PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS

About this update from Preformed Line Products Company

[{"type":"text","content":"CLEVELAND, Nov. 1, 2023 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its third quarter of 2023.\n\n \n \n \n \n \n \n\n \nQ3 2023 Highlights:\nNet sales decline of 3%Diluted EPS of $3.03, an improvement of 28%Net cash provided by operating activities improved by $79.2 millionNet sales in the third quarter of 2023 were $160.4 million compared to $165.4 million in the third quarter of 2022, a 3% decrease caused primarily by weakness in the communications market. Foreign currency translation increased third quarter 2023 net sales by $1.4 million.\nNet income for the quarter ended September 30, 2023 was $15.1 million, or $3.03 per diluted share, compared to $11.9 million, or $2.36 per diluted share, for the comparable period in 2022. The third quarter of 2023 net income was negatively impacted by lower gross profit due to a decrease in net sales. Gross profit as a percentage of net sales was 33.7% for the third quarter of 2023, a decrease of 150 basis points versus the same quarter in 2022. The comparability of quarterly results was impacted by the goodwill impairment charge of $6.5 million recorded in Q3 2022. Currency translation rates had an unfavorable effect on net income of $0.1 million.\nNet sales increased 12% to $524.1 million for the first nine months of 2023 compared to $467.1 million for the first nine months of 2022. Currency translation rates reduced net sales by $5.6 million for the nine months ended September 30, 2023.\nNet income for the nine months ended September 30, 2023 was $57.0 million, or $11.39 per diluted share, compared to $37.9 million, or $7.60 per diluted share, for the comparable period in 2022. YTD September 30, 2023 net income benefited from the 12% YTD increase in net sales with related fixed cost leverage as well as the realization of price increases offsetting the impact of inflation on commodities and freight. Currency translation rates had an unfavorable effect on net income of $0.7 million.\nRob Ruhlman, Chairman and Chief Executive Officer, said, \"While we continue to report strong sales and earnings for the quarter ended September 30, 2023, our financial results were adversely impacted by the pullback in spending among communication network operators worldwide. This impact was exacerbated by the elevated inventory levels at many of our c...

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