PKOH - Earnings call transcript Q1 2022 | Park-Ohio Holdings Corp.

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Operator

Good morning, and welcome to the Park-Ohio First Quarter 2022 Results Conference Call. [Operator Instructions] Today’s conference call 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 Legislation 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. XX, March as in

and accounting may and Adjusted principles. defined not EPS as under performance as measures defined. Additionally, the of adjusted the EBITDA company are discuss EPS EBITDA generally accepted

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

Matthew Crawford

all our noticed included the Welcome disclosure we a of website, period. new to the first hope you XXXX our the results on quarter presentation conference short about call. during that I

my Turning XXXX. first to business momentum begin an challenging that highlighting very the continue improved to from and and showed comments, ongoing of and remainder expect I’d growth through of XXXX earnings Park-Ohio against environment, this by significant quarter the

During culture the our exists of past and discussed and company which decentralization value the of in calls the I’ve during accountability. often these couple entrepreneurial years,

thank tremendous of team the a to meet accelerating turn. for was backdrop position. numerous ongoing opportunity every our operating challenge an challenging around the our done environments demand rising costs. of by our the throughout XXXX, During expectations amount firmly and and strengthen discussions believe want I operating against the the work to team to these undergoing while to competitive world to I uncertainty in pricing effort reduce meeting are at

people, are and valuable machinery innovation up. know-how, are Park-Ohio costs our and times are be and they and going inventory, most whether when assets, customers more Our uncertain to equipment, importantly

and these relationships are continue to invest turbulent during these times. fortunate strengthen categories in all well-positioned strategic be to intend to We of to our

the the Maintaining environment. sole-source By to to during numbers, while customers, we they be been Supply in continues of chain challenge has as and proposition solutions, XXX,XXX specialists, levels Technology improving supply recent performance production support relationships. and of value close service to as vital demonstrate which As quarter, difficult parts value-add freight complex continue of provider financial historic to their providing a managing all particularly while inflationary supply a succeeding, steady our results. many

Assembly emission weighting, achieve product light fuel strong greater growth XX% reduced electrification to portfolio continues revenue of strategies. than led year-over-year, and Components by

we our and a of be to for restructuring ongoing know and extremely the number leads discussed efforts. we XXXX. supplier often in in Those while quarter ongoing operating strategic earnings and company our as auto have throughout picture, a an fourth a expect resulted tremendous large that call, stabilizing strategies Products our efforts followed have Park-Ohio regarding and pricing a platforms, continues Engineered As customers that from amount done Those to of leverage and has perspective. margin work

We on margin across have to see execution strong continue the and very restore their segment focus an to leadership. backlogs aggressive

underpin will strong through around performance aftermarket innovation high-margin business investments and the Additionally, services cycle.

flow. continue stay some In we to long-term for will of provide cases, alluded that will I’ve are and operations focused benefit continue opportunities to assets, to several our our operating positioned to excess times, ensure to success. we our which As has model on dispose cash

every prepared agile business over to the about midterm. succeed near many guidance, ways to about will turn in to in of last ability that provide still provide explicit earnings our focus are growth, know optimistic the position also in and company I’m I’ll a on both to in the Thanks. improved leaner Pat which have more challenges quarter. is environment. months it talk us the made XX which strategic revenue we I While margins not to and

Pat Fogarty

Thanks, Matt, and good morning.

the in Assembly both each quarter improved quarter freight achieved helped increased segments, consolidated the product We Technologies record saw impacting X each material and by year. demand first significant raw first sales to and near of quarter. of We driven in end for quarter for reflect Components which pricing, demand to escalating sales offset Our led the last quarter all and and compared customer business across fourth record improvement the our both results business costs market business. which strong Supply and units

throughout year. current is continue environment, segment the global While chain record market the revenues to year supply this each business volatility ongoing end will we likely believe positioned given achieve

