Earnings call transcript Q1 2023

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Operator

Good morning and welcome to the ParkOhio First Quarter 2023 Results Conference Call and Webcast. [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. XX, March as in

adjusted of may defined EBITDA accepted performance continuing or under EPS, a metrics These principles. income consolidated and generally Additionally, the basis. adjusted are operating company operations discuss as on not accounting measures

attributable income to adjusted to common EPS, income and EPS net as of operating income earnings release. EBITDA to reconciliation a to For refer the ParkOhio’s recent to shareholders operating please adjusted defined, company’s

I’ll Mr. Matthew turn Crawford, conference CEO. and now over the Chairman, to President

Matthew Crawford

on much, first good call. it’s conference the you to everyone for day know and everyone. earnings quarter very side XXXX to our I Thank busy morning a

jump make numbers, did but So into the I three quickly. we’ll want right comments to

an revenue continuing record First, our all-time showed consolidated numbers. operations quarterly in

had record three to all-time quarterly Supply an number. Technology revenue Turning segments, the

EPG, record ACG segment, improvement level second The very type strong backlog. but and quarter. had segment revenue record all-time quarterly did not, showed revenue the an last

revenue where on be. is talk So know that. will responding. traction margin improvement. front. the should the Two, I Pat profit very about nice Again, We the exciting business highlighted towards performance gross

to as done momentum. lingering power COVID, our improved As effects well across the to several we’ve demonstrate earning we expected, cost or leverage away of the nice see here, the improved be to benefiting taken many company, business last are from of More years historic wipe improved as initiatives and some operating but profile. some from even beginning during the the of as kind

and about of plenty the strong to we are see economy, there while backlogs. continue questions Thirdly, demand

Again, have onshoring, which defense will we’re though, business you battery numbers. some thanks our More insulation see positive to hard next few industrial green investments ray these from significant importantly, your Glad as impact all new in to technologies. the spending, energy little may the megatrends These cycles. a relating Thank to a specifically over team. for traditional are in actually years underpinned provide and work. always and infrastructure, opportunities, sunshine by seeing of

turn will Pat. over I to it

Patrick Fogarty

you, Matt. Thank

in the results both operating results and XXXX in parts each to of year-over-year improved our labor results efficiencies all and strong of reflect operations this business and completed across restructuring of quarter to continue margins We consolidated from customer inflation driven significant and our business. three impact We our segments. affect demand business improvement certain segment, activities were segment. and These first quarterly both sales, operating continuing sequentially gross Components Assembly uncertainties, supply by Our in income chain achieved in in record Supply Technologies recently the sales which able segments. ongoing were of spite positive and challenges, these deliver

Our sequentially continuing consolidated up quarter first net were quarter to compared up $XXX XXXX. compared of the operations million fourth the XX% $XXX XX% and sales in million, from to

XX.X% a operations gross first ago. last compared and year XX.X% XX.X% in Our were the to continuing quarter margins quarter from

including fourth Our sales higher the from the benefits The margin quarter margin during profit since and gross gross from level XXXX. flow-through the the margin the improvement higher profit highest pricing. reflects quarter was initiatives, of product

sequentially of quarter of over $X.X was million million $X.X in Consolidated improvement fourth the XXXX. last operating million, significant and operations the income from year continuing a quarter in $XX.X first

space will actions products. installed Products our considerable plant and overall operations help have these to restructuring square our our and our profitability relocated lowered XXXX, significant make drive a substantially This undertaking, consolidation our actions Since improved feet assets. XXXX which and cost and cost in We facilities, X years. our future benefits streamlined represented over was we Components of fixed reduced in production footprint, in and these from have commenced segments. which The Assembly completed plan XXX,XXX in consolidated multiyear Engineered manufacturing

due expenses higher ago, SG&A higher increase due to sales selling expenses higher were $XX million and year to levels, increase the from personnel $XX million to a the costs an with ongoing compared inflation costs. in

quarter charges a the the percentage XX.X% restructuring of was other and sales, As excluding our in in SG&A XX.X% approximately both quarter. year prior in special million $X of periods, to first compared

the year-over-year. compared the remaining $X Interest interest to to rates year higher $XX.X and increase $X.X with $X.X of million million due higher million average totaled expense a borrowings increase ago, million the due to

of quarter in for tax the tax expense is full the $X.X year income XXXX. in our expectations income an This for effective was XX%. Our million with line

