Preformed Line Products(US:PLPC)2024-10-30 21:02Financial Performance - Net sales for Q3 2024 were $147.0 million, an 8% decrease from $160.4 million in Q3 2023[2] - Net income for Q3 2024 was $7.7 million, or $1.54 per diluted share, down from $15.1 million, or $3.03 per diluted share in Q3 2023[3] - Year-to-date net sales decreased 19% to $426.6 million for the first nine months of 2024 compared to $524.1 million for the same period in 2023[4] - Year-to-date net income for the first nine months of 2024 was $26.6 million, or $5.37 per diluted share, compared to $57.0 million, or $11.39 per diluted share in 2023[5] Profitability and Margins - Gross profit as a percentage of net sales was 31.2% for Q3 2024, consistent with Q2 2024[3] Market Conditions - The decline in net sales is attributed to a slowdown in the communications end market and inventory destocking[6] - The company is optimistic about market prospects and plans to continue investing in new product development and expanding customer service[6] Cash and Assets - Cash, cash equivalents, and restricted cash decreased to $47.5 million as of September 30, 2024, from $53.6 million at the end of 2023[15] - Total assets decreased to $591.9 million as of September 30, 2024, from $603.2 million at the end of 2023[15] Dividends - The company declared cash dividends of $0.20 per share for both Q3 2024 and Q3 2023[16]