PKOH - Earnings call transcript Q4 2018 | Park-Ohio Holdings Corp.

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Operator

Good morning and welcome to the Park-Ohio Fourth Quarter and Full Year 2018 Results Conference Call. [Operator Instructions] Today's conference is also being recorded.

If you have any objections, you may disconnect at this time.

Before we get started, I want to remind everyone that certain statements made on today's call may be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. on risks release, may the as XX-K, was relevant the found company's of with which press XXXX earnings well filed list and be uncertainties in XXXX the A SEC. X, March as in

earnings may defined. adjusted EBITDA as Additionally, the as and company discuss

As adjusted are as EBITDA not under performance of earnings Accounting Accepted and Generally Principles. defined measures

to Park-Ohio over For Mr. the turn defined, of net reconciliation and for a reconciliation a release. as earnings of recent the Please Matthew EBITDA net attributable company's income Chairman common to I to please like proceed, to and CEO. refer as to adjusted earnings now Crawford, shareholders income Crawford. would Mr. conference

Matthew Crawford

morning. Thank fourth to our call. you and quarter very good Welcome much XXXX

and completed Financial The at up up Pat Fogarty, Joining Park- record morning a XX% was me revenue, this our fourth and Officer. President is which quarter XX% year Ohio. our Ed for setting which was EPS, Chief Crawford,

see deceleration in importance, all we business. balance we While equal and our year, These in to year-over-year easily. showed were Of several our increased after not with of XXXX, segments years able three towards did cash to finish goal some the quarter. reduced performance reinvesting strong sales come sheet de-leverage the did during fourth very aggressive from debt achievements earlier the

investments. retaining growth During and our members team good and the fourth price quarter, related we launch to continued to and battle material increases, obstacles related finding challenges to expenses raw

some and US New signs challenges end also arose in a Chinese well as discrete some of including of softening weakening demand markets.

unnecessary signs the of several and in of to recent headwinds manufacturing our significant technology reduce the of investments expenses. integration effort years, a of capacities able through from these combination was team over to unrelenting couple offset contributions Our acquisitions, an last the early people, successful though,

two the our to and continues products the operating segments, for engineered to strong quarter. of supply three team leverage with and rise occasion respond in technologies Our

I achievements our but but gratitude of XX% my this will in these entire our time leg is of And our to the our time are most sales investments internal team. believe look of extend and another year this provide margins notable. X was firmly momentum extend segment. transitional revenue touch into a And and and Each record expectations, and this want in to XXXX, We for to transitional we in billion by in success Park-Ohio. still profits segment leadership up for to are anticipating XXXX. march our next components Assembly behind this recent a continue towards setting XXXX EBITDA this will

Specifically, XXXX anticipate opportunity to which more we cash the to of year on team will generation growth, and focus be give our margins. modest a

to Pat year fourth for review quarter the date turn I’ll and of Now, results. to our

Pat Fogarty

Matt. Thanks,

delivered strong XXXX than plan de-leverage cash results we sheet. with expected mentioned, Matt the the fourth execute ended our and flows operating As better to quarter, in continued balance to

to X% X%. our During year-over-year. our XXX was our the year-over-year contributed business three this XX% sales quarter, net acquisition increase, million, growth of growth quarter. of an was organic growth Each increase the segments sales during were and Of

operating and technologies continue through engineered our flow product in leverage We provide solid businesses, our most to many and notably supply in segments. of income

as Operating were operating SG&A We two and impacted consistent of fixed as SG&A expenses to SG&A our startup XXXX costs. plants operational the associated amount dollar will believe were sales. million increase to Fourth year-over-year acquisitions. net absorb XX manufacturing was to in in Mexico compared as due the margins at XX.X% our components million with new of The the assembly XXXX in the million segment well was primarily new quarter the and X% which XXXX these margins Forge to impact which the XXXX, sales totaled higher from in year, However, China ongoing of plant to by quarter costs improve last income Drop and increase higher fourth continued in enable due favorable in increase operating that $XX production, plants costs. of the XX.X an will begin expenses, better $XX.X Canton million of acquisition. locations in

favorable This tax rate and of tax effective of share. savings XXXX was $X.XX in quarter The fourth fourth quarter regulations Our adjustments the fourth the adjustments quarter. tax from the reflects per US of effect during and favorable tax impact issued XX.X%. reform rate cash these represented included