We to million. be taxes expect cash full $XX approximately year

the for double share, operations from continued an from was ago. continued EPS first more was last quarter diluted year year. our $X.XX of the the to $X.XX On basis, quarter per $X.XX a compared GAAP operations in earnings share adjusted per $X.XX than

in $XX year quarter compared a than million was to and higher $XX.X million EBITDA, quarter. significantly million ago last $XX.X defined, first Our the as

Excluding our million. aluminum was first is XXXX $XX discontinued, as EBITDA quarter classified our which business, products approximately now

real flows during quarter. quarter, after totaling the which million $X.X on the and $X slightly CapEx, used estate the generated improved During totaled we proceeds million quarter in less and year-over-year operating million cash the sale the $X.X of

the $XX the in driven and improvement to free capital days on by continued expect million to flow of year hand million. range operating for flow cash XXXX be $XX expect reduced full during cash We working in

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

very received relates of the we of last from year. sale prospective the interest end General it Aluminum, buyer to at As

reach our These we actions business agreement, a discontinued framework definitive as signed at a we transaction. did not the for Understanding resulted of to While the Memorandum a classify in decision principally year-end. potential we set

further have update at sale time. no this We on the

long-term Aluminum General are performance stewards first quarter, and the of the the in the long-term invested we of of support excited in We business. Accordingly, the improved about ourselves are prospects $X business. million and as its pleased with conducting

were net million ago The were quarter, $XXX in $XXX daily results, sales end XX% up Average Turning sales business XX% increase Supply demand markets. year-over-year. customer was by our now and year the most to quarter. to $XXX our a chain supply million compared in million sales last higher segment Technologies, during in driven up key

agricultural quarter, the aerospace. During and market and sports, power civilian heavy-duty industrial the largest increases were end truck, equipment

business well continues In addition, first growth XX% our sales of manufacturing over quarter perform and achieved of to last year. the fastener

year-over-year flow-through levels from XX approximately $XX chain especially was costs, offset to $XX by Operating higher the compared income higher a Margins in basis year as partially totaled profit sales points this million ago. million in America. were segment supply North up

in which this margins, will to focus positively business. along operating initiatives grow to supply income continue action future on affect We industrial strategies our with business, price higher-margin

million up $XX initiatives, from quarter were segment, from ago, year-over-year. the including compared In due for year in quarter the to benefits was million to were the the year a the to completed million the the quarter first pricing. This a compared improvement increase sales $XXX year. an product business of profit was an pricing, sales improvement $X.X and in to year-over-year launched XX% significant of operating in consolidation $X.X to million to higher volumes levels, the adjusted ago. a flow-through income increased higher million On significantly product operating year $X.X a current prior Components income driven our actions. Assembly year and Sales in $XXX,XXX basis, recently loss current Segment ago by plant improved

and continue operational We margins our improving this to are focus products across price improvements many of and on and segment plants. additional operating increases in implementing

For to the example, on reduce increase capacity current certain raw mixing quarter, us during new will and our allow material costs launched facility, we products. first mixing rubber a which used

our In parts notably $XX sales $XXX to quarter Products aftermarket Revenues and first In up capital to and in from XX% year our business, most compared equipment America. compared services year XX% increased sales every North million were new up Engineered capital in region, ago. a ago. equipment a segment, million, were

a of quarterly million average $XX Bookings remained in $XX and XXXX. compared strong totaled million to

last Our $XXX of an X% March the increase to million, backlog end of year. as XX of was compared

this continue consistent course We expect order the of throughout levels to year.

products of as several key in quarter year-over-year since highest up and level fourth including were and their as customer several XX% our business markets, the from XXXX. business, the This quarters. well quarter awarded increase aerospace machined and demand sales increasing defense in In end was the at forged over rail past by driven and new

the profit year. to higher this excludes was benefits operating in was $X.X other million pricing segment compared On $X million improvement year-over-year ago. million The consolidation product $X actions. the basis, During improvement which driven an a income operating initiatives to and was by actions, last restructuring adjusted and of year $X.X profitability the sales compared plant levels, million income quarter,

equipment and increases of opportunities defense in to see in electrical munitions continue We forging increased market, used in expected battery made as induction of and a where production to for business end in certain result of technologies are investments the of bookings production the support steel being and our occur.

million the Products corporate compared from $X Our current should a positive by benefit year The segment lower $X.X driven fees primarily finally, million to professional totaled ago. the was Engineered quarter decrease year. expenses during in these And trends.

end X% segment. year-over-year revenue growth with with bias to in each our XX% respect to the expect high driven demand year a guidance, current of the the range, by strong full And XXXX towards finally, we be continue to to customer

of improvement income, in EBITDA, and adjusted each result a free to levels operating cash also the EPS improved adjusted margins in year-over-year expect and as higher sales We flow operating defined, continue as segment.

