Earnings call transcript: Park Ohio Q2 2025 misses earnings forecast

Park Ohio Holdings Corp (PKOH) reported its financial results for the second quarter of 2025, missing analyst expectations with an earnings per share (EPS) of $0.66, below the forecasted $0.73. The company’s revenue also fell short, coming in at $400 million against a projected $412.2 million. Despite these misses, Park Ohio’s stock experienced a significant boost, rising 12.57% to close at $15.99. According to InvestingPro data, the company maintains a modest market capitalization of $244.37 million and trades at an attractive P/E ratio of 5.94x, suggesting potential value opportunity for investors.

Key Takeaways

• Park Ohio’s Q2 2025 EPS of $0.66 missed the forecast by 9.59%.
• Revenue was $400 million, down from $433 million year-over-year.
• Stock surged 12.57% in aftermarket trading despite earnings miss.
• Strong performance in electrical and semiconductor markets.
• New business and strategic investments aim to bolster future growth.

Company Performance

Park Ohio’s overall performance in Q2 2025 showed mixed results, with a notable year-over-year revenue decline from $433 million to $400 million. The company, however, reported a sequential improvement in adjusted EPS, which increased by 14% to $0.75 per diluted share. The EBITDA rose by 4% to $35 million, indicating some operational efficiency gains despite the revenue dip.

Financial Highlights

• Revenue: $400 million, down from $433 million year-over-year.
• Earnings per share: $0.66, missing the forecast of $0.73.
• Gross margin increased to 17% from 16.8% in the previous quarter.
• EBITDA: $35 million, a 4% increase.
• Operating cash flow: Negative $14 million.

Earnings vs. Forecast

The actual EPS of $0.66 fell short of the forecasted $0.73, marking a surprise of -9.59%. Revenue also missed expectations by 2.94%, coming in at $400 million versus the anticipated $412.2 million. This performance contrasts with the company’s previous quarters, where it had been closer to meeting or exceeding forecasts.

Market Reaction

Despite the earnings miss, Park Ohio’s stock price surged 12.57% in aftermarket trading, closing at $15.99. This movement is noteworthy as it contrasts with typical market reactions to earnings misses. The stock is currently trading near its 52-week low of $15.52, suggesting a potential rebound from recent lows. InvestingPro analysis indicates the stock is currently undervalued, with additional research revealing 10+ exclusive ProTips about PKOH’s financial health and market position. Notable strengths include maintaining dividend payments for 12 consecutive years and liquid assets exceeding short-term obligations with a healthy current ratio of 2.6x.

Outlook & Guidance

Looking forward, Park Ohio has set its adjusted EPS guidance for 2025 between $2.90 and $3.20, with net sales expected to range from $1.62 billion to $1.65 billion. The company also projects free cash flow of $20 to $30 million, aiming for a 10% EBITDA margin. While the company operates with a significant debt burden, as highlighted by InvestingPro’s comprehensive analysis, its gross profit margin stands at a solid 16.95%. For deeper insights into PKOH’s financial health and growth prospects, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers. Significant operating cash flow is anticipated in the second half of 2025, supported by new business launches and strategic investments.

Executive Commentary

CEO Matthew Crawford highlighted the company’s strategic positioning and leadership, stating, "There’s never been a time that I’ve been more excited, not just about the company, but about our leadership team, also our positioning relative to our portfolio." He also addressed the reshoring trends, describing them as being in the "very early innings."

Risks and Challenges

• Market weakness in powersports, heavy-duty truck, and industrial equipment sectors.
• Potential supply chain disruptions affecting production timelines.
• Macroeconomic pressures that could impact demand across key markets.
• Ongoing consolidation efforts could lead to temporary operational inefficiencies.
• Currency fluctuations affecting international revenue streams.

Q&A

During the Q&A session, analysts queried the company’s portfolio transformation and margin improvement strategies. There was a focus on the potential for a 200 basis point margin expansion in Assembly Components. Additionally, Park Ohio’s management discussed the early-stage reshoring trends, which are seen as a long-term opportunity for growth.

