Preformed Line Products Co. Files Q2 2024 10-Q

TL;DR

PLPC filed its Q2 10-Q, check financials for 6/30/24.

AI Summary

Preformed Line Products Co. reported its Q2 2024 results on August 1, 2024. The company's filing covers the period ending June 30, 2024. Key financial data and operational details for the quarter and year-to-date are presented, including information on intersegment eliminations and accumulated translation adjustments.

Why It Matters

This filing provides investors with an update on Preformed Line Products Co.'s financial performance and operational status for the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.

Key Numbers

• Q2 2024 — Reporting Period (Second quarter financial results)
• 2024-06-30 — Period End Date (Financial reporting cutoff)
• 2023-06-30 — Prior Year Period End (Comparison point for financial performance)

Key Players & Entities

• PREFORMED LINE PRODUCTS CO (company) — Filer
• 0000080035 (company) — Central Index Key
• 20240630 (date) — Conformed Period of Report
• 20240801 (date) — Filed as of Date
• OH (location) — State of Incorporation
• CLEVELAND (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• plpc-20240630.htm (10-Q) — 2532KB
• 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
• 0000950170-24-089123.txt ( ) — 9739KB
• plpc-20240630.xsd (EX-101.SCH) — 1461KB
• plpc-20240630_htm.xml (XML) — 1850KB

– 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PREFORMED LINE PRODUCTS COMPANY CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Thousands of dollars, except share and per share data) (Unaudited) ASSETS Cash, cash equivalents and restricted cash $ 47,424 $ 53,607 Accounts receivable, net 101,460 106,892 Inventories, net 141,812 148,814 Prepaid expenses 7,394 8,246 Other current assets 6,983 7,256 TOTAL CURRENT ASSETS 305,073 324,815 Property, plant and equipment, net 200,441 207,892 Operating lease, right-of-use assets 10,594 11,671 Goodwill 27,901 29,497 Other intangible assets, net 11,059 12,981 Deferred income taxes 7,721 7,109 Other assets 9,798 9,186 TOTAL ASSETS $ 572,587 $ 603,151 LIABILITIES AND SHAREHOLDERS' EQUITY Trade accounts payable $ 42,945 $ 37,788 Notes payable to banks 6,938 6,968 Operating lease liabilities, current 1,563 1,671 Current portion of long-term debt 2,812 6,486 Accrued compensation and other benefits 24,398 28,018 Accrued expenses and other liabilities 22,574 27,414 Dividends payable 1,224 1,300 Income taxes payable 1,530 1,672 TOTAL CURRENT LIABILITIES 103,984 111,317 Long-term debt, less current portion 28,820 48,796 Operating lease liabilities, noncurrent 7,011 7,892 Deferred income taxes 2,207 3,536 Other noncurrent liabilities 14,347 15,454 SHAREHOLDERS' EQUITY Common shares – $ 2 par value per share, 15,000,000 shares authorized, 4,913,496 and 4,908,413 issued and outstanding, at June 30, 2024 and December 31, 2023 13,711 13,607 Common shares issued to rabbi trust, 238,787 and 243,118 shares at June 30, 2024 and December 31, 2023, respectively ( 10,233 ) ( 10,183 ) Deferred compensation liability 10,233 10,183 Paid-in capital 62,361 60,958 Retained earnings 537,079 520,154 Treasury shares, at cost, 1,941,690 and 1,894,

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 and six months ended June 30, 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 interest

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View this 10-Q filing on SEC EDGAR