Park-Ohio reports Q3 adjusted EPS 99c, consensus 80c

Reports Q3 revenue $418.8M, consensus $406.05M. Matthew V. Crawford, Chairman, Chief Executive Officer and President, stated, “Strong financial performance during the third quarter was a tribute to our diversified business model and our commitment to both commercial and operational improvements. I would draw particular attention to our improvement in gross margins and our free cash flow during the quarter. Backlogs remain above historical levels, and demand is stable across most end markets with the notable exception of customers affected by UAW strikes, which will provide a headwind during the fourth quarter. Regardless, we are well positioned to end 2023 as a stronger and more focused company.”