PREFORMED LINE PRODUCTS CO Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PREFORMED LINE PRODUCTS CO filed its Q1 2024 10-Q report, detailing financial information and business operations.</b>

AI Summary

PREFORMED LINE PRODUCTS CO (PLPC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. The filing is a 10-Q report for PREFORMED LINE PRODUCTS CO (PLPC) for the period ending March 31, 2024. The company is incorporated in Ohio (OH) with its fiscal year ending December 31. Key addresses include a P.O. Box in Cleveland, OH for business and a street address in Cleveland, OH for mail. The SIC code is 1623 for Water, Sewer, Pipeline, Comm and Power Line Construction. The filing references various financial statement items and dates, including 'OtherNonoperatingIncomeExpense' and 'FairValueInputsLevel3Member'.

Why It Matters

For investors and stakeholders tracking PREFORMED LINE PRODUCTS CO, this filing contains several important signals. This 10-Q provides investors with a quarterly update on PLPC's financial health and performance, crucial for understanding recent business trends. The detailed financial disclosures allow stakeholders to assess the company's operational segments, asset base, and liabilities as of Q1 2024.

Risk Assessment

Risk Level: low — PREFORMED LINE PRODUCTS CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand PLPC's performance drivers and any emerging trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 340676895 — IRS Number (IRS NUMBER)
• 000-31164 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• PREFORMED LINE PRODUCTS CO (company) — FILER
• PLPC (company) — Ticker symbol
• OH (location) — STATE OF INCORPORATION
• CLEVELAND (location) — CITY
• 1623 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE

FAQ

Industry Context

PREFORMED LINE PRODUCTS CO operates within the Water, Sewer, Pipeline, Comm and Power Line Construction industry (SIC 1623).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS trends.
2. Examine segment reporting to understand performance across different business units.
3. Review any disclosed risk factors or management discussion and analysis for forward-looking insights.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing. Comparative data against previous periods (e.g., Q1 2023) would be found within the detailed financial statements.

Key Financial Figures

• $2 — ge on which registered Common Shares, $2 par value per share PLPC NASDAQ I

Filing Documents

• plpc-20240331.htm (10-Q) — 1756KB
• plpc-ex31_1.htm (EX-31.1) — 9KB
• plpc-ex31_2.htm (EX-31.2) — 10KB
• plpc-ex32_1.htm (EX-32.1) — 8KB
• plpc-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-051969.txt (&nbsp;) — 8015KB
• plpc-20240331.xsd (EX-101.SCH) — 1454KB
• plpc-20240331_htm.xml (XML) — 1363KB

– Financial Information

Part I – Financial Information Item 1.

Financial Statements

Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 23

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PREFORMED LINE PRODUCTS COMPANY CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Thousands of dollars, except share and per share data) (Unaudited) ASSETS Cash, cash equivalents and restricted cash $ 45,859 $ 53,607 Accounts receivable, net 111,527 106,892 Inventories, net 141,508 148,814 Prepaid expenses 8,314 8,246 Other current assets 7,053 7,256 TOTAL CURRENT ASSETS 314,261 324,815 Property, plant and equipment, net 203,242 207,892 Operating lease, right-of-use assets 11,021 11,671 Goodwill 28,603 29,497 Other intangible assets, net 11,868 12,981 Deferred income taxes 7,379 7,109 Other assets 9,735 9,186 TOTAL ASSETS $ 586,109 $ 603,151 LIABILITIES AND SHAREHOLDERS' EQUITY Trade accounts payable $ 41,748 $ 37,788 Notes payable to banks 1,487 6,968 Operating lease liabilities, current 1,532 1,671 Current portion of long-term debt 7,078 6,486 Accrued compensation and other benefits 23,348 28,018 Accrued expenses and other liabilities 20,961 27,414 Dividends payable 1,189 1,300 Income taxes payable 2,361 1,672 TOTAL CURRENT LIABILITIES 99,704 111,317 Long-term debt, less current portion 47,928 48,796 Operating lease liabilities, noncurrent 7,391 7,892 Deferred income taxes 3,414 3,536 Other noncurrent liabilities 14,304 15,454 SHAREHOLDERS' EQUITY Common shares – $ 2 par value per share, 15,000,000 shares authorized, 4,918,036 and 4,908,413 issued and outstanding, at March 31, 2024 and December 31, 2023 13,711 13,607 Common shares issued to rabbi trust, 238,641 and 243,118 shares at March 31, 2024 and December 31, 2023, respectively ( 10,214 ) ( 10,183 ) Deferred compensation liability 10,214 10,183 Paid-in capital 61,408 60,958 Retained earnings 528,733 520,154 Treasury shares, at cost, 1,937,150 and 1,89

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Tables in thousands of dollars, except share and per share data, unless specifically noted) Note 1 – Significant Accounting Policies The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the "Company" or "PLPC") have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the year ended December 31, 2023 filed on March 8, 2024 with the Securities and Exchange Commission. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2024. Noncontrolling interests a re presented in the Company's consolidated financial statements as if parent company investors (controlling interests) and

View Full Filing

View this 10-Q filing on SEC EDGAR