Brief: ParkOhio Reports Q1 Adjusted Earnings Per Share $0.13

Park Ohio Holdings

06/05/2020 23:15

May 6 (Reuters) - Park Ohio Holdings Corp  PKOH.O :
    * PARKOHIO ANNOUNCES FIRST QUARTER 2020 RESULTS
    * Q1 ADJUSTED EARNINGS PER SHARE $0.13
    * Q1 GAAP EARNINGS PER SHARE $0.10
    * Q1 SALES $366.3 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$381
MILLION
    * Q1 EARNINGS PER SHARE ESTIMATE $0.57 -- REFINITIV IBES
DATA
    * QUARTERLY DIVIDEND SUSPENDED
    * INITIAL IMPACT OF COVID-19 PANDEMIC WEAKENED DEMAND IN
SEVERAL
OF CO'S END MARKETS IN Q1
    * MANY OF CO'S OPERATIONS WERE IDLED DURING MONTH OF MARCH
    * OPERATIONS IDLED DURING MONTH OF MARCH CONTINUE TO BE IDLE
OR
SIGNIFICANTLY DOWNSIZED
    * EXPECT A SIGNIFICANT REDUCTION IN DEMAND DURING Q2 OF 2020
    * EXPECT A SIGNIFICANT REDUCTION IN DEMAND DURING 2020
    * INITIATED A SERIES OF DECISIVE ACTIONS TO REDUCE COSTS AND
ARE
AGGRESSIVELY MANAGING BOTH WORKING CAPITAL AND CAPITAL SPENDING
    * PARK OHIO HOLDINGS - DECISIVE ACTIONS INCLUDED HEADCOUNT
REDUCTIONS, EMPLOYEE FURLOUGHS AFFECTING ABOUT 40% OF GLOBAL
EMPLOYEE BASE
    * DECISIVE ACTIONS INCLUDED SALARY AND BOARD COMPENSATION
REDUCTIONS
    * DECISIVE ACTIONS INCLUDED DISCRETIONARY SPENDING CUTS
    * DECISIVE ACTIONS INCLUDED REDUCING NON-CRITICAL CAPITAL
EXPENDITURES

Source text for Eikon:  ID:nBw25n0Yba 
Further company coverage:  PKOH.O 

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