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PREFORMED LINE PRODUCTS ANNOUNCES FOURTH QUARTER 2024 FINANCIAL RESULTS
CLEVELAND, March 13, 2025 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter of 2024 and
About this update from Preformed Line Products Company
[{"type":"text","content":"CLEVELAND, March 13, 2025 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter of 2024 and full year ended December 31, 2024.\n\n \n \n \n \n \n \n\n \nQ4/Full Year 2024 Highlights:\nQuarterly net sales of $167.1 million, an increase of 15% from Q4 2023 and 14% from Q3 2024Diluted EPS of $2.13, an increase of 65% from Q4 2023 and 38% from Q3 2024Debt reduction of $33.7 million in 2024 due to strong cash generationNet sales in the fourth quarter of 2024 were $167.1 million compared to $145.6 million in the fourth quarter of 2023, a 15% increase. The international subsidiaries accounted for the majority of the sales increase primarily due to an increase in energy market sales and to a lesser extent the communications end market. Foreign currency translation reduced fourth quarter 2024 net sales by $3.0 million.\nNet income for the quarter ended December 31, 2024, was $10.5 million, or $2.13 per diluted share, compared to $6.3 million, or $1.29 per diluted share, for the comparable period in 2023. The fourth quarter of 2024 net income was impacted by an increase in gross profit from higher sales levels, lower period expenses, and lower interest expense. Gross profit as a percentage of net sales was 33.3% for the fourth quarter of 2024, an increase of 30 basis points versus the same quarter in 2023.\nNet sales decreased 11% to $593.7 million for the full year 2024 compared to $669.7 million in 2023. The year-over-year decline in sales is due primarily to the slowdown in spending and inventory de-stocking within the U.S. energy and communications end markets. Foreign currency translation rates reduced net sales by $4.2 million for the year ended December 31, 2024.\nNet income for the year ended December 31, 2024 was $37.1 million, or $7.50 per diluted share, compared to $63.3 million, or $12.68 per diluted share, for the comparable period in 2023. YTD December 31, 2024 net income was impacted by decreased gross profit resulting from the decrease in sales, which was partially offset by lower period expenses and lower interest expense.\nRob Ruhlman, Executive Chairman, said, \"The increase in fourth quarter sales of 15% versus the fourth quarter of 2023, as well as the sequential increase of 14% from last quarter, indicate we are approaching the end of inventory destocki...