Financial Performance - Net sales for the year ended December 31, 2024, were $593.7 million, a decrease of $76.0 million or 11% year-over-year, primarily due to inventory destocking in U.S. markets [133]. - Gross profit for 2024 was $189.8 million, down $45.0 million or 19% compared to 2023, with PLP-USA gross profit decreasing by 33% due to lower sales volumes [139]. - Net income for the year ended December 31, 2024, was $37.1 million, down from $63.3 million in 2023, reflecting a decrease of $26.2 million or 40% [144]. - Total costs and expenses for the year ended December 31, 2024, were $139.1 million, a decrease of $11.6 million or 8% compared to 2023 [141]. Segment Performance - The Americas segment reported net sales of $90.3 million, an increase of $9.2 million or 11%, driven by higher energy product sales [138]. - EMEA segment net sales decreased by $8.6 million or 6%, primarily due to lower communication sales [138]. - Asia-Pacific segment net sales increased by $6.5 million or 6%, mainly due to volume increases in energy product sales [138]. - PLP-USA segment reported costs and expenses of $72.6 million, a decrease of $6.7 million or 8% year-over-year, primarily due to lower selling and personnel costs [141]. - The Americas segment's costs and expenses decreased by $3.3 million to $18.7 million, mainly due to a legal settlement in Q3 2023 [141]. - EMEA segment costs and expenses decreased by $2.4 million to $26.1 million, primarily due to lower personnel costs and bad debt expenses [141]. - Asia-Pacific segment costs increased by $1.4 million to $21.7 million, attributed to the net impact of capital asset sales and foreign currency remeasurement [141]. Debt and Liquidity - The company experienced a consolidated decrease in debt of $33.7 million as of December 31, 2024, attributed to improved cash conversion and reduced capital expenditure needs [135]. - The company's liquidity remains strong, with a bank debt to equity percentage of 6.8% [135]. - Total debt at December 31, 2024, was $28.6 million, with unused availability under the credit facility amounting to $82.8 million [150]. - Cash and cash equivalents at December 31, 2024, totaled $57.2 million, with the majority held outside the U.S. [147]. Costs and Expenses - Costs and expenses were reduced by approximately 8% in 2024, reflecting the company's focus on cost containment [135]. - Other income, net for the year ended December 31, 2024, was favorable by $1.8 million due to higher interest income and lower interest expenses [142]. - The effective tax rate increased to 26.9% in 2024 from 23.1% in 2023, primarily due to limitations on deductibility of compensation and unfavorable income mix [143]. Currency and Interest Rate Risks - Foreign currency translation had an unfavorable impact on net sales of $4.2 million in 2024, compared to a favorable impact of $0.4 million in 2023 [134]. - A hypothetical 10% change in currency rates would impact fair values of foreign currency instruments by approximately $6.9 million and income before tax by $3.0 million [176]. - The company had $7.2 million in long-term borrowings as of December 31, 2024, exposing it to interest rate risk on variable rate credit facilities [177]. - A 100 basis point increase in interest rates would increase interest expense by approximately $0.1 million for the year ended December 31, 2024 [177]. Pension Plan and Actuarial Assumptions - As of December 31, 2024, the discount rate for the pension plan was 5.77%, up from 5.34% in 2023, indicating a significant change in the present value of future payments [179]. - The expected long-term return on plan assets for 2025 is estimated at 4.75%, down from 6.25% in 2024, reflecting a shift in market conditions [180]. - A 50 basis point change in the discount rate of 5.77% would result in a $1.7 million change in the plan's projected benefit obligation [179]. - Actuarial assumptions for the pension plan are reviewed annually, and changes in these assumptions can significantly impact net pension expense or income recorded in the future [178]. Strategic Initiatives - The company continues to invest in expanding into new markets, evaluating strategic mergers and acquisitions, and developing new products [135]. - The company believes that political and economic risks related to its international operations are mitigated due to geographic diversity [173]. - Revenue from operations in Argentina represented less than 1% of total consolidated net sales for the years ended December 31, 2024, 2023, and 2022, indicating minimal exposure to the Argentine market [174]. - The company had $0.1 million in foreign currency forward exchange assets and liabilities outstanding as of December 31, 2024, with no derivatives held for trading purposes [175].