Full transcript - Park Ohio Holdings Corp (PKOH) Q2 2025:

Conference Operator: Good morning and welcome to the Park Ohio Second Quarter twenty twenty five Results Conference Call. At this time, all participants are in a listen only mode. After the presentation, the company will conduct a question and answer session. 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. A list of relevant risks and uncertainties may be found in the earnings press release as well as in the company’s twenty twenty four ten ks, which was filed on 03/06/2025, with the SEC. Additionally, the company may discuss adjusted EPS, adjusted operating income and EBITDA as defined on a continuing operations or consolidated basis. These metrics are not measures of performance under generally accepted accounting principles.

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

Matthew Crawford, Chairman, President and CEO, Park Ohio: Thank you very much. Welcome. Thank you for joining us this morning. We are very proud of the accomplishments during the second quarter. The strength of our business model is the broad and diverse nature of our businesses, combined with our strong operating leadership.

Additionally, our transformation over the last several years is and will allow us to be more profitable through the business cycle. Most importantly, we stand ready to absorb improving backlogs and new business with meaningful operating leverage. We believe strongly that the remainder of 2025 will continue to provide solid performance while building momentum for an even stronger 2026. Thank you, especially to all of our Park Ohio team members. I’ll now turn it over to Pat.

Thank you, Matt.

Pat, CFO, Park Ohio: Before I get into the details of our second quarter results, I wanted to discuss a few recent events. First, we recently refinanced both our senior notes and our revolving credit facility. As it relates to the senior notes, we completed a private offering of $350,000,000 of senior secured notes due in 02/1930, which bear an interest rate of 8.5%. We used the net proceeds from the offering along with cash on hand to redeem all $350,000,000 of the senior notes, which were due in 2027 and to pay related fees and expenses. In addition, we entered into an amendment to our existing revolving credit facility extending its maturity date by five years.

In connection with these refinancing activities, we received upgraded ratings on the new senior secured notes from Moody’s, S and P Global and Fitch Ratings. In addition, many institutional investors continued their support of Park Ohio, which led to the successful completion of the refinancing. We appreciate their commitment and continued support. These actions provide us with the future liquidity to execute our long term goals, which include sales growth, higher operating margins and reduced net debt leverage. And lastly, our capital equipment orders in the second quarter were approximately $85,000,000 an all time quarterly record and included an order from a major steel producer totaling $47,000,000 for induction slab heating equipment for high silicon steel production.

The order demonstrates our ability to utilize our world leading technology to engineer and manufacture high-tech induction heating and melting solutions for our customers. The new order, which was shipped from our Warren, Ohio facility beginning in 2026, enables the most uniform heating profile available in today’s markets. Turning now to our second quarter results. Second quarter revenue totaled $400,000,000 compared to $4.00 $5,000,000 last quarter and $433,000,000 last year. The year over year decrease reflects lower customer demand across certain end markets, most notably on our Supply Technologies segment in certain North American industrial markets.

We took numerous countermeasures in each segment to enhance profitability, including variable cost reductions to align with current demand, targeted restructuring activities and reductions in discretionary spending. As a result of these actions, profitability improved on a sequential basis in the second quarter compared to the first quarter with adjusted EPS increasing 14% to $0.75 per diluted share and EBITDA as defined increasing 4% to $35,000,000 The sequential profit improvement was driven by higher gross margin percentage in the second quarter of 17% compared to 16.8% last quarter and 16.9% a year ago. We continue to focus on gross margin improvement through the implementation of value driver initiatives in each business. We generated 35,200,000 of EBITDA in the quarter, an increase of $33,900,000 in the first quarter. As a percentage of sales, our EBITDA margin was 8.8% in the quarter.

On a trailing twelve month basis, our EBITDA as defined totaled $144,000,000 SG and A expenses were $46,800,000 in the quarter, down from $47,400,000 last year and $48,200,000 last quarter, reflecting our cost containment efforts. Interest costs totaled $11,000,000 during the quarter compared to approximately $12,000,000 last year, driven by lower average interest rates in the current year and lower average outstanding debt balances. Our effective income tax rate was 17% in the quarter, which reflects the ongoing benefits from research and development tax credits and other tax planning initiatives to reduce our overall effective tax rate worldwide. As a result, we have lowered our expected full year effective tax rate to range between 1719% to reflect the impact of these tax strategies. During the quarter, we used operating cash of $14,000,000 primarily driven by higher working capital and CapEx, including technology related investments and growth CapEx in multiple businesses.

