ParkOhio, a diversified industrial holding, announced results for its fourth quarter and year ended December 31, 2014. Net sales were $373 million for Q4, an increase of $63.6 million, or 21%, from net sales of $309.4 million for Q4 2013.
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ParkOhio reported net income attributable to ParkOhio common shareholders of $10.7 million, or $0.86 per diluted share, for the fourth quarter of 2014. This compared to net income attributable to ParkOhio common shareholders of $8.9 million, or $0.72 per diluted share, for the fourth quarter of 2013.
Earnings from continuing operations attributable to ParkOhio common shareholders, which excludes the impact of the loss from discontinued operations in 2013, increased 16% to $0.86 per diluted share in the fourth quarter of 2014 from $0.74 per diluted share in the fourth quarter of 2013.
As adjusted earnings increased 6% in the fourth quarter of 2014 to $0.90 per diluted share compared to $0.85 per diluted share in the fourth quarter of 2013. Please refer to the table that follows for a reconciliation of earnings from continuing operations to as adjusted earnings.
In addition, EBITDA, as defined was $31.7 million during the fourth quarter of 2014 and increased 17% compared to EBITDA, as defined of $27.0 million during the fourth quarter of 2013.
Full year 2014 results
Net sales were a company record $1,378.7 million for 2014, an increase of $175.5 million, or 15%, from net sales of $1,203.2 million in 2013. ParkOhio reported a company record net income attributable to ParkOhio common shareholders of $45.6 million, or $3.68 per diluted share, for 2014.
This compares to net income attributable to ParkOhio common shareholders of $43.4 million, or $3.56 per diluted share, for 2013, which included the impact of the net gain of $3 million, or $0.25 per diluted share, from discontinued operations, net of taxes.
Earnings from continuing operations attributable to ParkOhio common shareholders, which excludes the impact of the gain from discontinued operations, increased 11% to $3.68 per diluted share in 2014 compared to $3.31 per diluted share in 2013.
As adjusted earnings increased 5% in 2014 to $3.84 per diluted share compared to $3.66 per diluted share in 2013. Please refer to the table that follows for a reconciliation of earnings from continuing operations to as adjusted earnings.
In addition, EBITDA, as defined was $128.3 million for 2014 and increased 11% compared to EBITDA, as defined of $115.8 million for 2013.
The company currently forecast its consolidated 2015 revenues to increase approximately 14% over 2014 revenues. It forecasts its earnings from continuing operations attributable to ParkOhio common shareholders to be in the range of $4.30 to $4.70 per diluted share.
ParkOhio forecasts as adjusted earnings to be in the range of $4.32 to $4.72 per diluted share. In addition, the company is forecasting EBITDA, as defined to be in the range of $145 million to $152.5 million for the year ended December 31, 2015. ■