Sales Performance - Net sales for Q4 2024 were $167.1 million, a 15% increase from Q4 2023, driven primarily by international subsidiaries and energy market sales[2] - Full year 2024 net sales decreased by 11% to $593.7 million, down from $669.7 million in 2023, primarily due to a slowdown in U.S. energy and communications markets[4] - The sequential increase in Q4 sales of 14% from Q3 2024 indicates a potential end to inventory destocking in primary end markets[6] - Foreign currency translation negatively impacted Q4 2024 net sales by $3.0 million and full year sales by $4.2 million[2][4] Profitability - Net income for Q4 2024 was $10.5 million, or $2.13 per diluted share, representing a 65% increase in EPS compared to Q4 2023[3] - Full year net income for 2024 was $37.1 million, or $7.50 per diluted share, down from $63.3 million, or $12.68 per diluted share, in 2023[5] - Gross profit margin for Q4 2024 was 33.3%, an increase of 30 basis points from Q4 2023[3] Financial Health - The company reduced debt by $33.7 million in 2024 due to strong cash generation[7] - The company maintains a strong balance sheet and liquidity, allowing for growth opportunities through logical acquisitions[6] Strategic Initiatives - The company plans to continue investing in new product development and facility modernization to meet customer requirements[6]

Core Viewpoint - Preformed Line Products Company (PLPC) faced significant challenges in the third quarter of 2024, primarily due to decreased demand in key segments, particularly in the U.S. market, despite some revenue growth in international regions like EMEA and Asia-Pacific [1][2] Financial Performance - PLPC reported basic earnings per share of $1.57, a decline of 49% from $3.08 in the same quarter of 2023 [2] - Net sales totaled $146.97 million, an 8% decrease from $160.44 million in the prior-year quarter [2] - Gross profit was $45.78 million, down 15% from $54.14 million in the third quarter of 2023, with the gross profit margin narrowing from 33.7% to 31.1% [6] Segmental Performance - PLP-USA experienced a 20% year-over-year decline in net sales to $65.55 million, driven by lower demand for communications and energy products [3] - The Americas saw a 6% decrease in sales to $19.85 million, also due to weaker demand for energy products [3] - EMEA reported a 12% increase in net sales to $32.94 million, supported by higher energy product sales [4] - The Asia-Pacific region improved by 5% year over year to $28.63 million, attributed to stronger demand for energy products [4] Cost Structure - The cost of products sold decreased by 5% to $101.2 million from $106.3 million in the prior-year quarter [7] - Operating expenses rose by 4% to $35.39 million from $34.06 million in the previous year [7] Cash, Debt & Capital Expenditure - Cash and cash equivalents were reported at $47.5 million, down from $53.6 million at the end of 2023 [8] - Total debt decreased to $35.2 million from $55.3 million at the end of 2023, with a debt-to-equity ratio of 8.2% [8] - Capital expenditure for the first nine months of 2024 was $11.2 million, significantly lower than $27.1 million in the prior-year period [9] Management Perspective - Management expressed concerns over slow demand recovery, particularly in the PLP-USA segment, and emphasized strategic adjustments, including cost controls and geographical diversification, to navigate the challenging environment [10] Other Developments - In February 2023, PLPC acquired Pilot Plastics to enhance its manufacturing capabilities in the U.S., which is expected to strengthen domestic production [11]