In sales XX% X year-over-year. driven and by bookings of all were end product customer increasing equipment our demand the levels in last to and year most in revenue quarter achieving year. was business. quarter, XX% fourth up our and good sequentially markets. Higher the first compared consolidated industrial were up $XXX the production of the strong goals segments across first up million, pricing for a the quarter The start to sales net increased built Improved

last increase of sales with $X.X realize higher to and borrowings year. expect first first benefit Our On margins pretax expenses points the million higher compared in current $X to the period. approximately increased with levels, year-over-year. million an $XX improved the The selling the the on a quarter adjusted the million professional million X.X% pricing personnel year of the incurred quarter basis, year improved basis gross in $X.X and over federal totaled quarter in driven customer improvement XX.X% includes compared million compared average reflects of ago, a our fees margins ago. profit compared were to were fourth quarter from of a gross from last flow-through tax to XX.X% to last the increase higher income which credits in related higher SG&A $X.X due costs, quarter during an increase benefit tax by in we XXX year $XX discrete sales $X.X million cash. Interest income tax and expense million The to quarter. ago, from the expenses a to

effective diluted to full expected Adjusted XX% for significantly XX% related credits, quarter, to higher primarily been the is $X.XX Excluding per GAAP was the the which EPS in share. during our quarter of rate onetime of which adjusted $X.XX an within have the per $X.XX EPS, was the $X.XX range for last than quarter loss XX%, would tax income adjusted approximately which quarter income our restructuring share was of items excludes last and year. year.

flow to during higher During accounts the of sales due the we growth cash working used driven balance the levels, quarter, fund capital million quarter. by higher to primarily $XX operating receivable

million toward flows flows in agreement, cash EBITDA, begin second positive trend by the quarter. operating We and free totaled credit our expect half cash breakeven to with in second year-over-year the the first the year. of quarter defined in $XX.X improved to as

levels, leverage of Components plant as We and million year-end for to debt and and activities consolidation cost operating the quarter continue from on first segment. support in $X consisted flows in and balances debt focus continued reduction our EBITDA free our improves. quarter CapEx and cash our net to new $XX saving net by expect investments improvement in increasing a in with Assembly our million awarded was business

and consisted $XX million the at which the borrowing $XXX under unused various of suppressed of $XXX capacity our hand first Our of availability. million cash which on includes end $XX million, of was banking million of liquidity quarter arrangements,

net leverage by exceed to improve to X.Xx million liquidity $XXX the debt throughout and our expect year to to We to yearend. continue our Xx

daily record to in year $XXX to up now our a results, Turning Supply the a million Technologies, year-over-year. segment sales sales net our up Average ago. during in quarter, were chain million $XXX were supply business X% compared X%

year-over-year growth end increases agricultural significant heavy-duty quarter, in with markets, civilian key sales and truck. the industrial and we saw in the semiconductor, most biggest During aerospace, equipment

prior achieved sales quarter to growth sales. this of and our manufacturing addition, ocean freight well $XX year quarter. product costs income to Higher million segment perform in business margins. totaled In Operating XX% fourth organic our current continued and the approximately impact in fastener continues over and

of quarter the Components $XX having year. for percentage costs recovering We were million a a sales million many focus $X business $XXX income price the was This record On quarter continue In $XXX the increase volumes sequentially first in Assembly year-over-year. of pricing, increased was income million the customer basis, the result our a material and of included higher strategies launch million this costs. labor quarter significant fourth quarters. loss of last last chain quarter segment, compared $X action customer compared to are quarter a aluminum income ago. sales, higher segment, year customer success and the in year an last pass-through to of constraints of Segment year increased to to restructuring operating by driven current which up due the and this flow-through volatility the actions the higher the last high customers supply business quarter-over-quarter in million ago, over an increased new higher price million segment. XX% with was operating and on benefits rubber prices. inflation, were from and adjusted of a in across profit compared to Sales continued improvement $XX compound to taken In demand raw increases costs, higher and operating from several

the During this income The improved help the these to first segment of allowed mitigate deliver customers we several to these for increases. with finalized negotiations quarter, negotiations cost result price operating quarter.

business, business of of Forged compared XX% the our a manufacturing markets double-digit of profitability, including as to XX an recovery, this and sales moving XX% Backlog quarter including were our for equipment and Asia. year-over-year. up year the a Bookings at take continue as In production of March We Engineered production highest year. plants, in lower-cost and were level to up our of rail $XX million $XXX sales sequentially million, where in military actions XX% end year the Europe will Machine consolidating automating increase their customer end our addition XX% XXXX compared actions an last Americas, in the several quarter first up compared to equipment strategic and improve growth to as with certain In all-time robust and and continue segment, ago. possible, gas, is facilities, since and million, aerospace. for Products the $XX Products business, to customers. demand was first with sales price oil record in year-over-year key quarter commercial $XX were In were the million quarter capital and were to XX% ago to first

