Park-Ohio sees FY23 revenue from continuing ops up 10%-15% y/y

“For 2023, we continue to expect revenues from continuing operations to increase 10-15% year-over-year and expect year-over-year improvement in adjusted operating income; EBITDA, as defined; free cash flow and adjusted EPS in 2023. Our fourth quarter revenues will be negatively impacted by the United Auto Workers strike, which has affected several OEM customer plants. Although there appears to be tentative agreements between the OEMs and the UAW, it is difficult to estimate the full impact of the strike on our fourth quarter revenues as production ramps back up to normal levels. Our monthly revenue levels from the OEM plants impacted by the strike total approximately $25 to $30 million across our Assembly Components and Supply Technologies segments.”