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

Matthew Crawford

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

Operator

Instructions] Capital [Operator is Markets. KeyBanc question from coming from Steve you. today Thank Our Barger first

now is Your live line

Steve Barger

Hey, guys. good morning,

but today, Can you’d see Tech, with good we are a it in about a you hearing it supply portfolio? certainly talk in is, think. first You that. improving, there in year destock? destocking the inventory If sound about areas, And than seem on across so chains slowdown dynamics demand. I Is of pretty there a congratulations the some indicative better would doesn’t Supply ago,

you you’re can that? fill – how about any So out thinking

Patrick Fogarty

a Pat. Steve, is this

We’re our second demand, strong three of expect through the seeing quarter. and that segments we at business continue least across to all

at believe at of similar So the end continue other overall, not are the But as there a first second confidence, pace same markets. with quarter to, is take pace as quarter. small business continued we parts will that rates growing the the

So that. really in traction, different the significant I when to now and throughout – we many beginning aerospace markets even are civilian end show some and rail should and about so benefit from of that XXXX end those many think slowdowns end of markets and and we touched were markets some

Steve Barger

Yes. That’s great.

into a the historically, when customers for Tech higher there? sequentially expect for said you Do as when is Supply I are prospects think And to you it or revenue easier things good revenue progresses record. Tech slowing? quarter are Supply the convert things was year

Matthew Crawford

Hi, It’s lost I’ll Steve, annual year-over-year it’s growth it’s Matt. that. on try forecast. first than our what really tough. – take you not of quarter pieces our – Pat higher significantly significant mean and I

April The second quarter, good year-over-year. obviously which pretty through now were feeling

you some forth. to that believe is So the there there so we lead infrastructure what our going to guidance some are feel the I stress of marks. and want were would question spending on installation,

So some the demand excited kind is could of of that over them. X next the that not from the that are atmosphere. immune and some X that some recognize customers have volatility our It’s we’re And uncertainty. But of – in we’re we forecasting to also rates years. pretty about build there

best would we sort – you as be that, of got that strongly I growth felt on to Supply environment. we industrial until Technologies would we particularly that, clear I sequential remiss, barometer it out, to picture relates point a suggest be about think, the for So current the is as

Steve Barger

of be prospects might just cycle there as Yes. And others? better the terms Supply in about conversion Tech, a part longer-term, specific than you customers into of think is of that

Matthew Crawford

Traditionally that terms supply I engineering in provider, our of organic solutions the solution someone a around sometimes as a chain, are we’re they pricing. or a have, maybe about particularly sense providing think, opportunities, in problem

a We’re solutions provider.

that would be say that I agnostic. So can

messed really hence, elsewhere, reason product our chain our inventory. to up. Of find flexibility it course, limited customers’ really COVID carrying so supply Meaning, that and and much we’re the

chains are So we supply come it, ideal. out this, as and not of we’re not out of

know, good it’s you part – supply XXXs enough. we if X,XXX members someone As partners Steve, not to X,XXX

of XXX% is parts important. of delivery on-time So the

to be understand So like tell of business. – that to until a gets in meaningful be what difficult it will onboarding way. things going until I out in would terms look It’s you difficult sorted

We business. are winning new

that difficult We until it’s But strategic they are opportunities finding pretty can question be suppliers. grow. to more your industrial discrete in gets to safely answer comfortable to America macroeconomic going a way, change

Steve Barger

the that customer good the And about How or that you across sales stories little team bit. there. talk does seem on have the engagement? for I Yes. I you a business? segments we out anything opportunities you it any corner the Conditions And understand. uncertainties like operations about directing now. have seem can the efforts? hear turned But are specific to for drive new are

