Park Ohio Holdings Cp Up 18.14% To $27.13 After Earnings Beat

Park Ohio Holdings Corp (PKOH) surpassed earnings projections on 11/1/2023 for Q3 2023.

The consensus among analysts for Park Ohio Holdings Cp was for an earnings per share (EPS) of $0.80. The firm was able to surpass those projections, reporting an EPS of $0.99, a positive surprise of $0.19 (24%). Profits rose 90% year-over-year after reporting an EPS of $0.52 in its year-ago quarter. The positive growth rate signals that the Industrials company is performing well amid recent economic conditions.

Revenues were upbeat at $418.8 million. That represents a 3.90% decrease in revenues from the year-ago report and is 3.14% higher than consensus estimates set at $406.1 million.

The stock is up 18.14% to $27.13 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 66. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Park-Ohio Holdings Corp is a company, engaged in industrial supply chain logistics and diversified manufacturing business. It operates in three business segments namely Supply Technologies, Assembly Components and Engineered Products. Geographically, the business of the group is amplifying across the region of the United States, Asia, Europe, Canada, Mexico and others. The company derives most of the revenue from the Supply Technologies segment which provides the customer with total supply management services such as engineering and design support, supplier selection, quality assurance, barcoding, product packaging and tracking, just-in-time and point-of-use delivery and electronic billing services for a range of production components.