result, rate XX%. a year our As was tax full effective

$X.XX and earnings XX% basis, fourth was per from improved cash GAAP strong during On our quarter XXXX adjusted in bank Operating last strong prior leverage net the during profitability XX we totaled quarter by reduced $XX flows the million, earnings quarter, Also fourth working times. Our our in by the driven an share per capital X.X were the debt performance. million reduced was obligations and to and $X.XX to our year. compared share up $X.XX quarter fourth year. $X.XX,

full XXXX, to product liquidity $XX.X invested During to in acquired We growth which newly the our million engineered businesses. sales, plan finalized with as were year-over-year XX in of of million, Arkansas. XX% excess SG&A ago. including increased combination programs and share now of which and dividends unused Mexico X.X new to was increase with This banking China organic of ended year our cash our at availability was and a a including billion, where XXXX and results, compared launched of assembly we million. the $X compared to $X.X an sales in of our installed by strong in global $XXX and business, aluminum margins, year build our of facilities $XX.X new Gross XX.X% we net on a driven Also, our line in various XX.X% XXXX. acquisition XXX shareholders, during million year-over-year SG&A in the growth, components and to growth, X% hand XXXX increase under record primarily borrowing projects of a million percentage returned XXXX, our were comparable awarded support at arrangements. was repurchases in in of a forging year due million expenses associated our in we million, X%. Taking segments, out look

a was XX.X% XXXX. as cost XXXX. sales, of expenses the million the increase during to was year. in XXXX, to by The $XX.X acquisitions in average expense our resulting Interest SG&A to in million XXXX, compared decreased made percentage higher in XX.X% However, of compared from driven debt balances XX.X

effective the due recorded reversal XXXX tax reform valuation to XXXX previously XX% to favorable XX% in I the tax lower The mentioned, As of previously reserves. our in was impact was income tax and in rate US compared XXXX. of

was XXXX, record reversal in exceeded a million, million. valuation Excluding basis both would XXX.X $X.XX $X.XX in adjusted adjusted full full GAAP earnings earnings on XX%. defined income an effective and $XX compare diluted totaled GAAP million XXXX as our compared share on for XXXX was the cash share representing up adjusted reserves, per a increase have the to to XXX.X of year-over-year. $X.XX been XXXX EBITDA the XX% year XX% which flows, per estimates, the and Operating basis. amounts at our year in tax income for a XXXX. for XXXX These Net rate

by XXXX the acquisitions. supply XX well, perform organic XXXX XXXX. sales this from growth clinch attributable Now, to or segment XX%. year-over-year higher ago, full million X% and for segment, an results continues the changes from a sales to compared The products I’ll and to world. sales in were X% cost In flow in sales sales, comment XX% Also our segment manufacturing of on XX.X XX% and increase year technologies, to million percentage driven up year years, Operating this our up with in organic new margins, in market, the of customer truck around aerospace sales our heavy markets, up demand X.X% was both year-over-year. the increasing Operating in growth was end increased customers duty sales to key business launch and and by was new in which to which were fastener markets, of from a initiatives income higher year-over-year were most the profit mix. million truck including related through $XX as [indiscernible] as XX% offset

Now, SUVs, which rubber of product truck for including fuel Ford revenues products platforms, on anticipated our segment. business our from late aluminum higher aluminum on our assembly business products business. a and XXXX, increasing in compact volume in XXXX acquisition use to in due The the suspension improved demand of were resulted which I'll up expected molded including by is were used components. life primarily XX down driven volumes year-over-year, volumes Sales the sales XX% high and our crossover and year-over-year end components turn related increases programs. programs, to sales new speed our transmissions, the FXXX In

positively We will new in in to fuel Also, continue businesses, extruded future hose to and develop and within XXXX impact our our business second the we win which years. results and our as production are market half of facilities systems three operational. China, in filter which molded fuel fuel have rubber global produce rails, auto exterior and for discussed, now and Mexico the products new begin

certain continue decreased to in and These our production revenue run XX.X and product show XXXX mix unfavorable new to costs by projections due in startup year-over-year rate costs impact in sales current Our XXX from XXXX. operating the operational locations. launch million decreases XXXX Segment in XX.X million million income to locations. of these excess the end of were in facilities,

improvement products locations Italy Drop combination synergies $XXX expectations in increased million primarily driven reduced In of two primarily Backlogs this XX%, improvement creating segment has increased engineered an improve is took by continue increase hardening million exceeded the XXX expect other Forge this from of threading Belgium, in and demand of of benefit compared in growth margin year the up in segment In closing XXXX, at our business we operating in year-over-year. segment. our as was our and up to our million the also XXXX year The and this in our acquisition the levels in by growth of The at various profitability a headcount production Spain that in and profitability, million. year end both income significantly The Canton strong, acquisition pipe XX.X driven in to and forge forging be ago, sales in totaling Operating our aerospace equipment, was are a European margins various and in up fully We our to initiatives continue XX% forging acquisition driven early in from market. US, XXXX, Canton machine in to by the actions business. locations segment in capital sales our $XX.X this organic operations. equipment demand compared and the Drop were to for Forge. initiated in other a in facilities XXXX organic XX% segments, ago, to global locations ramp products implemented.