We expect significant operating and free cash flow in the second half of the year, driven by increased profitability and reduced working capital levels. For the full year, we continue to expect higher year over year free cash flow and expect free cash flow to be approximately 20,000,000 to $30,000,000 Free cash flow during the second half of the year is expected to significantly improve and total approximately $65,000,000 Our liquidity continues to be strong and totaled $189,000,000 as of June 30, which consisted of approximately $46,000,000 of cash on hand and $143,000,000 of unused borrowing capacity under our various banking arrangements. Turning now to our segment results. Supply Technologies net sales of $187,000,000 in the second quarter approximated our first quarter net sales and were lower than net sales in the prior year quarter due to lower customer demand in certain key end markets, including powersports, heavy duty truck and industrial equipment, partially offset by increases in the electrical and semiconductor end markets. Geographically, sales in Europe were stronger year over year, was more than offset by lower sales in North America and Asia.

Sales in our fastener manufacturing business were down year over year, reflecting lower auto production during the quarter. Adjusted operating income in this segment totaled $17,000,000 compared to $19,000,000 last year. Adjusted operating margins were 8.9% in the quarter compared to 9.5% a year ago due to the lower sales levels. On a year to date basis, sales in the segment were $375,000,000 and operating margin was 9.1% compared to 9.6% last year. Operating margins above 9% in this business are at historically high levels, and we expect continued efforts to increase our margin profile in this segment by implementing operational improvements to drive growth and profitability, including investments in technology and warehouse optimization.

In our Assembly Components segment, sales in the quarter were $95,000,000 compared to $103,000,000 a year ago. The year over year decrease in sales was driven by lower unit volumes in our fuel rail and extruded rubber products. Customer delays on new product launches across several automotive platforms and favorable pricing that ended in 2024 on certain legacy programs. Segment adjusted operating income of $6,100,000 increased sequentially from the first quarter and was lower than the second quarter of last year due to the lower sales levels. In this segment, we continue to win new business as over $50,000,000 of incremental business across all product lines will begin to launch in the second half of this year and throughout 2026.

The incremental business will positively impact future sales and margins in this segment. In our Engineered Products segment, sales were $118,000,000 compared to $127,000,000 a year ago, due primarily to lower sales in our forged machine products group, driven by lower railcar demand and closure of a small manufacturing operation last year. In our Industrial Equipment Group, sales were similar year over year as aftermarket sales continue to be strong and production of new capital equipment was stable in most of our global locations. During the second quarter, equipment bookings were at an all time quarterly high and totaled $85,000,000 which was driven by the one equipment order totaling $47,000,000 that I mentioned earlier. Our capital equipment backlog continues to be strong, totaling $172,000,000 an increase of 19% compared to backlogs at the end of last year.

During the quarter, adjusted operating income in the segment was $6,400,000 compared to $7,300,000 a year ago. The decrease in profitability year over year was driven by lower sales in our Forged and Machine Products Group. Year to date, net sales in this segment were approximately $240,000,000 and similar to prior year net sales levels and operating income was approximately $10,000,000 in both periods. And finally, corporate expenses totaled $7,800,000 during the quarter compared to $7,600,000 a year ago. I’ll conclude my comments with an update on our current expectations for the rest of the year.

Given the current environment and uncertainty around tariffs, we continue to assess the impact of both added costs for direct imported raw materials and other components and lower end market demand in each of our businesses. We are working with our customers and suppliers to mitigate the impact of such tariffs and expect to fully recover our tariff costs, which we estimate to be 25,000,000 to $35,000,000 in 2025, primarily in our Supply Technologies segment. Additionally, we believe many of our businesses are well positioned to benefit in the long term from the current environment due to higher production activity and localized sourcing back into The United States. In addition, the refinancing of our senior notes will result in higher interest in the second half of the year, which will reduce our adjusted earnings per share by approximately $0.20 As a result, we now estimate that our 2025 adjusted EPS will be in the range of $2.9 to $3.2 per diluted share. Our net sales are expected to be in the range of $1,620,000,000 to $1,650,000,000 We expect our free cash flow to be $20,000,000 to $30,000,000 in 2025 compared to $15,000,000 last year, with the increase due to strong free cash flow of approximately $65,000,000 for the remainder of the year.