And to During by a in the improvements in operational actions, significant in operations, corporate to initiatives, fees our product consolidation the and higher during the And and ago. of our million benefits customer driven by the cost the at expenses $X XX%, segment our levels, higher were the driven million year full quarter a revenue profitability with The was incremental pricing $X finally, segment. driven to current to reduction which personnel in expect of to income compared compared $X record revenues guidance, million profit current be totaled by XXXX in the we growth was year, year-over-year crop the professional $X.X period. this levels a with factory of the finally, year forge from flow-through included The Arkansas. improvement loss approximately sales quarter, ago. million expenses for operating of costs continue higher respect strong demand in year each

to XXXX of the full net the of significant in remaining the quarters year expect continue each profitability positive improvement income year. expect also for in adjusted We and

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

Matthew Crawford

questions. Great. Thanks, We’ll Pat. for line the open

Operator

[Operator Instructions] The from question Steve Markets. KeyBanc comes first from Barger Capital

Steve Barger

new at the nice that Should thinking really the Thanks in there. got with Pat, better I continue the be which relief and this and price some we like level realization the for that. is very It been you supplemental Assembly, can year? rest came hard running great, looks cost addition. and know programs you’ve for deck, that online working Matt appreciate that revenue price of

Matthew Crawford

raw let lion’s been think I’ll to changes but specifically, comment Assembly I has more him to Pat in material. share on think, a recover Components moment of the giving work the

work -- much will margin-wise in that I not the got raw that Again, some set stability underpins, I I to increase I but we’ve think do of specifically, talk Pat then, the let’s new in the pricing. to floor if recover, the think, material, increase a revenue. we think half of new that course, in we’re you more pricing, volume that action. Certainly, got for is new we’ve business. seen price half will business discussed. we’ve but just could some And say ongoing think,

And line far. I I going we lower of business. we’ve forward. a we’ll those we that’s happen think, will and recover see new task to think going to that costs so continue, realization into rotate the think unable costs to we’ve margin some to as And benefit -- at been going be recover our I to more as happen to is that of some that operating that

Pat Fogarty

this Pat. Steve, Yes. is

sales our book that on to don’t to ago we partially the expect be of of business that relating of We because Motors segment expect levels to We slow XXXX. year. drop throughout business won up $XX was block in million that engine. General a to years X ramp fuel roughly X And products consistent off is Gen this in the nice

We’re or expecting volumes be each the to quarter continue over up year. throughout

Steve Barger

margin those in levels then see to be able recovery, probably cost we year With volume well Assembly? through -- the as That’s should and higher great. sequential can we improvement the

Matthew Crawford

costs, just awful, margin have arms stable the in but think mean around forward. the I think I answer, profitability But I compression. sense side. of of our some Unfortunately, getting think of there’s in again, been cost do I is Yes. the we’re business some we some both terms going visibility a this the

say a to one I the last that and think my we difficult as will than is which board I vis-à-vis flexible, ago. and but think terribly still Xs cadence I the Tier a based lot year more their a more parts. again, and the do as be sort what I in important is are visibility the were space we agile Steve, think this an comment in on of is semiconductors across OEs comments auto a know, of predictable, opening because you start/stop there’s business my is, the that, that hesitate would other little

going enough, truer draw Pat? that than trying I’d back, and and on build Nowhere think goes the is that’s hesitate that. I the a Is and group. we’ve after a worst-case that as accretive the we’re Components I Assembly be resetting to fair scenario think line, straight seen to year now but to year and that

Pat Fogarty

our will I Yes. factories. the the are being with year losses agree in prior of Matt’s much business isolated I was aluminum and our Steve, restructured. X Both to of remind you, comments. process go in least back in that at

business the and of one especially to second to benefit some We will year, the out in to coming of that’s business low have of provide the price margins. of with continue the each factory half us, second work in margin we our That increases some relative towards the customers. half year

Matthew Crawford

second but I fourth storm. think the was I aberration. a we and said of it’s think, bring important last home, Steve, think, little point differently, an quarter, to really a perfect was want half we -- I a year the That

I was revenue ourselves first compare, to more of the only it. the but The begin like to business. levels pre-COVID exceed across normalized, compare we going which we quarter want in that think even numbers to not are last year, to

a We’re strategic the supplier across board.

our whole to either our or to and to Now to us pricing exceed make efficiencies us it’s remaining the records. former get get up increase operating

