CLEVELAND, Oct. 10 OH-Park-Ohio-outlook
CLEVELAND, Oct. 10 /PRNewswire-FirstCall/ -- Park-Ohio Holdings Corp.
(Nasdaq: PKOH) today announced it has lowered its earnings guidance for the
full year 2008, reflecting unprecedented weakness and volatility in the
automotive markets. The company now anticipates 2008 diluted earnings per
share to be in the range of $1.45 to $1.50.
"Our supply chain management unit and our capital equipment group continue
to perform well, helping insulate the company from the significant downturn in
the international automotive market," stated Edward F. Crawford, Chairman and
Chief Executive Officer. "We are taking the necessary steps to reduce costs by
idling plants and reducing operating expenses."
The company expects to take non-cash charges of approximately $15 million
related to its assets and business units serving automotive markets by the end
of 2008. These charges are not reflected in the newly revised earnings
guidance of $1.45 to $1.50 per share.
The company plans to release its 2008 third quarter financial results on
Monday, November 3, 2008.
About ParkOhio
ParkOhio is a leading provider of supply chain logistics services and a
manufacturer of highly engineered products. Headquartered in Cleveland, Ohio,
the company operates 24 manufacturing sites and 55 supply chain logistics
facilities. Visit the company web site at http://www.pkoh.com for more
information.
This news release contains forward-looking statements, including
statements regarding future performance of the company, that are subject to
certain risks, uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated or projected. Among the key factors that could cause actual results
to differ materially from expectations are: the cyclical nature of the
vehicular industry; timing of cost reductions; labor availability and
stability; changes in economic and industry conditions; adverse impacts to the
company, its suppliers and customers from acts of terrorism or hostilities;
the financial condition of the company's customers and suppliers, including
the impact of any bankruptcies; the company's ability to successfully
integrate the operations of acquired companies; the uncertainties of
environmental, litigation or corporate contingencies; the company's ability to
successfully reduce costs; the actual non-cash charges incurred by the company
in connection with its restructuring actions; and changes in regulatory
requirements. These and other risks and assumptions are described in the
company's reports that are available from the United States Securities and
Exchange Commission. The company assumes no obligation to update the
information in this release.
SOURCE Park-Ohio Holdings Corp.
