) | ||||||||||||||
| Net sales | $ | 440.1 | $ | 400.1 | $ | 40.0 | 10.0 | % | ||||||
| Cost of sales | 361.2 | 331.9 | 29.3 | 8.8 | % | |||||||||
| Selling, general and administrative (“SG&A”) expenses | 53.1 | 46.8 | 6.3 | 13.5 | % | |||||||||
| SG&A expenses as a percentage of net sales | 12.1 | % | 11.7 | % | ||||||||||
| Restructuring and other special charges | 1.3 | 1.3 | — | — | % | |||||||||
| Operating income | 24.5 | 20.1 | 4.4 | 21.9 | % | |||||||||
| Other components of pension and other postretirement benefits income, net | 2.2 | 1.8 | 0.4 | 22.2 | % | |||||||||
| Interest expense, net | (12.3) | (11.2) | (1.1) | 9.8 | % | |||||||||
| Income from continuing operations before income taxes | 14.4 | 10.7 | 3.7 | 34.6 | % | |||||||||
| Income tax benefit | (2.4) | (1.8) | (0.6) | 33.3 | % | |||||||||
| Income from continuing operations | 12.0 | 8.9 | 3.1 | 34.8 | % | |||||||||
| Loss attributable to noncontrolling interests | 0.2 | 0.4 | (0.2) | (50.0) | % | |||||||||
| Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders | $ | 12.2 | $ | 9.3 | $ | 2.9 | 31.2 | % | ||||||
| Income per common share from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders: | ||||||||||||||
| Basic: | ||||||||||||||
| Continuing operations | $ | 0.88 | $ | 0.68 | $ | 0.20 | 29.4 | % | ||||||
| Diluted: | ||||||||||||||
| Continuing operations | $ | 0.87 | $ | 0.67 | $ | 0.20 | 29.9 | % |
Net Sales
Net sales increased 10.0% to $440.1 million in the second quarter of 2026 compared to $400.1 million in the same period in 2025. This increase was primarily due to higher demand in each of our business segments.
The factors explaining the changes in segment net sales for the three months ended June 30, 2026 compared to the corresponding 2025 period are contained within the “Segment Results” section below.
Cost of Sales and Gross Margin
Cost of sales increased to $361.2 million in the second quarter of 2026 compared to $331.9 million in the same period in 2025. The increase in cost of sales was primarily due to the increase in net sales in the 2026 period compared to the corresponding period in 2025. Gross margin was 17.9% in the 2026 period compared to 17.0% in the corresponding 2025 period, with the increase driven by the profit flow-through from the higher net sales and ongoing profit-enhancement activities throughout the company.
SG&A Expenses
SG&A expenses were $53.1 million in the second quarter of 2026 compared to $46.8 million in the comparable period in 2025. As a percentage of net sales, SG&A expenses were 12.1% in the second quarter of 2026 compared to 11.7% in corresponding 2025 period. The increases were driven by ongoing inflation, higher employee costs and support for the higher sales levels.
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Restructuring and Other Special Charges
During the second quarter of 2026, the Company recorded charges of $1.3 million in connection with restructuring and other special charges, which included $0.3 million in our Supply Technologies segment, $0.3 million in our Assembly Components segment, $0.6 million in our Engineered Products segment and $0.1 million at Corporate.
During the second quarter of 2025, the Company recorded charges of $1.3 million in connection with restructuring and other special charges, which included $0.4 million in our Supply Technologies segment, $0.5 million in our Assembly Components segment and $0.4 million in our Engineered Products segment.
Other Components of Pension and Other Postretirement Benefits (“OPEB”) Income, Net
Other components of pension and OPEB income, net was $2.2 million in the quarter ended June 30, 2026 compared to $1.8 million in the corresponding quarter in 2025. This increase was due to higher return on plan assets in the 2026 period compared to the 2025 period.
Interest Expense, Net
Interest expense, net was $12.3 million in the second quarter of 2026 compared to $11.2 million in the 2025 second quarter. The increase was due primarily to the August 2025 refinancing of all of our outstanding 6.625% Senior Notes due 2027 (the “2027 Notes”), which resulted in a higher interest rate on our 8.500% Senior Secured Notes due 2030 (the “2030 Notes”) compared to the 2027 Notes. This adverse interest impact was partially offset by lower interest rates on our revolving credit facility in the 2026 second quarter compared to the same quarter a year ago.
