Park-Ohio Holdings Corp. (PKOH) Monday reported fourth-quarter net income of $7.7 million or $0.63 per share, compared to $18.9 million or $1.58 per share in the comparable quarter last year.
Net sales for the latest fourth quarter grew 18 percent to $275.71 million from $234.59 million in the prior-year quarter.
Looking ahead, the company currently expects its full-year 2013 earnings in the range of $3.65 to $3.95 per share. Revenues for the year are expected to be approximately 8% greater than 2012 revenues.
The company also announced that its Board of Directors has authorized a share repurchase program whereby the company may repurchase up to 1.0 million shares of its outstanding common stock. This replaces a share repurchase plan previously authorized by the Board of Directors in 2006.
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