Matthew Crawford

these where I the capital keep are on which right got megatrends for I as buildings focus forging knocking only the I we that the I I that engagement, on EV. think, well something to record, a that some despite our they we think EPG, got our lot is about. new for and of And are hits Tech think they ACG powertrain seeing a traditional mean, road numbers think in now businesses focus Supply Yes. are, our let – exciting, me Pat record are – highlighted I But in are products that businesses is on the have really really I segment door. a This but talking as also didn’t the think rubber agnostic backlog. and fact really exciting people development of second equipment in have

being are product some in driven customer who So for lines. solutions, engagement cases, is it’s traditional really nice the when at strategic seeking level

at shells. help – supplying capacity rebuild initiatives make suppliers looking suppliers are our to for We defense Tier key sort missile to X product to defense the country of support to

Journal that it. scramble way Scranton, You in there, we’re real in may is the in on Pennsylvania. in Street Wall little runs a a bit of article on facility about that back that have The the about government read There the and middle going

quickly think idea silicon this Pat very Also, steel. I of mentioned

for outside You you’re generations invest in overhaul High strength steel before, to pretty China. that country is away silicon to helps steel important steel. now a well-capitalized of technology, you silicon one, country, most because recently, and And leadership in steel, think about steel battery interesting that’s seeing I have silicon this And to development talked space and gave more but is new going do. Steve, on conductive and I how what an is technology. also need this what steel

again, we in these are, middle the right of. So areas which are

I new us have always things we’re So from our customers sales capacity, again, think you, but offense, the that will to of customer coming tell old find is I on new problems. some our energy initiatives our real and looking these who traditional but some solutions not about build or strategy for talking are just to

Steve Barger

Yes.

Thanks. Sounds encouraging.

Operator

Thank you.

Storms Next question from is coming Dave from Stonegate.

Your now is live. line

Dave Storms

Good Thank Perfect. you. morning.

Matthew Crawford

Dave. morning, Good

Dave Storms

could pretty Are shoots the Just perceived or seeing green going that on you issue mentioned. supply still hoping there chain any start we forward? you is that issues

Matthew Crawford

of not sort speak so I’m I’ll this and first, means up. Pat let things. – many clean that

space I a nimble half global think the manufacturing us and interpreted Your lot think so at in the the say question tidal have a supply this, chain that I become XXXX. space all managing me hit more challenges be But could like that wave the first of many in ways. let we global

pricing, So it whether quality, fill be faster it we’ve better, a and it in rates, be be gotten deal whether how this. whether ocean to it with whether freight, little logistics all be smarter,

included. I So is company think our

does it Absolutely. numbers in our continuously – that. it headwind earnings Is on So less noise a there business our and side? from is the in certainly provide

of sourcing. in area your noise say has job know But woods maybe levels managing of that business of become in much of the than are in better not in So an little Supply a too terms And of chain don’t inventory terms gotten things like a the a say I of using not the we’re green of will all out of little maybe turned we’re think we – I in particularly I the better Technology. shoots it’s that, because – I And our terms carrying it. down bit cost the and because people that again, example, done the supply doing dual woods in will that because woods in portion we’ve a the certain better, not margins. out places. of terms out at

to that job keeping our customers at a few just a mind come great really names have So done moving.

hard if a your don’t that pull over. managed. bit apart, not Is So that? I with know little answers to It’s agree that Pat, but question. – it’s just better It’s you

Patrick Fogarty

few control our hitting the is were other years affect a and that Yes, what chain I supply add can but would we through demand clearly, back can’t control. continue we us there suppliers improved. supply our have that that customers’ last Dave, greatly chain, year that But issues

And a of and demand our clearly, chain. I supply get with expect have mean continue what being in have is XXXX. come we a to business, down, are Lead being because greatly. down. little to by we having things seeing rates they issues we costs – so lower that little But through are parts certain times take come because lower improve that pockets other of have their and our of improved Freight rest from viewpoint, the other as

Dave Storms

prices the front a of seeing was Matt, the a on are what That’s inventory to of and – inventory And compare front there. pricing exactly where little times bit? to your at moderate price helpful for. now you are your very pricing in inflation at? that you that your or you I mentioned in can answer What is hoping couple kind starting

Matthew Crawford

saw calls, prior is mentioned look, the mean, marketplace, component say I’ve take a lot – spot suppliers who on instantaneously work of for A particularly to there customers their like tension the let with a to would I’ll raise inventory raise I our in instantaneously. short-term contract buyer lot Pat I consumers we us. were record and on profits. able that of and could question. a principally But prices prices aggressively our suppliers

that got a and So of have strategic hurt. guys they that think partners I us. have worked I own think their for couple understood And it’s us have now. business, like because impacted it our best we And years and supported