Income Tax Expense
In the three months ended June 30, 2026, income tax expense was $2.4 million on pre-tax income from continuing operations of $14.4 million, representing an effective income tax rate of 17%. In the three months ended June 30, 2025, income tax expense was $1.8 million on pre-tax income of $10.7 million, representing an effective income tax rate of 17%. The rates for the three months ended June 30, 2026 and 2025 are lower than the statutory rate due primarily to increased federal research and development tax credit benefit.
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RESULTS OF CONTINUING OPERATIONS
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
| Six Months Ended June 30, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | $ Change | % Change | |||||||||||
| (Dollars in millions, except per share data) | ||||||||||||||
| Net sales | $ | 861.1 | $ | 805.5 | $ | 55.6 | 6.9 | % | ||||||
| Cost of sales | 709.5 | 669.2 | 40.3 | 6.0 | % | |||||||||
| SG&A expenses | 104.8 | 95.0 | 9.8 | 10.3 | % | |||||||||
| SG&A expenses as a percentage of net sales | 12.2 | % | 11.8 | % | ||||||||||
| Restructuring and other special charges | 2.6 | 2.3 | 0.3 | 13.0 | % | |||||||||
| Operating income | 44.2 | 39.0 | 5.2 | 13.3 | % | |||||||||
| Other components of pension and other postretirement benefits income, net | 4.3 | 3.6 | 0.7 | 19.4 | % | |||||||||
| Interest expense, net | (24.6) | (22.2) | (2.4) | 10.8 | % | |||||||||
| Income from continuing operations before income taxes | 23.9 | 20.4 | 3.5 | 17.2 | % | |||||||||
| Income tax expense | (4.0) | (3.7) | (0.3) | 8.1 | % | |||||||||
| Income from continuing operations | 19.9 | 16.7 | 3.2 | 19.2 | % | |||||||||
| Loss attributable to noncontrolling interests | 0.5 | 1.1 | (0.6) | (54.5) | % | |||||||||
| Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders | $ | 20.4 | $ | 17.8 | $ | 2.6 | 14.6 | % | ||||||
| Earnings from continuing operations per common share attributable to Park-Ohio Holdings Corp. common shareholders: | ||||||||||||||
| Basic: | ||||||||||||||
| Continuing operations | $ | 1.47 | $ | 1.30 | $ | 0.17 | 13.1 | % | ||||||
| Diluted: | ||||||||||||||
| Continuing operations | $ | 1.44 | $ | 1.28 | $ | 0.16 | 12.5 | % |
Net Sales
Net sales increased 6.9% to $861.1 million in the first six months of 2026 compared to $805.5 million in the same period in 2025. This increase was primarily due to higher customer demand in each of our business segments.
The factors explaining the changes in segment net sales for the six months ended June 30, 2026 compared to the corresponding 2025 period are contained in the “Segment Results” section below.
Cost of Sales and Gross Margin
Cost of sales increased to $709.5 million in the first six months of 2026 compared to $669.2 million in the same period in 2025, driven by the increase in net sales. Gross margin was 17.6% in the 2026 period compared to 16.9% in the corresponding 2025 period, with the year-over-yea
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0000076282-26-000007. The complete FY 2025 MD&A is published at /company/PKOH/mda/fy2025/.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Our consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries. All intercompany transactions have been eliminated in consolidation.
EXECUTIVE OVERVIEW
General
We are 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. We operate through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Refer to Part 1, Item 1. Business for descriptions of our business segments.
On December 29, 2023, the Company completed the sale of its Aluminum Products business, which has been classified as a discontinued operation for all periods presented.
Subsequent Events
On January 26, 2026, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend was paid on February 20, 2026, to shareholders of record as of the close of business on February 6, 2026 and resulted in cash payments of $1.8 million.
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RESULTS FROM CONTINUING OPERATIONS
This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The amounts below exclude discontinued operations.
