Park-Ohio Holdings Corp. announced its third-quarter 2024 results, reporting net sales from continuing operations of $417.6 million, which was comparable to $418.8 million in the third quarter of 2023. Despite stable overall demand, the company achieved a gross margin of 17.3%, an increase of 60 basis points compared to 16.7% in the prior year period. This margin improvement reflects ongoing profit-improvement initiatives across the company.
Income from continuing operations attributable to common shareholders was $13.7 million, or $1.02 per diluted share, in Q3 2024. Adjusted EPS from continuing operations increased by 8% year-over-year to $1.07 per diluted share, excluding special non-recurring items. This profit improvement was driven by strong sales and record operating margins in the Supply Technologies segment and higher sales in the capital equipment business.
The Supply Technologies segment achieved a record operating income of $20.5 million, a 31% increase, and a record operating income margin of 10.5%, up 240 basis points from 8.1% in Q3 2023. This performance was primarily due to increased sales of higher-margin products and strong demand in the fastener manufacturing business. The Engineered Products segment also saw a 6% increase in net sales to $124.4 million, driven by higher sales in Europe and aftermarket parts.
New equipment backlog for the Engineered Products segment totaled $161 million at September 30, 2024. For the full year 2024, Park-Ohio updated its guidance, now expecting revenues to be 1%-2% above its record 2023 revenues. Adjusted EPS is projected to increase more than 10% year-over-year, and EBITDA is anticipated to approximate $150 million, representing a 12% increase compared to 2023.
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