Steve Barger

progress. Yes, the and $XX it was is are normalizes. that higher the back buying know that on free that a sure quarter, customers? for to can you get sense negative sales. looking for I’m to million support Or forward ahead just you all lot working some this cap trying when items make a to But supply that is? bringing And of for to cash seeing flow, increased I to that

Pat Fogarty

themselves hopefully driven, those most constraints that Yes. embedded there. would to of we we’ve through system would I that in increase challenges say expect quarter, of and levels was in in get first come out lead longer majority blockages capital over the increase to the in working times, chain say, year, relative supply the increases the to our the I And higher at are receivable. -- year, the the our inventory to the of Steve, etc. that last ports, we related present increase due still volume although the accounts sales as the

Steve Barger

line. Why Pat, didn’t statement, and more on walk. of back get you tax included? $X.X I’ll was out income ask that the back income that million the one And in Understood. benefit the EBITDA

Pat Fogarty

federal under our definition because item. to a EBITDA credit our that the The And EBITDA is us in it’s is cash, bank the of Steve, agreement. credit be keep to in realized in our EBITDA cash term, defined a Yes. because tax allows

Steve Barger

it. it’s nonrecurring, though Even I got

Okay.

Operator

comes Capital Rodriguez The from next question Marco Markets. Stonegate from

Marco Rodriguez

but few for perhaps met back, kind your kind you on in have in about few had would months and of work last wrong, if understand gave pricing our But to you kind if gone call wanted these the up relation talk well. to I’m chain, I’m I terms expectations. of mistaken, like, was if have follow correct can always things specifically, have expectations in your recover of that and it months to I been need some on wondering last over especially going been of that the that sounds on conversations AC to importance if be if I it thoughts you’ve those kind the you just little that you not fact going of here guys the And of that maybe in But you Matt, to can additional you. costs, there’s that, be mentioned, just segment. helpful. actions and sounds bit a value like me have frame the Park-Ohio

Matthew Crawford

we of it be pillar Yes. or it diversity, highlight a I product, that diversity of as things the whether our one our would that of whether the market is end of enjoy sort success, be geography.

diversity. We that have embraced

going on conversations our that that months. that conversations interesting discussions. a it probably would X,XXX the But over the That’s raw generally answer reasonably pricing throughout gone X hard approaching It’s is the our that last but be literally material. are of of well think business, discussions hundreds, in the business I relates to One things in shortage we say the different there’s have could to that no comprehensively. strength makes as

general there on based it raw that a as like have on one long-term a strategic ourselves is to understanding material. that’s that they that’s agreement or achieve able goals suppliers is relate think relationship, just as I a built relates to our whether a to relationship we been not, good

talking have more when is ways, the labor, an that Pat It’s are nimble are compression this throw we’re we’ve difficult continue quite the to responsibility be business. But improvement less continues to other to we more also for been in Again, obligation challenging to a a I like and more to focused word do some I’m some on. around long-term versus while to freight, emphasize continuous about well. to lower the challenging scale now. that I to think areas what it really, appropriate discussions, agreements. some probably time. it certainly of recovery. the margin bit. that efficient. locations, will and mentioned ours of and to And number operating we a trying we continue there of costs we’re In across more think and what as particularly size relates be I it think will -- it numbers because margin restructuring seen Those this and any us as against to continue be to certain the that pre-pandemic as incrementally seen it relates pricing support I has it comp I relates I get think I in think more And think some seek sort

compression not for little back. think implement. and is there margin pricing to is quote a that -- the There areas new generally discussed us is mid-cycle. then time we done. obviously, to be some new reasonably It’s I we takes that need -- And it earn work business business, to I’ve as in it’s

our come see are We we the see But We then problem as a and but raw as margins. hope rotation we in. it than and of been the To truly little moving will much material premium to I’d A get went an we of strategic that’s tricky historic some again, out there’s shake business this some want a give crops. margins. higher-margin is out, a customers’ back things the us for extent to forward, a to

Marco Rodriguez

wondering the it, sounded some know helpful. And issues, a been obviously little with maybe relates some those might volatility. any it the you’ve to in Very may about from having bit There’s but if mentioned having? question kind clients. some of I conversations chain was expectations chip I still improvements. that of other you’re if still addressed they chain the is in be they or it. auto clients Got could Matt, your you talk could you their are shortages be guess talk terms like about telling hearing it terms prior it supply as conversations whatever also, maybe auto And you component of supply issues you I

