CLEVELAND—Park-Ohio Holdings Corp.'s sales and net income increased for both the fourth quarter and full year of 2013.
The firm reported its net income at $8.9 million for the fourth quarter, an increase of around 116 percent, and at $43.4 million for the full year, an increase of 137 percent.
Sales also increased by 13 percent to $309.4 million for the fourth quarter and by 7 percent to approximately $1.21 billion—the company said each was a record result.
Chairman and CEO Edward F. Crawford said 2013 was an outstanding year, featuring record revenue, record earnings and record shareholder value. He said the firm looks forward to further progress in 2014.
Park-Ohio projects its 2014 revenues to increase approximately 13 percent.
Park-Ohio provides supply management services and manufacturers highly-engineered products, the firm said. It is headquartered in Cleveland and operates 40 manufacturing sites and 52 supply chain logistics facilities.