2025 Compared with 2024 and 2024 Compared with 2023
| 2025 vs. 2024 | 2024 vs. 2023 | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
| (Dollars in millions, except per share data) | |||||||||||||||||||||||||
| Net sales | $ | 1,599.1 | $ | 1,656.2 | $ | 1,659.7 | $ | (57.1) | (3) | % | $ | (3.5) | — | % | |||||||||||
| Cost of sales | 1,327.9 | 1,374.8 | 1,388.3 | (46.9) | (3) | % | (13.5) | (1) | % | ||||||||||||||||
| Gross margin | 17.0 | % | 17.0 | % | 16.4 | % | |||||||||||||||||||
| Selling, general and administrative ("SG&A") expenses | 189.6 | 187.4 | 181.5 | 2.2 | 1 | % | 5.9 | 3 | % | ||||||||||||||||
| SG&A expenses as a percentage of net sales | 11.9 | % | 11.3 | % | 10.9 | % | |||||||||||||||||||
| Restructuring and other special charges | 6.4 | 4.9 | 6.6 | 1.5 | 31 | % | (1.7) | (26) | % | ||||||||||||||||
| Asset impairment charges | 8.9 | — | — | 8.9 | * | — | * | ||||||||||||||||||
| Gains on sales of assets, net | — | (2.5) | (0.8) | 2.5 | * | (1.7) | * | ||||||||||||||||||
| Other expense | — | 5.0 | — | (5.0) | * | 5.0 | * | ||||||||||||||||||
| Operating income | 66.3 | 86.6 | 84.1 | (20.3) | (23) | % | 2.5 | 3 | % | ||||||||||||||||
| Other components of pension and other postretirement benefits income, net | 7.0 | 5.2 | 2.5 | 1.8 | 35 | % | 2.7 | 108 | % | ||||||||||||||||
| Interest expense, net | (47.5) | (47.4) | (45.1) | (0.1) | — | % | (2.3) | 5 | % | ||||||||||||||||
| Loss on extinguishment of debt | (2.0) | — | — | (2.0) | * | — | * | ||||||||||||||||||
| Income from continuing operations before income taxes | 23.8 | 44.4 | 41.5 | (20.6) | (46) | % | 2.9 | 7 | % | ||||||||||||||||
| Income tax expense | (2.8) | (4.9) | (8.5) | 2.1 | (43) | % | 3.6 | 42 | % | ||||||||||||||||
| Income from continuing operations | 21.0 | 39.5 | 33.0 | (18.5) | (47) | % | 6.5 | 20 | % | ||||||||||||||||
| Loss attributable to noncontrolling interests | 3.8 | 2.7 | 1.0 | 1.1 | 41 | % | 1.7 | (170) | % | ||||||||||||||||
| Income from continuing operations attributable to ParkOhio common shareholders | $ | 24.8 | $ | 42.2 | $ | 34.0 | $ | (17.4) | (41) | % | $ | 8.2 | 24 | % | |||||||||||
| Earnings from continuing operations per common share attributable to ParkOhio common shareholders: | |||||||||||||||||||||||||
| Basic: | |||||||||||||||||||||||||
| Continuing operations | $ | 1.80 | $ | 3.27 | $ | 2.76 | $ | (1.47) | (45) | % | $ | 0.51 | 18 | % | |||||||||||
| Diluted: | |||||||||||||||||||||||||
| Continuing operations | $ | 1.77 | $ | 3.19 | $ | 2.72 | $ | (1.42) | (45) | % | $ | 0.47 | 17 | % |
* Calculation not meaningful
2025 Compared with 2024
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Net Sales
Net sales were $1,599.1 million in 2025 compared to $1,656.2 million in 2024, a decrease of 3.4%. The decrease was primarily due to lower customer demand in each of our business segments.
The factors explaining the changes in segment net sales for the year ended December 31, 2025 compared to the year ended December 31, 2024 are contained in the “Segment Results” section below.
Cost of Sales and Gross Margin
Cost of sales decreased 3.4% to $1,327.9 million in 2025 compared to $1,374.8 million in 2024. The decrease was primarily due to the decrease in net sales in for 2025 compared to 2024 and the impact of ongoing profit improvement initiatives. Gross margin was 17.0% in both periods.
SG&A Expenses
SG&A expenses increased to $189.6 million, or 11.9% of net sales, in 2025 from $187.4 million, or 11.3% of net sales, in 2024. The increases were driven by ongoing inflation, higher employee costs and fixed SG&A costs over lower sales levels.
Restructuring and Other Special Charges
During 2025, the Company recorded restructuring and other special charges of $6.4 million compared to $4.9 million in 2024. The charges in both years relate primarily to plant closure and consolidation activities and other initiatives in each of our business segments.
Asset Impairment Charges
During 2025, the Company recorded non-cash asset impairment charges in its Engineered Products segment totaling $8.9 million to write-down the carrying value of certain assets, primarily at its forging operations in Arkansas.
Gains on Sales of Assets, net
During 2024, the Company sold real estate and other assets within its Engineered Products segment for cash proceeds of $9.3 million, resulting in a net gain of $0.8 million. The Company also sold real estate within its Assembly Components segment for cash proceeds of $2.2 million, resulting in a net gain of $1.7 million. The total net gain of $2.5 million is recorded on a separate line in the Consolidated Statements of Income and is excluded from segment income.