Financial Performance - Net sales for Q3 2024 were $147.0 million, a decrease of $13.5 million, or 8%, compared to Q3 2023[56] - Gross profit for Q3 2024 was $45.8 million, a decrease of $8.4 million, or 15%, compared to Q3 2023[62] - Operating income for Q3 2024 was $10.4 million, a decrease of $9.7 million, or 48%, compared to Q3 2023[59] - Net income attributable to Preformed Line Products Company shareholders for Q3 2024 was $7.7 million, a decrease of $7.5 million, or 49%, compared to Q3 2023[59] - Net income for the three months ended September 30, 2024, was $7.7 million, down from $15.1 million in 2023, representing a decrease of $7.4 million, or 48%[65] - Net sales for the nine months ended September 30, 2024, were $426.6 million, a decrease of $97.5 million, or 19%, compared to $524.1 million in 2023[68] - Gross profit for the nine months ended September 30, 2024, was $134.2 million, a decrease of $52.6 million, or 28%, compared to $186.7 million in 2023[71] - Consolidated operating income for the nine months ended September 30, 2024, was $33.2 million, a decrease of $43.9 million, or 57%, compared to $77.2 million in 2023[68] - Consolidated net income for the nine months ended September 30, 2024, was $26.6 million, a decrease of $30.4 million, or 53%, compared to $57.0 million in 2023[73] Segment Performance - PLP-USA segment net sales decreased by $16.2 million, or 20%, primarily due to lower volumes in communications and energy product sales[61] - EMEA segment net sales increased by $3.6 million, or 12%, primarily due to higher volume in energy product sales[61] - Asia-Pacific segment net sales increased by $1.2 million, or 5%, driven by higher volumes in energy product sales[61] - The Americas net sales decreased by $5.5 million, or 8%, primarily due to lower volumes in communications and energy product sales[69] - PLP-USA's net income for the three months ended September 30, 2024, was $3.1 million, a decrease of $6.0 million, or 66%, compared to $9.1 million in 2023[65] Costs and Expenses - Costs and expenses for Q3 2024 were $35.4 million, an increase of $1.3 million compared to Q3 2023[59] - For the three months ended September 30, 2024, total costs and expenses were $35.4 million, an increase of $1.3 million, or 4%, compared to 2023[64] - EMEA's costs and expenses increased by $1.4 million to $7.2 million for the three months ended September 30, 2024, primarily due to increased selling and administrative costs[64] - Asia-Pacific's costs and expenses increased by $2.5 million to $5.8 million, primarily due to a one-time gain of $2.5 million on the sale of capital assets in the third quarter of 2023[64] - PLP-USA costs and expenses decreased by $7.1 million, or 12%, year-over-year, primarily due to lower selling costs and cost containment efforts[72] - Asia-Pacific segment costs increased by $1.2 million, or 8%, primarily due to the net impact of the sale of capital assets year over year[72] - The Americas costs decreased by $1.7 million, primarily due to a one-time legal settlement in Q3 2023[72] - EMEA costs decreased by $0.7 million, primarily due to lower personnel costs and bad debt expenses[72] Tax and Income - The effective tax rate for the three months ended September 30, 2024, was 26%, up from 23% in 2023, mainly due to limitations on the deductibility of compensation[64] - Income taxes for the nine months ended September 30, 2024, were $6.8 million, with an effective tax rate of 20%, down from 24% in 2023[72] Cash Flow and Debt - Net cash provided by operating activities decreased by $45.0 million to $43.4 million for the nine months ended September 30, 2024, compared to $88.4 million in the prior year[76] - Total debt at September 30, 2024, was $35.2 million, with unused availability under the credit facility at $77.2 million[75] - Cash, cash equivalents, and restricted cash totaled $47.5 million at the end of the nine months ended September 30, 2024[75] Market and Operational Risks - The Company operates globally with manufacturing facilities and offices, utilizing both fixed and floating rate debt for financing[79] - The Company is exposed to business risks from non-U.S. activities, including political and economic uncertainty, import/export limitations, and market risks from interest rate and foreign currency fluctuations[79] - The Company believes that its international operations' political and economic risks are mitigated by geographic diversity[79] - There have been no material changes in the Company's exposure to market risk since December 31, 2023[79]

CLEVELAND, June 19, 2024 /PRNewswire/ -- The Board of Directors of Preformed Line Products (Nasdaq: PLPC) on June 19, 2024, declared a regular quarterly dividend in the amount of $.20 per share on the Company's common shares, payable July 19, 2024, to shareholders of record at the close of business on July 1, 2024. PLP protects the world's most critical connections by creating stronger and more reliable networks. The company's precision-engineered solutions are trusted by energy and communications providers ...

Zacks Investment Research has recently initiated the coverage of Preformed Line Products Company (PLPC) , a stalwart in the construction and maintenance of infrastructure for the energy and telecommunications sectors. With a "Neutral" rating, our comprehensive report digs into various facets that make PLPC a notable player in its field, yet cautionary tales abound, given the recent market challenges. Founded in 1947 and headquartered in Mayfield Village, OH, PLPC has grown into a global powerhouse. The comp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal quarter ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 for the Transition Period From ________To _______ Commission file number 0-31164 Preformed Line Products Company (Exact name of registrant as specified in its charter) | Ohio | | 34-0676895 | ...

Exhibit 99.1 PREFORMED LINE PRODUCTS ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS CLEVELAND, OHIO – MAY 1, 2024 - Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter of 2024. Net sales in the first quarter of 2024 were $140.9 million compared to $181.8 million in the first quarter of 2023, a 22% decrease due primarily to a slowdown in spending within the communications end market. Foreign currency translation increased first quarter 2024 net sales by $0.7 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 for the Transition Period From ________To _______ Commission file number 0-31164 Preformed Line Products Company (Exact name of registrant as specified in its charter) | Ohio | 34-0676895 | | -- ...

Exhibit 99.1 PREFORMED LINE PRODUCTS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS CLEVELAND, OHIO – MARCH 7, 2024 - Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter and full year ended December 31, 2023. Full Year 2023 Highlights: Net sales in the fourth quarter of 2023 were $145.6 million compared to $169.9 million in the fourth quarter of 2022, a 14% decrease due primarily to a reduction in communication product sales as the market rem ...