PREFORMED LINE PRODUCTS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS

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[{"type":"text","content":"CLEVELAND, March 7, 2024 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter and full year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nFull Year 2023 Highlights:\nFifth consecutive year of record annual net sales; increased 5% from 2022Record net income of $63.3 millionDiluted EPS of $12.68, an increase of 17% from 2022, a new annual recordNet cash provided by operating activities of $107.7 millionNet 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 remains soft and customers destock inventory positions. Foreign currency translation increased fourth quarter 2023 net sales by $2.9 million.\nNet income for the quarter ended December 31, 2023 was $6.3 million, or $1.29 per diluted share, compared to $16.5 million, or $3.28 per diluted share, for the comparable period in 2022. The fourth quarter of 2023 net income was impacted by decreased gross profit from lower net sales, partially offset by selling price increases and a lower effective tax rate for the period. Other discrete factors contributing to the decline in quarterly net income included $2.3 million of outsized foreign currency transaction losses, primarily due to the significant devaluation of the Argentine Peso and customer-specific charges of $3.5 million to increase the allowance for doubtful accounts and the excess and obsolete inventory reserve mainly caused by the downturn in communications end market sales. Gross profit as a percentage of net sales was 33.0% for the fourth quarter of 2023.\nNet sales for the full year 2023 were $669.7 million, compared to $637.0 million in 2022. This is the fifth consecutive year of record net sales and represents a 5% increase versus prior year. Foreign currency translation increased full year 2023 net sales by $0.4 million.\nNet income for the year ended December 31, 2023 was $63.3 million, or $12.68 per diluted share, compared to $54.4 million, or $10.88 per diluted share in 2022. Net income for the full year 2023 was favorably impacted by the increase in margin on incremental sales as well as the full year benefit of price increases which helped offset inflationary increases of raw material and freight co...

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