Our increase was income margin points year-over-year. X.X% basis XXXX operating of an of XXX

of general, would I to XXXX. XXXX volumes most markets guidance. to on like continue comment we In our in be strong to end and key consistent Finally, seen our with expect

initiatives our results We impact expect as well begin throughout that XXXX. our strategies favorably margin will investment as to improvement

We adjusted are to forecasting GAAP to EPS $X.XX. of $X.XX EPS of and $X.XX $X.XX

Our closure adjusted non-recurring costs of previously mentioned. reflects planned for guidance earnings an add-back $X.XX

XX also to and expect million We million. operating XX to XX CapEx approximate cash of flows million

expected Our obligations XX% rate finally, continue XX%. to in be effective to And range the bank our million us of to XXXX will flows cash tax to we of XX strong expect in reduce to million. enable XX

turn the back to Now, Matt. call I’ll over

Matthew Crawford

we'd very that we like Great. any Thank for from you Pat complete to you now, all. turn have for report. questions it very might And over much,

Operator

question Instructions] Our Edward line the & with comes Marshall [Operator first Company. of from Sidoti

Edward Marshall

curious did XXXX? built XXXX XXXX, I see in walk as you relates do investment in what's see that I'm What million indicated. can How between what's or it estimate comes in as the by that XXXX, Difficulty] your of you into dollar talked business? the of of you that the I'm kind down for curious [Technical end specifically the just now about to and investment so estimate XXXX, perform that it the So XXXX?

Matthew Crawford

Yeah.

clean can -- -- I'll comment Pat Let to begin me up. on it let me it.

the transitional opening word I think, in I use comments. my

in is not although products. transitioning, auto business, terms strategic related think, of from terms components, Assembly perspective, is both both an I a principally which and in of entirely, footprint

by or We are the focused OEs. advantage line, this along the me, of product on taking emphasis transition electrification excuse highly

currently and So, new we other extruded We're expanding a doing fuel different particularly that at where products. are successfully into than traditional we've new that areas product looking built plant the world, and products in we're our China. doing and throughout

fastening continue, to We light of on weighting course, focus activities, activities.

lot of that so And there. there's moving a think parts I

of million $XXX we that's about talk when So investment, a the gross number.

will I some So, quarter, articulate talked in that that we some third moved And the will have on. the had business about I transition losses. know

see, first is, line, half. margin on this quarter, to And at the first of to be answer would the improve to painful but to net continue the year, more be was will your begin basis, then the only the So fourth painful on question the painful a I in going the in I half a it rapidly, through transition business net to the revenue think you're line. not think able basis, at importantly to it

So be the I to net expect XXXX year, a a of particularly be basis, a on back more story. it expect of XXXX of we towards the story to impact, important but end the story than

Pat Fogarty

to to low process pressure that us continue very win performing we've to that that new see XXXX business the significantly we beyond. for business, grow and but at by of permanent only I the continue which volumes also would in see and Ed, to will our different year benefits we expanded Mexico that that our the and see year, headwinds volumes hope, in to not add are has over grow of in our in we'll the the temporary China, plant half new first the the is process. only areas, and is The to in And aluminum our in continue year. mold will of investments exciting begin last and made and end expected we expectations business, not Yeah. a called [indiscernible], in overlook

Edward Marshall

of it improve. are within opportunities that to focus on As business what to some areas that about give really into on business margin, you will of you of an the the margin the the transitional kind you mentioned the business. XXXX, the opportunity the I'm talk you're maybe on biggest curious focusing And

Matthew Crawford

Yeah.