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

Matthew Crawford, Chairman, President and CEO, Park Ohio: Great. Thank you very much, Pat. We’ll now turn the floor over to questions.

Conference Operator: Thank you. We’ll now be conducting a question and answer session. Our first question is coming from Steve Barger from KeyBanc Capital Markets. Your line is now live.

Steve Barger, Analyst, KeyBanc Capital Markets: Thanks. Good morning, guys.

Matthew Crawford, Chairman, President and CEO, Park Ohio: Good morning, Steve. How are you?

Steve Barger, Analyst, KeyBanc Capital Markets: I’m good. Matt, the press release talked about being in the late innings of a portfolio transformation leading to higher profitability. First question is, do you have any other lines of business that are earning less than acceptable returns right now? And what’s the plan for that? And then second, do you have an operating margin target you can talk about?

Like is the expectation that you’ll be consistently above 6%? Or what are your thoughts on that?

Matthew Crawford, Chairman, President and CEO, Park Ohio: Yes. I’ll let Pat speak to the targets for a moment in a moment. I would articulate that our transformation began with, as you know, exiting parts of the portfolio that we felt were permanent detractors for what we were trying to achieve. Either they were too cyclical, too capital intensive, too customer concentrated, etcetera. So we exited a few of those businesses, which I thought didn’t give us sort of the long term sustainability that we were looking for.

I think the second part of that transformation was looking internally to provide opportunities for consolidation. In that case, I think we highlight a number of things. But most notably, we highlight the closure of over 1,000,000 square feet of American manufacturing footprint, not necessarily because we felt that those customers were better served outside the country, but often they were intended to consolidate facilities. The highlight of that, for example, is the consolidation of our large forging businesses by closing Crop Forge and merging that into our Canton Forge facility to create a center of excellence. Now we’re on the third part of that journey, which is turning our historic allocation of capital model upside down and spending we believe our maintenance CapEx is at an all time low for the business.

But still, we’re targeting significant CapEx numbers. Those are all targeted at what I would consider investments around long term competitiveness. They are investing in technology. They’re investing in the type of investments which will make our businesses across the board more competitive for a long time to come and provide us, by historic standards, significantly higher operating leverage as the business returns to the kind of growth that we’re accustomed to. So that’s been so I’m sorry to be long winded, but what that means is today, while we do have some underperforming assets and I think we’ve talked extensively about our forge group as being a business that historically has been a pillar of our margin profile has been underperforming massively.

And quite candidly, that’s the one in which we believe will be a big step forward over the next twelve months in terms of our aggregate leg up in earnings. Having said that, I don’t see that as a business that isn’t a good and strong long term part of Park Ohio. It’s just one in which we’ve got some work to do to get it to where it was for twenty years. So I don’t know if that answers your question, but that’s the way I think about it.

Steve Barger, Analyst, KeyBanc Capital Markets: I think it does answer my question. And I guess the follow-up to that before Pat comments on the margins is when you talk about these investments in the context of deleveraging, which was also in the press release, do you anticipate that more of that comes on a net basis from higher EBITDA going forward or from actual debt reduction from free cash flow?

Matthew Crawford, Chairman, President and CEO, Park Ohio: Yes. I mean from a practical standpoint, the answer right now is robust cash flow in the back half of the year, largely from harvesting working capital as well as our EBITDA, which isn’t where we want it to be. But again, we’re seeing some light at the end of the tunnel on some of our underperforming assets. So that’s the tactical answer to your question. The answer to your question, I think, in how we think about allocation is, no, we expect what I would consider to be slightly elevated CapEx as we invest in these types of things, not by historic standards, but by where, again, our current maintenance CapEx profile is.

But that will be paid for not only, I think, out of aggregate cash flow, it will be paid for, I think, out of the business unit cash flow. So our businesses across the board are profitable enough and generate enough cash flow to sustain their own investment cycle. So no, we expect to be able to chew gum and walk at the same time. And while we’re not forecasting anything about 2026 at this time, we will deleverage and continue to invest in those optimization investments that we just profiled.

Pat, CFO, Park Ohio: Steve, I’ll comment now on the margin profile that we expect in each of our business segments. As you know, Supply Technologies has continued to improve their margin profile and are now bumping up a 10% operating income margin. We expect that to continue on that path, but we’re happy with where the margin profile is in that segment. In assembly components, we believe there’s opportunity to improve the margin profile by 200 basis points at a minimum. As part of the consolidation of several facilities recently, we believe we haven’t seen the necessary absorption in some of our facilities.

