Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced results for its fourth quarter and year ended December 31, 2013.
FOURTH QUARTER RESULTS
Net sales were $309.4 million for the fourth quarter of 2013, an increase of $35.4 million, or 13%, from net sales of $274.0 million for the fourth quarter of 2012. Earnings per diluted share attributable to common shareholders increased 14% to $0.72 in the fourth quarter of 2013 from $0.63 in the fourth quarter of 2012. ParkOhio reported net income attributable to ParkOhio common shareholders of $8.9 million, or $0.72 per diluted share, for the fourth quarter of 2013, which included: a loss of $0.2 million from discontinued operations, or $0.02 per diluted share; $1.6 million, or $0.11 per diluted share, of pre-tax acquisition-related costs in cost of sales associated with the fourth quarter acquisitions by Supply Technologies; and excluded $0.3 million, or $0.02 per diluted share, of net income attributable to noncontrolling interest. This compares to net income attributable to ParkOhio common shareholders of $7.7 million, or $0.63 per diluted share, for the fourth quarter of 2012, which included the impact of the net loss of $0.5 million, or $0.04 per diluted share, from discontinued operations, net of taxes.
For the fourth quarter of 2013, as adjusted earnings were $0.85 per diluted share, or $10.4 million, which was an increase of 27%, compared to as adjusted earnings of $0.67 per diluted share, or $8.2 million, for the fourth quarter of 2012. As adjusted earnings reflect earnings from continuing operations attributable to ParkOhio common shareholders excluding the acquisition-related costs included in cost of sales associated with the fourth quarter acquisitions by Supply Technologies. In addition, EBITDA, as defined was $27.0 million during the fourth quarter of 2013 and compares to EBITDA, as defined of $27.3 million during the fourth quarter of 2012.
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