although a new I articulated of of exists, I of last tremendous bit word right for the that model think it's the some relaunch think power aggressive an at cars, the the opportunity that's mean, in opportunity. trains the I now be, that's that in a I relaunch of conference in chaos, -- going exists or to and marketplace new redesign and redesign week, somewhat a

also extrusion reached for aluminum, harnesses of the fuel I areas as which more transmission, increased I to think XX over the highlight currently cool of electrification year business. side a on look is of OEs that length as of in a enhance of a in products new even volumes, We like. a peak car are rubber X impacts these so battery improve housings the are because and and what the the online is, new talked molding side. portion cars are going cooling wiring we've started for their on has and anticipate but time, punch There's has going our electrification. lot and required the took lot the going the again new talked There's redesigning last a wire once in business the some anticipate on we've space how play of business power some otherwise you opportunities these electrical at Other are see wire come begun and to of we in happening, for -- to would that of how more that launch that and these the lot some really rubber these much forth. that That that can how at performance the And general designs a is about, some efficiency launching line perform speed business to well. level. see and train is better

our division, business extrusion, and highlight well light both the suggest set I division, continues the as year So, division, is molding plastics that rubber as fastening well. I the products would in plastics product and would which way rubber weighting every and but to RB&W, products our at no aspects, which records of as aluminum some

of that improve us, are areas to product the some margins. the I refreshing those the lines will painful think, So allow of

Edward Marshall

you on mix, the there's, challenges. about mentioned when sense clear just the launch like referring my opportunities, talk new it you want is, something, earlier sounds to I but to you're And be also

of talking the being product probably higher year in lines? or XXXX last some you there's as and well products the drag. maybe because both this these learning the about So -- launched so improvements some of improvements a in Are year, maybe as are margin the margin mix of curve

Matthew Crawford

in. more your today, to and spending facilities I promise are here, and place are at now but is the dollars but above, hard so spend. and all from it’s the this initiatives is we possibly see and I'm about there talk expected put very not put year an own to across me, for perspective R&D can't get the well, are say expensing on, kick products, the launches. dollars to are a on, and I they just A thumb up, on The three difficult and I deferred, when three you but launch very going supply lot plant of OEs, We're but dollars costs we above, no, next -- smiling money to million quarters, do. particularly you going these million -- finger drag the from of you are EPS is when well. which we’re We're the launch easy the best their as am. models technologies getting six All months quarter than other the look can't in how to this when depends it's months, our some which tell can business is, the leg recognize, I we these that see right we're lot we're to that I because to are these whether away some proud these just to window dollars in business, manpower, of I as dollars transition it's those seeing, expensing These in but the this, point and quarter the be we board if of a are this

to most this this three the be be quarter-to-quarter, but of tricky is you I I going business years, So, in little is to believe. going our part promise exciting a

Edward Marshall

what the XXXX tax, in And are assumptions? embedded Excellent. guidance, currency and then your

Pat Fogarty

Yeah, a on impact currency big have generally, our business. Ed, won't

our as XX% generated to that mentioned, rate cash as I the effective quarter. will some XXXX be, XX% have continue of savings the a result were are, that fourth and to in XXXX impact expect these very through to tax mentioned, in adjustments and that real as I benefited We regulations positive a came

Matthew Crawford

rate. I think, I Pat prior of or forecasts of on $X.XX mentioned, we That's where tax think up XXXX we'd think picked thought to with I stay Ed, be great. Right. Pat continue mentioned XX%. know in I midpoint A we forecast at going we to us $X.XX had that will chunk quarter forward.

stay, we're bit a than got we a little the thought extra lower chunk probably quarter. will So that little fourth and a of there but benefit in

Operator

Our next the KeyBanc with Barger Steve of question line comes Markets. from Capital

Ken Newman

this does And say the the that Newman include you've purely digit for you XXXX, if This you're mid curious in just the is some I outlook guidance revenue wanted I'm single acquisitions should for that expectations Steve. to sales organic low year. to you I is made? on clarify, also gave or of growth recent to Matt, talking mean growth total also an for that’s think Ken on moderate morning. When that

Matthew Crawford

question. good a couple a of Well, comments. that's Yeah,

make of Canton our we we acquisition to year, did material last a First really was one the made top got but quite haven't months material only and XX really We that. line, while. several in deals is a

revenue I acquisition our captured of don't your that, that going point last So backwards, in ‘XX embedded our because know in that to forecast, have there's sort of numbers. meaningful we most

comment. that So my first was

continue again, mid you're our don't as the I some of I of and year, the correctly. mentioned lot low growth. seeing comment revenue of of going increasing do think single digit that's of towards as to there once in get we're We, a fall I sort what out back mix you've I the is, half but by our second think to we contribution to position from the far articulated from think The industrials, transition. these in sort encouraged earlier we investments,

have on be still to and -- in so to strategic our improvement, to investments that we've Valuations challenging you deals, certainly launching D&A for look these we're for and investments our around. poking Lastly, is margin completing discussed I cash. generating think focus, that don't investing us. our continue tell these I

one be So acquisitions. anticipate we’ll if today, do by major a comes, sit here don't but to highlighted this I it, I year as