I think was it initially, material. raw all about

we to move can and the can it’s quality making sure about workforce long-term that right – and labor the all right other optimize long-term for place forward, and our we customers. delivery suppliers and As optimize we in support get

be I’d wasn’t So lying I’d said day. it if I battle – lie every a

that through support, it, need understand seeing customers numbers. you’re worked and think in to and our that I we’ve we best it the

think discussion. positive I growingly about So back I latent is you what a this inflation. think I’m I’ll not while meant, he tell Dimon he meant. Jamie a what but talked sure

I meant who yet. like guys out are think there us he there cold aren’t

in our money we’re have and under where we are we’re long-term to agreements, we we where business, parts need with While still cases that. losing deal of isolated

So increases. we’re price still after going

because Now for there gone that of through there time. the of customers course, got – commodities lag. we’re a relief, and partnership. some appropriately inventory. some then want be our is that are tension That’s We our them to nature natural will right there also, pricing But have the the a at get down There particularly too.

some provides small what other So that and we some to we’re in return investment. terms our of still yes, attention, trying And between that, on a labor indirects. cognizant capture are – costs but

I long-term, in good that’s So underlying by happened going other us, commodity be natural the way. tension when – what it you’re But right, some we mean saw down. the I but skyrocket as goes for there pricing think of way. the – was a will too,

day. It’s has more terms of team that so be still basis. our taken in share. a my tension, it’s is our way would years. case-by-case – long every come but that fighting couple So a of a There recapturing fair battle still we’re And

Dave Storms

headwinds my question lot So all a that the XXXX, here. about segments that still supply see production you with your perfectly of actually and on to those do in your When the levels. and leads all discussed? you’ve the increases just are that we back that With maybe of all you even to chain last XXXX think issues, inflation implemented getting activities XXXX, ‘XX runway the the even has that, capacity, kind beyond levels what restructuring

Matthew Crawford

really number think here. will a of and I the structure are we yes, Yes, effects on as honest for relates we do a with of now, we as runway To pressure next properly though ongoing and have while should our be cost though ongoing do do partnerships it We we we that And of have answer some you, we’ve feel though many there discussed areas few in good still COVID. that, feel feel as a call. strategic as is priced aren’t. to the our

a don’t take get we But not Pat it. Maybe as think we So – should at little prepared to have that I more shot to answer I do question. an wants a clarity, kind honest to But though comp with there. would And this ‘XX against be you, was that. we get for and very well have goal as business of our answer felt to ‘XX.

Now so of we’re tactical. kind shift We’ve want hard getting been It’s strategic. away. been we there, to to be

answer Now that give we really – to that think on better. in an we forecast, can’t more and able away, we’re I year that the as be confidence that will And I think answer goes that. our on get shifting

Patrick Fogarty

point reductions the impact have gross levels have gross years they higher Yes. in a greater, XXXX and margins I were on absorption the improve the exceed that implemented are in And are even trend that margins will we business. going in future of over the nice place the continue costs gross first volumes where margins, add, around would become margins as our and that we at a momentum believe and to gross last quarter the X levels in saw to we ‘XX. and clearly, Dave,

to has the they where unbelievable yet. volumes that need huge be And accomplishment. is by been really a lifting our amount teams and done world around really the So of heavy are

to of the around world And different so volumes grow. margins in our business, the will in continue pockets we see increase once the our gross

Matthew Crawford

now. but I to say I it also Dave, want past, to in said the going something I’m say

the when Our are Products. we And always at for gross Engineered by margins. to returned they historic been That’s is best doing not our margin performance. always have gross bellwether led

here not a you on So a basis. prepared is on is sit we still say margin and consolidated that can What again, the give runway our side we’re flagship recovering. to sense of

Dave Storms

very Thank Understood. you. helpful. That’s

Operator

you. Thank

Next JPMorgan. Yilma question from coming is from Abebe

is line now Your live.

Yilma Abebe

Thank Good you. morning.

