On this page of StockholderLetter.com we present the 4/17/2024 shareholder letter from PARK OHIO HOLDINGS CORP — ticker symbol PKOH. Reading current and past PKOH letters to shareholders can bring important insights into the investment thesis.
2023 Annual Report
To Our Fellow Shareholders: Our team delivered strong growth of 11% during 2023 even with the adverse impact of the UAW strikes during the fourth quarter. These results represented record revenue for our business in total and for every business segment. Additionally, gross margin increased more than 200 basis points over 2022, and operating cash flow exceeded $53 million, which was used to grow our business and reduce debt. Our strong performance is a testament to the hard work of our teams and strong positioning in the market of our portfolio of brands. While we expect our sales growth to moderate during 2024, we will use this opportunity to build on our progress in 2023 to further improve our operating execution and drive further improvements in profitability and cash flow. Matthew V. Crawford Chairman, Chief Executive Of cer and President E ^ K $1.7 $1.5 $1.3 $1.2 2020 2021 ^ ^ ' Z 8% 2022 2023 1% United States 5% 28% Asia 14% Europe Mexico 62% Other Supply Technologies Assembly Components Canada 10% 46% 26% Engineered Products
12 2 $" # 2. '(2$ 2 # *()'.2 -% ' # 2 # 2) #*' 2 )2 2 12 +$) # 2 )$, ' (2 - *) $#2, ) 2# ,2 '( %2) ! #)2 )2) 2 ( " #)2! + !2 12 2 # *()' (2( '+ 2 22222222221222 *%%$') 2 .2 2 !$ !2 $$)%' #)2$ 2 2 ! ) (2 12 #)2 # 2$# $ # 2 $$)%' #)2$%) " 0 ) $#2 # 2$% ' ) $# 2 "%'$+ " #)2 ) $#(2 12 -%$(*' 2)$2!$# ) '"2 '$,) 2)' # (2(* 2 (2 ! )' ) $# 2 ' # , ! 2 # ' / 2! ) , ) # 2 '$(% 2 2 #( 2 # 2 # ' " #) !2 # ' ()'* )*' 2(% # 2 12 $"% #.2(% 2 '$,) 2() "" # 2 '$"2 ) '" ' )2(% # 2 '$((2 #2 # 2 (( )2 ( 2 % ).2 ) $#( 2 (2, ! 2 (2%'$ * )2 ##$+ ) $#2 # 2 -% #( $#2 1 + '2), #).2 &* ( ) $#(2( # 2 1 #.2$ 2) 2 # *()' !2" ' )(2 2 $"% ) (2 #2 ' 2 ' " #) 2 , 2 ' ) 2$%%$')*# ) (2 $'2 *. # 2(" ! '2# 2 $"% # (2) )2 # # 2" ' )2( ' 2 '$,) 2 # 2%'$ ) ).2
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2023 FORM 10-K
 • shareholder letter icon 4/17/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/13/2023 PKOH Stockholder Letter
 • stockholder letter icon 4/8/2025 PKOH Stockholder Letter
 • stockholder letter icon 4/2/2026 PKOH Stockholder Letter
 • stockholder letter icon More "Industrial Machinery & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon PKOH Benford's Law Stock Score = 84


PKOH 4/17/2024 Shareholder/Stockholder Letter Transcript:

2023 Annual Report

To Our Fellow Shareholders:
Our team delivered strong growth of 11% during 2023 even with the adverse impact of the UAW strikes during the
fourth quarter. These results represented record revenue for our business in total and for every business segment.
Additionally, gross margin increased more than 200 basis points over 2022, and operating cash flow exceeded
$53 million, which was used to grow our business and reduce debt. Our strong performance is a testament to the
hard work of our teams and strong positioning in the market of our portfolio of brands. While we expect our sales
growth to moderate during 2024, we will use this opportunity to build on our progress in 2023 to further improve our
operating execution and drive further improvements in profitability and cash flow.
Matthew V. Crawford
Chairman, Chief Executive Of   cer and President
E     ^                                      K                  
$1.7
$1.5
$1.3
$1.2
2020
2021
^            ^              '                   Z          
8%
2022
2023

1%
United States
5%
28%
Asia
14%
Europe
Mexico
62%
Other
Supply
Technologies
Assembly
Components
Canada
10%
46%
26%
Engineered
Products





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(  " #)2! + !2


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 "%'$+ " #)2  ) $#(2

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 # ' " #) !2 # ' ()'* )*' 2(% # 2
12
$"% #.2(%      2 '$,) 2() "" # 2 '$"2  ) '" '  )2(% # 2  '$((2
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2023 FORM 10-K


shareholder letter icon 4/17/2024 Letter Continued (Full PDF)
 

PKOH Stockholder/Shareholder Letter (PARK OHIO HOLDINGS CORP) 4/17/2024 | www.StockholderLetter.com
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