We haven’t lost any market share. So we expect continued improvement in not only the restructuring that was completed, but also in some of the value driver initiatives that we have in place, including the vertically integrating a rubber mixing operation. So a lot of the things that will improve our margin profile in that segment will come to fruition as volumes continue to increase. We’re excited about the $50,000,000 of incremental business. We’re quoting a lot of different programs in each of our product lines will expand our high absorption levels and improve profitability.

So we like the path that we’re on in that segment and believe the margins will continue to improve. In Engineered Products, historically, our highest margin segment of our business. Matt talked about the Forged and Machine Products Group. We continue to put a lot of time and effort on improving the margin profile there. We’re happy with the progress we’ve made in the Industrial Equipment Group.

Keep in mind, the Industrial Equipment Group represents new equipment builds as well as aftermarket products and services, high margin aftermarket products and services. So as we grow that business, we expect the margin profile to continue to grow, and we expect operating income margins in that segment to exceed double digit margins. There’s a lot of initiatives in place to do that, and we’re confident in our ability to progress towards those levels.

Matthew Crawford, Chairman, President and CEO, Park Ohio: Steve, maybe I could put a little bit of a bow on it. We’ve been asked a lot recently in the context of debt refinancing about EBITDA targets. We’ve talked about 10% being an EBITDA target. One of the questions we got back is, well, geez, you guys are almost there now. You get a leg up from this improved performance out of the force group, you’re there.

And I thought Pat made a great question. He goes, well, it’ll be time to set a new target. So that’s, I think, how we think about the aggregate business and our really short term goals.

Steve Barger, Analyst, KeyBanc Capital Markets: One more for me, just a follow-up, and I’ll get back in line. Pat, when you talk about 200 basis points for assembly and then double digit in engineered, what is the internal time frame that you put on that just so we can have a frame of reference as we watch the results come in?

Pat, CFO, Park Ohio: Yes, I think we look at our these goals as more long term in nature, meaning it’s not going to happen overnight. It won’t happen within the next twelve months, but it’s progressing nicely to those levels. So to put a timeframe on it will depend on how volumes ramp up on some of this new business, not only in assembly components, but in engineered products as well.

Dave Storms, Analyst, Stonegate: Thanks very much.

Conference Operator: Thank you. Next question is coming from Dave Storms from Stonegate. Your line is now live.

Matthew Crawford, Chairman, President and CEO, Park Ohio: Good morning, Dave.

Dave Storms, Analyst, Stonegate: Good morning.

Pat, CFO, Park Ohio: Good morning.

Dave Storms, Analyst, Stonegate: Just want to start with some of the EP backlog that just seems to keep on climbing. Any sense of what the drivers are here? Are customers ordering ahead? Or are there other things that we should be keeping an eye out for?

Matthew Crawford, Chairman, President and CEO, Park Ohio: Well, it’s really been fantastic. We are today, we’re sort of highlighting our capital equipment business. And that’s, I think, really important because the order activity is robust. But before I move on, I would continue to highlight that despite some of our execution issues at the Forge Group, their backlogs are historic highs, too. So those are the type of long cycle businesses that provide us some comfort as we begin to even mention 2026.

But going back to the order book on the equipment side, there’s a lot of drivers, to be honest with you, to our global business. This regional investment cycle that’s going on around manufacturing and defense and aerospace and even, to some extent, automotive and energy are absolute drivers to a number of our businesses around the globe. What we saw, particularly in North America more recently, is investments in the large investment and investments generally in electrical steel. This was long in process before tariffs began, but I think that there’s a genuine sense that there is a need in this country for higher grade steels, and in particular electrical steel for battery technology. And I’m not just not referring to car batteries and EVs, I’m referring to battery technology across the board.

So unique steels, high strength steels, more efficient steels, electrical steel, there is a reinvestment cycle going on, I think. And it includes really unique manufacturing processes, some of which not only do we have unique know how, but we have either patent pending or patented technology. So that investment cycle, not just here in North America but across the board, we’ve been seeing for a while. I think it’s just starting to show more meaningfully in some of these more unique sectors.