Matthew Crawford

morning. Good

Yilma Abebe

Good morning. capital. My first working on is question

about you quarter that that terms think forward should – could and seen you you’ve And how be realization growth working as of this year? look we this saw this than capital the working As from year, different for capital think in for what we year? how about growth in terms of last

Patrick Fogarty

we reduction mentioned of prepared And to as business. to saw I calculation a capital In in working capital my growth that the to in the complicates Well, days. the the remarks, majority the because our decrease. quarter, the just obviously, working capital business continue the units days expect, needed working grow first of

over on free of invested in down support But that working So of our our cash that increase and general, there, and that. and years, each continue flow. invested around level harvest number And $X improvement by unit last to growth has different to and we’re seeing the to that of needed driven bring the has a we the working to growth. the continued the to need to business every $X.XX we capital, are are in around goals year. been is capital we progress movement has X and course throughout tremendous of cash that are initiatives business working their capital expect Every front, own seeing reduce we

expected lot is on of a and improvement being more So that. effort focused

Yilma Abebe

year, with expect the business. coupling capital this would be needed growth neutral the cash use to putting a revenue working capital support working With to you’re positive, improvements or in you that place of

Patrick Fogarty

be That current would and indicate cash we capital $XX million. $XX if we that investment for working flow expect to our need I levels. free little, operating in to mentioned that flow beyond cash positive expect million very any,

Yilma Abebe

helpful. your these shift these my on sort be then way forth. impact the help mega modeling Any business, and second lines to is projects vehicles at of your Any of best question directly project the benefits the think about projects of of to the sort to That’s that’s electric Great. Okay. on What’s infrastructure going of of either And directly and the on so segment business? business your the how portion level? impacted? model along mega mega

Matthew Crawford

we’re to not that help sure going give think I’m you need. we’re – I to you

the I or I particularly stimulus, think of a space. little a how based into Tier we it we’re significant, sense or modeling space mean, is how or know, we’re in it which little large we’re it. – relates battery defense to it’s – unclear It’s little a that infrastructure candidly. getting – be quite how the whether unclear as it a business with it’s bit would associated But will with the economy, and conversations on some other our than we the Xs. unclear of consider seep that forecasting seeing

business the more kind most see and we infrastructure and needing will will impact initially That’s of the updating business. our have the rail as products on people conversation, equipment are our direct side, that. forging I we through or or capacity direct think say I like most things maintenance building where

EPG So an that more difficult. beneficiary as impact, highlight sort of and of a would about short-term important think you think as the the the in It’s I direct little I mid-term.

strategy, or I think the opportunity. – the is, we’ve as of are chassis come extent talked in way. the directly Yilma, will we the leading they’ll not the along. in they our that parts are in this our powertrain, lot to the to us is clearly, ton parts, And suspension what to know, and system, finding products of we’re providing you all But propulsion a Again, are a not involved general, come it. EV designs agnostic products is most along, whether about past, our EV of evolution is

going So that’s are our and those share market and work. to BOE exactly It’s difficult numbers a understand how successes to lever those instinct. failure little

beneficiary? to America. the expect really put hard people the the direct So only to while grow ours different but for good would a the a growing be as sense particularly But increased be model economy days, doesn’t America, couple XX% opportunity, expect is industrial it Americas of customers strong semiconductor a so that our the finger who, our and other in relates may Sure. whatever, on how a of we’re from industry to like we economy think, of in customers benefit I of growing We seeing to a we little it And Technologies. of Would all these points. can’t may mean be kind – business it’s industrial chain Supply manufacturing that. only supply

from and I So even will things I that point reshoring think, that model think means. at indirectly, that that more generally we one this harder, are what and benefit – like is to we

all I will tangible next be over in the the near-term, think I EPG So the positive, in impact business. months think the most XX

Yilma Abebe

Thank had. much. all I That’s very you

Operator

Thank you.

We further have like question-and-answer over turn end floor for to I’d session. any of back or comments. the the our reached closing

Matthew Crawford

Great. news Thank good Pat’s – of relates have feel at our is comments not finished. is echo Pat to not potential work We lot to updated today, but I with General continue the this as imminent time. do do you very conversations Aluminum. deal much. we but it want did us, A buyer, as to a

commitment our to maintain the So business. we

believe You this and in mentioned We we over it we’ve the attractive business XX strong, million is years. invested owned for $X quarter. a

that with to we’re time as excited participate So this at team well.

and very thank you Bye-bye. day. great much, So have a

Operator

does today’s and conclude That you. webcast. teleconference Thank

today. at have your this time, for We day. participation You thank you may and disconnect wonderful a line your

Park-Ohio (PKOH) 4 May 232023 Q1 Earnings call transcript