Ken Newman

And as cash a be that cycle of kind all investment bit think seen? obviously, on versus guiding the where I you average last you're I get going guess of XXXX that, rate to that free that better a is in just a as better flow, income elevated we've it trying towards the free forward? to cycle net I'm percentage conversion a Is going conversion versus a of historical investment Would still forward. given XX% of normalized understanding within year, numbers follow as about made. to expect cash better you've flow or around

Pat Fogarty

flow operating is lean XX% tends towards Typically, that. address a I'll a cash fair to that. The percentage. over Ken, cycle

had million CapEx year. general, to our expect spending. maintenance around of We is this years the annually. capital last our significant two spending control $XX In We've probably

fair. is So percentage I utilizing think your

Ken Newman

wanted up sounds process then, exposure you facilities, it over just like And up of I Understood. switch to are putting they're minute. the and now. of the some Chinese a to running Obviously, for in those

much how need spend region do Just material that region? investment that cycle in to you curious, you is or done? a that have for slowdown that in more And demand seen

Matthew Crawford

And for in of complete, are plants one for discussed has the investment we've The been while a cycle plants albeit, is open. series months. production a not of

stages beginning of producing is The of other facility product. sort

meaningful of XXXX, a I those more particularly So end the have impact. will, begin to still towards think,

contributing would sort I revenue. in So to them relative infancy, of both the call still

the In China, fourth slowed down meaningfully question quarter. no in there's terms of China

I inventory think builds for to in that be particularly auto the combined on a side, challenging made economic activity, with quarter fourth decrease particularly the the period.

I think continue softness. to see but So, we that

I is said saw investments. I is, with weren't. no, fourth these aggressive transition. the that the quarter. we we were market is unfortunate of one mean, demand might it that, And we And shrink the what significantly premature that reason think reality in having we're is conclude or answer the the there watching the But

when all, related of products hybrid or related more to emissions and it more or products, First relates important. fuel efficiency, is regulation

Volkswagen is business GM opportunity Now, it government does names it's the hold. with think important the The Ford longer everyone entirely have market capacity, and in benefit that base not Chinese our is book And and The from the more manufacturing requires to to That's Everyone names. But most are teams. supply Chinese think. not to filling but up compliant local continue will sense those. share taking environment this today is, with joint national growing the -- importantly, something, players that circumstances for you takes ventures that Those process there, sell order local future than will there, the marketplace so has only says local of true. reality, numbers. that the I but it. not the

a in from that So meaningful forward. going shift we way fundamental benefit will

Ken Newman

about taking within a we free pipeline. better, one then little do poking bit cash terms about flow. around for the you And a CapEx free think back How talked capital of deployment, for step flow me, to deals deployment, the is the And getting cash is down. still last given the that just capital in

fourth over X.X only debt it see Is little You net priorities? think. times you where did I shares repurchase some mean, three, you're paydown? do the more really quarter, I the at levered in

Matthew Crawford

of net on times. of ratio do, a as We for think couple mentioned that's to leverage lot see us like We’ve an under a calls sort spot we'd now. right mentioned, three that optimal liquidity. have of of you We a

feel we the when the closer performed times, of do think as stock we acquisition was that's in mandate. So later particularly in very the investing I best But And some recession. that arguably, a side well. though, we're to a on our not cycle, it three

strategic we as we're a are a high that, to level level, opportunity de-leveraging So enough to frugal said way. think, well prioritizing Having importance not the miss with and past. going in to a little at than acquire I more something to that an know in

Operator

Our Capital line Marco Rodriguez from of comes the final with question Stonegate Markets.

Marco Rodriguez

could assembly a what wondering savings bit closures. I not if those expecting in sure that on you was plant side. sure spend closures? the of of I but I it, heard you if thought missed little I were I’m I'm time the components plant pretty they dollar are sort guys from

Matthew Crawford

is to all it it side, was, robust Marco, like always and a the of the let to but Pat business on people a side. the questions, sometimes is to answer takes entire people, Park-Ohio that as I��m opportunities that well always going and is looking cost because cost going tough am is he I say, this improve the have aggressive reality doing sense the business in on revenue good year XXXX, the when for

downturn. the not should keeps constantly I we of surprise we're restructuring you, would I something, think a be a restructuring parts are This it by that think for called I it reasonably anyone it's business. us just because out, sharp that to So significant. start always But gets telling

that, with those Pat two let So, but mention I'll specifically.