Dave Storms, Analyst, Stonegate: Understood. Very helpful. Thank you. Turning to Supply Tech, your press release outlined a couple of the growth drivers that you’re seeing, reassuring trends, growth in Europe. I guess, can you help us understand maybe what inning we’re in with some of those reshoring trends and maybe a timeline maybe how far out we are from an inflection point to really see some growth there?

Matthew Crawford, Chairman, President and CEO, Park Ohio: Yes. We’re very early innings, to be honest with you. I think that there is no doubt in the order book today, we have activity across the board based on reshoring activity. I think I said in the last quarter call, and I’ll say it again now, today we think of that more an incremental opportunity in operating leverage for each of our businesses. Two things could be true at once, I like to say.

We can be not building new plants in America, but we can also be seeing a lot of business activity at our customers that will bring us significant operating leverage in our current facilities. So I would say it’s early innings. I think that if you sort of think a little bit about tariffs in particular, keep in mind that the North American market has been strong for a while. I mean we’ve been an outlier globally for the last couple of years. So I think that there’s a lot of momentum, I think, built up behind investment in industrial policy in The U.

S. Before tariffs came. Certainly, is causing people to rethink supply chains. The reason I say it’s early innings is because until we get some clarity around these tariffs and until customers really can plan their business, I hesitate to say they’ll make huge decisions on reshoring. Having said that, it has definitely begun.

Pat, CFO, Park Ohio: Dave, one of the additional comments I make, and this doesn’t relate to onshoring, but it relates to some of the growth initiatives that we have within supply technologies. You hear a lot about the data center build out that is occurring around the world. Keep in mind, we service customers like Lenovo, like IBM, ship makers like Applied Materials, data center infrastructure customers like the Nord Martex, Verde, Schneider, Eaton. We service a lot of those businesses and the growth in our European operations is starting to see the benefit of some of that activity. We expect that to continue.

We picked up four new customers in the last twelve months to service the data center activity that’s occurring around the world. We view that as a very big opportunity for supply technologies. And we’re just scratching the surface right now with some of these initial orders that are coming through.

Matthew Crawford, Chairman, President and CEO, Park Ohio: Dave, my comments are about across the business. But I do want to point out, SupplyTech itself, as you know, really provides a suite of services around the product that they convey. So this or they’re around the product that they deliver and sell. So this idea of reshuffling supply chain, this idea of really understanding where the market opportunities are for our customers are what we do. So we believe that the chaos in the marketplace around this, we will be well positioned to help our customers solve for.

So because that’s what we do. And I think you’ll see more of that going into 2026 as you get more clarity around tariffs.

Dave Storms, Analyst, Stonegate: I really appreciate that commentary. And that actually brings me to my last question. Around the new customers that you have added, are you finding that those are new customers coming into the market because they’re finding that they need the support? Or would you characterize that as more capturing market share that was already there and you’re just expanding your market share footprint?

Matthew Crawford, Chairman, President and CEO, Park Ohio: I would say today we are seeing more activity across our portfolio with current or former customers that are looking to solve for some of the challenges in their supply chain, and whether it be tariff or unrelated. So I would say that it’s the activity currently is around, yeah, current or I would say former customers, people we know well, who reach out to us first and say, I got a problem. Can you all be solving? So I would say that in general, since COVID, delivery and quality aren’t taken for granted anymore. So I think that was sort of the beginning of it.

There’s more urgency now, I think, given some of the geopolitics and tariffs. But no, I would say the ones I’m thinking of very quickly are our good customers and partners reaching out and saying, Can you help me?

Dave Storms, Analyst, Stonegate: That’s very helpful. Thanks for the commentary and good luck in Q3.

Matthew Crawford, Chairman, President and CEO, Park Ohio: Thanks, Dave.

Conference Operator: Thank you. We’ve reached the end of our question and answer session. I’d to turn the floor back over for any further or closing comments.

Matthew Crawford, Chairman, President and CEO, Park Ohio: Great. Well, you very much for your time today and your interest and your questions. There’s never been a time that I’ve been more excited, not just about the company, about our leadership team, also our positioning relative to our portfolio and our ability to outperform through the current and future business cycles. So great time to be there. We are happy to get the debt refinancing behind us and focus on creating value for our shareholders.

So thank you very much.

Conference Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

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