Park-Ohio Holdings Corp. announced its financial results for the fourth quarter and full year 2024, demonstrating improved metrics in margin, cash flow, and leverage. For Q4 2024, net sales from continuing operations were $388.4 million, comparable to $389.3 million in the prior year period. Adjusted EPS for the quarter increased 24% year-over-year to $0.67 per diluted share, excluding special items and a $5.0 million litigation charge.
EBITDA for the fourth quarter of 2024 increased 27% year-over-year to $37.0 million, representing 9.5% of net sales. This improvement was driven by strong sales and margins in the Supply Technologies segment and continued strong results in the capital equipment business within Engineered Products. Income tax benefits related to research and development tax credits also contributed to the positive performance.
For the full year 2024, consolidated net sales were $1.656 billion, consistent with record 2023 revenues. Gross margin improved by 60 basis points to 17.0% compared to 2023, reflecting the company's strategic portfolio reshaping efforts. Adjusted EPS from continuing operations for the full year increased 17% to $3.59 per diluted share, up from $3.07 in 2023.
The Supply Technologies segment achieved record full-year net sales of $775.8 million and an operating margin of 9.7%, a 200 basis point improvement. This was attributed to increased sales of higher-margin products and strong demand for proprietary fastener products. The Engineered Products segment also saw a 3% increase in full-year net sales to a record $481.7 million, driven by strong backlogs and demand for new capital equipment.
In terms of liquidity and cash flow, Park-Ohio generated $35.0 million in operating cash flows and $15.1 million in free cash flow for 2024. Total liquidity stood at $198.2 million at December 31, 2024, an increase of $32.2 million from a year ago. The company's net debt leverage improved to 3.8x at year-end 2024, down from 4.4x.
Looking ahead to 2025, Park-Ohio expects year-over-year sales growth of 2% to 4%, driven by stable demand in most key end markets. The company also anticipates year-over-year improvement in adjusted operating income, adjusted net income, EBITDA, and free cash flow. Management is working to mitigate expected tariff-related costs on imported goods.
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