Park-Ohio Holdings Corp. (NASDAQ: PKOH) reported first quarter revenue of $421.0 million, up 4% from the prior year, and announced it has engaged an investment bank to review strategic alternatives for its Southwest Steel Processing business, including a potential sale.

The Cleveland-based industrial company posted earnings of $0.58 per diluted share from continuing operations for the quarter ended March 31, compared to $0.61 in the same period last year. Adjusted earnings per share reached $0.65, down from $0.66 in the prior year quarter.

Southwest Steel Processing, a forging facility within the company's Engineered Products segment, has faced challenges from cyclical weakness in the railcar market. The unit recorded asset impairment charges of $7.7 million in the fourth quarter of 2025 and had net assets of approximately $45 million as of March 31.

All three business segments showed revenue growth in the quarter. Supply Technologies revenue increased to $195.1 million from $187.8 million, driven by growth in power sports, semiconductor, aerospace and defense markets. Assembly Components revenue rose to $100.2 million from $96.9 million on higher automotive demand. Engineered Products revenue grew to $125.7 million from $120.7 million.

The company's Engineered Products segment reported bookings of $62 million and a backlog of $195.9 million at quarter-end, up 9% from year-end 2025 and 44% from the prior year quarter.

ParkOhio reaffirmed its 2026 outlook, projecting net sales of $1.675 billion to $1.710 billion and adjusted earnings per share of $2.90 to $3.20. The guidance includes Southwest Steel Processing, which is expected to contribute approximately $17 million in revenue and a loss of about $0.53 per share for the full year.

The company operates approximately 130 manufacturing sites and supply chain logistics facilities worldwide through three segments: Supply Technologies, Assembly Components and Engineered Products.