Preformed Line Products Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Preformed Line Products Co. filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial and operational performance.</b>

AI Summary

PREFORMED LINE PRODUCTS CO (PLPC) filed a Annual Report (10-K) with the SEC on March 8, 2024. Preformed Line Products Co. (PLPC) filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data and operational details are included in the report. The report is filed under the Securities Exchange Act of 1934. The company is incorporated in Ohio and its fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking PREFORMED LINE PRODUCTS CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PLPC's financial health and strategic direction for investors and stakeholders. The detailed information in the report is crucial for understanding the company's performance in the water, sewer, pipeline, and power line construction sector.

Risk Assessment

Risk Level: low — PREFORMED LINE PRODUCTS CO shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess PLPC's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240308 — Filing Date (Date of submission)
• 000-31164 — SEC File Number (Company's SEC file number)
• 24734175 — Film Number (SEC film number)

Key Players & Entities

• PREFORMED LINE PRODUCTS CO (company) — Filer name
• PLPC (company) — Ticker symbol
• 10-K (document) — Filing type
• 20231231 (date) — Fiscal year end
• 20240308 (date) — Filing date
• OH (location) — State of incorporation
• CLEVELAND (location) — Business address city
• WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] (industry) — Standard Industrial Classification

FAQ

Industry Context

Preformed Line Products Co. operates in the water, sewer, pipeline, and power line construction industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business trends and strategies.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 10-K for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $2 — ge on which registered Common Shares, $2 par value per share PLPC NASDAQ S
• $5.2 million — development costs for new products were $5.2 million in 2023, $4.5 million in 2022 and $3.3
• $4.5 million — new products were $5.2 million in 2023, $4.5 million in 2022 and $3.3 million in 2021. Pat
• $3.3 million — llion in 2023, $4.5 million in 2022 and $3.3 million in 2021. Patents and Trademarks The
• $172.6 million — arkets. Order backlog was approximately $172.6 million at the end of 2023 and $379.4 million a
• $379.4 million — y $172.6 million at the end of 2023 and $379.4 million at the end of 2022. All customer orders

Filing Documents

• plpc-20231231.htm (10-K) — 3696KB
• plpc-ex21.htm (EX-21) — 22KB
• plpc-ex23_1.htm (EX-23.1) — 6KB
• plpc-ex31_1.htm (EX-31.1) — 9KB
• plpc-ex31_2.htm (EX-31.2) — 10KB
• plpc-ex32_1.htm (EX-32.1) — 7KB
• plpc-ex32_2.htm (EX-32.2) — 7KB
• plpc-ex97_1.htm (EX-97.1) — 41KB
• img35584220_0.jpg (GRAPHIC) — 287KB
• 0000950170-24-028605.txt (&nbsp;) — 17823KB
• plpc-20231231.xsd (EX-101.SCH) — 2199KB
• plpc-20231231_htm.xml (XML) — 3883KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 Item 4A. Information about our Executive Officers 16 Part II . Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 17 Item 6.

Selected Financial Data

Selected Financial Data 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 27 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 62 Item 9C. Disclosure Regarding Foreign Jurisdictions that Require Inspections 62 Part III . Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11.

Executive Compensation

Executive Compensation 62 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 62 Item 13. Certain Relationships, Related Transactions, and Director Independence 62 Item 14. Principal Accounting Fees and Services 62 Part IV . Item 15. Exhibits and Financial Statement Schedules 63 2

Forward-Looking Statements

Forward-Looking Statements This Form 10-K and other documents filed with the Securities and Exchange Commission ("SEC") contain forward-looking statements regarding Preformed Line Products Company's (the "Company") and the Company's management's beliefs and expectations. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Use of words such "anticipates," "believes," "may," "should," "will," "would," "could," "plans," "projects," "expects," "estimates," "predicts," "targets," "forecasts," "intends," "contemplates," and similar words may identify forward-looking statements. Such forward-looking statements are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control. Such uncertainties and factors could cause the Company's actual results to differ materially from those matters expressed in or implied by such forward-looking statements. The following factors, among others, could affect the Company's future performance and cause the Company's actual results to differ materially from those expressed or implied by forward-looking statements made in this report: The overall demand for cable anchoring and control hardware for electrical transmission and distribution lines on a worldwide basis, which has a slow growth rate in mature markets such as the United States ("U.S."), Canada, Australia and Western Europe and may grow slowly or experience prolonged delay in developing regions despite expanding power needs; The potential impact of global economic conditions, including the impact of

. Business

Item 1 . Business Background Preformed Line Products Company together with its subsidiaries (the "Company" or "PLP") is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead, ground-mounted and underground networks for energy, telecommunication, cable, data communication and other similar industries. The Company's primary products support, protect, connect, terminate and secure cables and wires. The Company provides formed wire solutions, connectors, fiber optic and copper splice closures, solar hardware mounting applications, and electric vehicle charging station foundations. The Company's goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacture and marketing of technically advanced products and services primarily related to the energy and communications markets. The Company serves a worldwide market through strategically located domestic and international manufacturing facilities. Each of the Company's domestic and international manufacturing facilities have obtained or are actively seeking an International Organization of Standardization ("ISO") 9001:2015 Certified Management System Certificate. The ISO 9001:2015 certified management system is a globally recognized certified quality standard for manufacturing and assists the Company in marketing its products throughout the world. The Company's customers include public and private energy utilities and communication companies, cable operators, governmental agencies, contractors and subcontractors, distributors and value-added resellers. The Company is not dependent on a single customer or small group of customers. The Company has one customer accounting for 11.6% of the Company's consolidated revenues. The Company's products include: Energy Products Communications Products Special Industries Products - Solar Framing and Electric Vehicle Products - Inspection Services En

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View this 10-K filing on SEC EDGAR