Park-Ohio Sees Double-Digit Sales Gains
Park-Ohio Sees Double-Digit Sales Gains
Jason Sandefur
Park-Ohio Holdings Corp. reported sales at its Integrated Logistics Solutions segment, including fasteners, grew 14% to $449.6 million during the first nine months of 2006, boosted by the 2005 acquisition of PPG and “significant growth in the heavy-duty truck industry.” Nine-month operating income jumped 19% to $29.4 million.
ILS sales in the third quarter of 2006 rose 8% to $149.1 million, while operating income gained 7% to $8.8 million. ILS acquired supply chain manager NABS for $21 million in October 2006. NABS has 14 international operations in China, India, Taiwan, Singapore, Ireland, Hungary, Scotland and Mexico, plus five U.S. locations.
Overall Park-Ohio “sales grew substantially in the first nine months of 2006,” with revenue increasing 14% to $785.8 million. Profit dropped 29% to $13.4 million as all three reporting segments saw sales and income growth decline in the third quarter of 2006.
Q3 sales climbed 10% to $256.2 million, while net income slipped 27% to $3.7 million. Web: pkoh.com �2006 FastenerNews.com
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