Matthew Crawford

in addressing and I there’s more really semiconductor think I of has this getting managing we for nimble, getting visibility sort think much the are more that are getting our predicting the agile is these people I in that semiconductor little environment. improved board. it I the I do know ahead to at think better don’t it it. I a getting auto just and think the part on issues. No, sector shortages and chip company, think that hear visibility continue across by euphemism more Yes. shortages now a of like

I think that that long will benefit term. the industry

I’ve our so are think many perspective, but places. and from the platforms across products that those are fact of so many in this times, including we for so couple think we strategic are said I suppliers that strategic, many I on a reasons many

we’ve need able been that they customers’ that a table, going seat the help in that don’t our don’t and the organizations, again, in will I customers succeed. our it we’ve sometimes resonate is, successfully. that And think And I forward I where made case. high make really And think think to I up get we’ve very to our think while future. been at compression, margin seen we’ve suppliers able

ultimately I around continue advantages. being has whether business on I be going fuel it’s emissions, up from expect its new it. of this product to expect auto or launching reshaping to our revenue quote are that’s show electrification to beneficiary we increases strategic a come space. of and benefit that the lots as reduced As of we out this business, in in

Marco Rodriguez

it. Got here. question quick Helpful. another And

Can sort or saw of an really there year-over-year drivers revenue Some perhaps sort you sort of quarter? of really, sense you items some the us the of if the give nice engineered revenue a in are acceleration maybe just products, of there, one-off that had growth. recognition any

Pat Fogarty

Yes, Marco, this There items in like quarter. that onetime no the is Pat. were

strong very our for our parts and seeing in demand We’re capital equipment and our Group. services Equipment aftermarket Industrial

In and addition, of of the nicely level timely Bookings and in hands we’re supplying markets rail our can across on rail, capital really saw volumes we It’s oil as been market customer a at end markets supply quickly $XX production expand record those We in increasing those really gas, in a our through see in the military cases I strong slow a year-over-year. equipment segment. Backlogs bookings mentioned our as business, question way. are group. chain constraints each There the facilities getting but in and into through without that million our were at have recover. forging fashion aerospace. Industrial in commercial how well X quarter. my that the now Equipment only script, move end we and are not to those where

Marco Rodriguez

question it. last Got for me. And quick

update an maybe opportunities terms pipeline can give in about you valuations? of and landscape, If just of talk M&A us the kind

Matthew Crawford

only tell restructuring there’s more of customer inside overall. that in I pipeline. that, it and a that this Having business current strategic optimization and briefly part very automation of investments higher-margin always there’s are our would product but historic of I’ll will There’s make that, that into say very -- are our and start while we to I we’re now not are very growth want it to our be, much people kinds in on right also you And think acquisition -- I of through battling and our terms sure will give I capturing of and always we With area. to the at. revenue just to our well But things supporting are fit Pat in I focused the that Pat, of I’ll X things we launches, our focused DNA to well, suited have said the the business, think and is mission continue savings do footprint. that toss fit measures a very but looking business that in opportunities valuation, I’ll focused to nicely always to Pat. extremely walls. then

Pat Fogarty

acquisitions. Yes, Park-Ohio, to intuitively, valuations, bodes downward putting a valuations can’t disciplined valuations, is are for like anything although value to respect that point the to I come a on Marco, with Which company but pressure we down who of terms with is likely cost well money increasing, very notch. in of how

Operator

comes Instructions] Yilma from Abebe Morgan. The [Operator from question JP next

Yilma Abebe

flow. cash free on is question My

down said cash I for of million expect last you quarters flow for be you total expect X you I that debt the this guess about the Or caught by to comment positive balance cash And to that be for free think the the I $XX remainder interpret the some the be Can I mean free of this your you about $XX million? expecting of year will of also cash balance for are use debt to the to year. flow reduction? the year. also

Pat Fogarty

increase system. of $XX inventory $XX flows the our debt, the by When $X expect would Yes. million range would and from debt total I debt our between first to out lower to primarily look to due total our capital levels year-over-year the reduce I million, you at and be sufficient maybe working that to million of free getting quarter. cash pace

free spend into move manage the our half to of CapEx we’re able we second As year, flows. produce cash the and positive

