CLEVELAND, Oct. 10 /PRNewswire-FirstCall/ -- Park-Ohio Holdings Corp. 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.