Other Components of Pension and Other Postretirement Benefits (“OPEB”) Income, Net
Other components of pension and OPEB income, net was $7.0 million in 2025 compared to $5.2 million in 2024. The increase in 2025 was due to lower net actuarial losses impacting 2025 compared to 2024.
Interest Expense, Net
Interest expense, net increased to $47.5 million in 2025 compared to $47.4 million in 2024. The increase was due to higher interest on our 8.500% Senior Secured Notes due 2030 (the “2030 Notes”) that were issued in July 2025 compared to the 6.625% Senior Notes due 2027 (the “2027 Notes”), partially offset by lower average outstanding debt balances in 2025 compared to a year ago and lower borrowing rates in 2025 compared to 2024 on its Seventh Amended and Restated Credit Agreement (the “Credit Agreement”).
Loss on Extinguishment of Debt
During 2025, Park-Ohio Industries, Inc. (“Park-Ohio”) issued the 2030 Notes and used the net proceeds, along with cash on hand, to redeem all of the outstanding 2027 Notes. In connection with this transaction, the Company recorded a $2.0 million loss on extinguishment of debt.
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Income Tax Expense
Income tax expense in 2025 was $2.8 million on pre-tax income of $23.8 million, for an effective tax rate of 11.8%, which was less than the U.S. statutory rate of 21% primarily as a result of the tax benefit of the research and development tax credit.
Income tax expense in 2024 was $4.9 million on pre-tax income of $44.4 million, for an effective tax rate of 11.0%, which was less than the U.S. statutory rate of 21% primarily as a result of the tax benefit of the research and development tax credit and the release of certain valuation allowances.
SEGMENT RESULTS
For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or corporate expenses, which include but are not limited to executive compensation and corporate office expenses. Segment operating income reconciles to consolidated income before income taxes by adjusting for corporate expenses; loss on extinguishment of debt; gains on sales of assets; other unallocated expenses; other components of pension and other postretirement benefits income, net; and interest expense, net.
Supply Technologies Segment
| Year Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||||
| (Dollars in millions) | ||||||||||
| Net sales | $ | 747.5 | $ | 775.8 | $ | 763.4 | ||||
| Segment operating income | $ | 72.3 | $ | 75.0 | $ | 59.0 | ||||
| Segment operating income margin | 9.7 | % | 9.7 | % | 7.7 | % |
2025 Compared to 2024
Net sales decreased 3.6% in 2025 compared to 2024 due primarily to lower customer demand in certain end markets in our supply chain business, including power sports, heavy-duty truck and bus, industrial and agricultural equipment and aerospace and defense, partially offset by increases in the electrical and semiconductor end markets. Sales in our fastener manufacturing business were down 9.7% year-over-year, driven by overall market softness.
Segment operating income was $72.3 million in 2025 compared to $75.0 million in 2024. Segment operating income margin was 9.7% in both 2025 and 2024. In 2025, profit-improvement actions, including alignment of variable costs to lower demand levels, partially offset the impact of lower sales levels on profitability. In 2025 and 2024, charges related to restructuring and other special charges were $1.4 million and $0.2 million, respectively.
Assembly Components Segment
| Year Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||||
| (Dollars in millions) | ||||||||||
| Net sales | $ | 380.6 | $ | 398.7 | $ | 427.8 | ||||
| Segment operating income | $ | 19.1 | $ | 25.4 | $ | 33.4 | ||||
| Segment operating income margin | 5.0 | % | 6.4 | % | 7.8 | % |
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2025 Compared to 2024
Net sales decreased 4.5% in 2025 compared to 2024 due primarily to lower unit volumes in our fuel rail and extruded rubber products, customer production delays on new business launches, and favorable pricing that ended in 2024 on certain legacy programs.
Segment operating income was $19.1 million in 2025 compared to $25.4 million in 2024, and segment operating income margin decreased 140 basis points in 2025 compared to a year ago. The decreases were due to lower unit sales volumes. During 2025 and 2024, we incurred $2.8 million and $1.1 million, respectively, of charges related to restructuring activities.
Engineered Products Segment
| Year Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||||
| (Dollars in millions) | ||||||||||
| Net sales | $ | 471.0 | $ | 481.7 | $ | 468.5 | ||||
| Segment operating income | $ | 6.6 | $ | 17.7 | $ | 19.1 | ||||
| Segment operating income margin | 1.4 | % | 3.7 | % | 4.1 | % |
2025 Compared to 2024
Net sales decre
[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]
MD&A history
Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.
Macro cross-references for PKOH
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- GDPC1 - Real Gross Domestic Product
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- PAYEMS - All Employees, Total Nonfarm