Matthew Crawford

inventory of to equipment bringing -- to I level. no probably that slightly the And tends in say and operate customers, hope We half surprise business year. we in starting that has want also elevated such think we point out to backlogs the with want to and business the highlight, bookings will elevated will touch board. if not supply orders. That the would as at see about talk to $XX But a robust the Supply our little lot I bit that forecast inefficiencies we a sales bleed was needed to talk also inventory latter and off was inventory me inventory I a XX% directly, would the though bit that high dollars. we it to about take to year-to-date. be a also little also require in a protect I that ability on million significant It been which Tech chain

be going the a that fighting We’re bit alongside to little growth.

it a I the think there’s forecast but bit the hard don’t to going of about Xx be Getting rest be of ago to X.Xx the Xx were back that straightforward. And leverage. think talking I number, the of by that pressure on again, achieve. the seems little presentation we to in the fairly of to year, the that’s long end So a target wasn’t should year articulated

Yilma Abebe

for Which I the expect you and capital by uses, liquidate of as think versus the working really how at you neutral? working can up capital year which by about my capital capital about balance trends And we working capital working think thinking using in look segments question, the do you segment? touched or on to is working utilization segment. and reductions next

Pat Fogarty

level the inventory our it last hard within we year. working support expect to that the Yes. capital to built our is in will take group, those Matt up of second XX% Components end that work decline to to the quarters. I our with where couple in bookings Products And our the our the as segment we increase segment over Technologies, the Assembly quarter, half of typically, customers capital offset deposits from capital of cause at drop Engineered And slightly We to to begin Supply segment. then working inventory if In increase. as our expect is first But segment, capital working to capital equipment. working I I’ll rising XX%. consolidations given would mentioned, of levels around -- plant in on by

Yilma Abebe

in increase as just the you think it any around Anything sales. growing receivables. the is growth by business? balances growth of And Okay. other receivable final there of question the there? Is drivers your receivables, on besides in The described note I driven

Pat Fogarty

receivables reduced the the increase No, any changes have The relates revenues million in the seen end to not payment the quarter terms. year. of in of solely No. we growth since increased in to or $XX

Operator

next comes Dowling Jim question from Jefferies Capital. from The

Jim Dowling

like in we’ve we do process? we It Where all you XX% broadly process? seems defined are the the through, segments that plant looking been through? Are restructurings that stand of whole XX% of better Where over talking year. about part a in for

Matthew Crawford

Jim, good question.

the past over we closed that locations we think a footprint calls of have about couple significantly changed have dozen I the that the or of said business. around

we’re identification the probably cost think final I in have XX%. some Products of terms that been Engineered group terms where we’re of our the that facilities meaning say Supply XX% of where I benefit higher-cost has say done. has particularly of of would opportunities, savings, we’ve to the as the adjustments, touched truly I Components been. all that would XX% gotten in

Jim Dowling

that your if question related missed a it apologize. you mentioned remarks prepared I it, I and in And

talking getting at this cost. of we things As more about at was past that been labor into of in the part process you’ve the availability least labor in process, any are the plants? of the of Where one

Matthew Crawford

the everywhere available. it’s even I have a and places. where issue that growth is Well, is, Both But at labor or areas couple and are hiring Midwest is some have than to global a other I we -- The and turnover. suggest reduction focused problem in more probably in investment locations. unacceptable this in some of emphasized seen candidly, this reduction we of suggest point, in want U.S.-focused metrics to don’t One level U.S. little certain a don’t significantly is want improved in Yes. comments. some

so to continue more can access of that to and yet, that that and we’re on through less new We do labor. product of it’s and earmark don’t speak I investment that but a quarterly I in our launches that becoming know think variances. issue becoming we line item manageable financials it’s terms where for places in growth

Operator

of sir. would Matthew to the remarks. Please and the I proceed, the Ladies Crawford call question-and-answer have like back for reached gentlemen, and we end turn session, closing to

Matthew Crawford

good your and Thank Okay, for you support your questions. and time thank your much. you very

of XXXX able that to get lot to improved to that accomplish quarter. We’ve work to We we Thank a are got happy be, we the record that’s results it which for what every need revenues from say over where do were our fourth day. Bye, we’re with suffice But we you expect profits. complement is on bye. to working record your to support.

Operator

concludes conference. This you. today’s Thank

disconnect lines. your may You

Park-Ohio (PKOH) 14 May 222022 Q1 Earnings call transcript