Pat Fogarty

Okay.

in Midwest out XXXX move the and location operation. our acquired of the One based business we acquisition was to the plan the the closures of part into Cleveland when of to strategic that related

that our estimates cost would This and million to X savings, -- million locations we plan than and So Matt margins. in two, the mentioned, are. between million and the are more as significant I as two move was the we to would say, as the other to tend increase relative what X.X was planning, I $X.X part of -- is our say,

Matthew Crawford

away but from I hate a way, there's some abated this bit, sometimes sort it no in you the year, to just there's but as It's this say business walk got there's particularly marketplace. of through to inflation last been

Marco Rodriguez

so And pretty transitioning the components about kind and and excited your have business guys where of gone. you're obviously where you are investments assembly

you at Just you can for us some curious, whole, look revenue and big might you expectations you a as that's business far that can how up? growth whether kind end of of positioning you sense maybe window particular mentioned products that when are maybe that provide organic business kind think year And rate, where give you with all of rate. investments that us standpoint, kind then before, with three in, if a a becomes on for your far these as that from as your as of growth operating color the a margins

Matthew Crawford

don't think is, that where it believe we from to specifically margin want other accretive to our be unquestionably. I will overall we to business than comment say performance the

think, terms in both in margin terms of growth performance. we rate and of So

you that clearly So, I much, we've talking tell because is know but from we what doesn't that it, expect that been business. about

Marco Rodriguez

could costs, sort then a And of little what expecting material bit if fiscal was you you right raw now, I are talk about seeing your what ’XX? wondering you in for more of are kind materials, guidance raw

Matthew Crawford

Yeah.

intended suppliers, consequences, else going consequence issues the the their and year The it at relief, consequence. was intended the in raised pricing is robust tariff think provided think story price I but the on, domestic was everyone with this to seeing economic The particularly unintended the trade last much combined I is space, some broader than relatively activity of of too. tariff good known space. point, particularly which well the

were So a you you Taiwan, got ride. free for in example, if

business But supply or robust XXX,XXX Because way, XXXX dying, die I looked to, I up everyday what there by But process. activity well generally is or some the a I about business. think have I by just when sort -- what's prices even just think to by at from as importantly doing but that so out -- great is numbers, good managing were of what think performances us. can that sometimes, including XXXX of one's we've a you you think job. bigger think XXXX an technologies, catch particularly So affair. seen takes raising happened, And that the it where commodities, walking time that they're cuts. abates action, But to cut is and this like economic away we economic their as is seen though it we've or in time the year, get takes suppliers, to for part that, tariff a piece with of we great. I'm pointing We're out the action, everybody mid-last no to certainly

you I and it's extreme ago, pressures it guess is, that telling it an what months everyday So as six as was it's but not issue. extreme I'm --

Operator

time. this at turn questions call remarks. further no Matthew any would like are for There the to over I closing you. to Mr. back Crawford Thank

Ed Crawford

and I and a Okay. of Park-Ohio enjoyed Hi. growth. the XXXX, And out rolled meeting to increasing on review results, But increase with and based quarter we’re happen, This indicate about our is historical ‘XX, revenue a international sometime point be would that the employees XXXX year. can plan billion flow, of Ed more worldwide, Crawford. want down cash to good revenues, the in for to of the the, debt, goal. goal future -- the lot company everything the will that security listening I've kind EBITDA, things at XXXX. $X pay we That's a that meet late

the past, to it's we’re world. plan We're looking the planning over well are adding We're proud, history these way. of going about. and on and around at part about business, our we're to a is all all of forward go participating to talk will very here goals always meet much And on, So about the future. but in especially the we in past company plants and very we in be And for we're will future. nice the talked the the this better the That's our we're aerospace happened what adding being we're for committed bigger ‘XX. great. But But important. we The employees very, future. company

Matthew Crawford

to you much. talking about Thank for to again in Well, this a you of look you months. all support year very great. forward your Thank Thanks. and we're and excited we couple

Operator

concludes you. teleconference. Thank This today's

for have wonderful You a your this Thank participation time. may day. lines disconnect your you at and

Park-Ohio (PKOH) 5 Mar 192018 Q4 Earnings call transcript