Preformed Line Products Co. Files Q3 2024 10-Q

TL;DR

PLPC filed its Q3 10-Q, showing 9-month results vs. last year. Check financials.

AI Summary

Preformed Line Products Co. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the nine months ended September 30, 2024, and the comparative periods in 2023 are detailed. Key financial statement information, including balance sheets and statements of operations, are presented for these periods.

Why It Matters

This filing provides investors with the latest financial performance data for Preformed Line Products Co., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the quarter for which financial results are reported.)
• 2024-09-30 — End of Reporting Period (The specific date up to which financial data is presented.)
• 2023-09-30 — Prior Year Period End (Provides a comparative point for the current reporting period.)

Key Players & Entities

• PREFORMED LINE PRODUCTS CO (company) — Filer
• 0000080035 (company) — Central Index Key
• 20240930 (date) — Conformed Period of Report
• 20241031 (date) — Filed as of Date
• OH (location) — State of Incorporation
• CLEVELAND (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• plpc-20240930.htm (10-Q) — 1415KB
• plpc-20240930xxex311active.htm (EX-31.1) — 10KB
• plpc-20240930xxex312active.htm (EX-31.2) — 10KB
• plpc-20240930xxex321active.htm (EX-32.1) — 4KB
• plpc-20240930xxex322active.htm (EX-32.2) — 4KB
• 0001628280-24-044522.txt ( ) — 6218KB
• plpc-20240930.xsd (EX-101.SCH) — 33KB
• plpc-20240930_cal.xml (EX-101.CAL) — 73KB
• plpc-20240930_def.xml (EX-101.DEF) — 121KB
• plpc-20240930_lab.xml (EX-101.LAB) — 408KB
• plpc-20240930_pre.xml (EX-101.PRE) — 280KB
• plpc-20240930_htm.xml (XML) — 1038KB

– 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 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

SIGNATURES

SIGNATURES 30 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PREFORMED LINE PRODUCTS COMPANY CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Thousands of dollars, except share and per share data) (Unaudited) ASSETS Cash, cash equivalents and restricted cash $ 47,498 $ 53,607 Accounts receivable, net 110,888 106,892 Inventories, net 142,726 148,814 Prepaid expenses 13,053 8,246 Other current assets 6,479 7,256 TOTAL CURRENT ASSETS 320,644 324,815 Property, plant and equipment, net 201,194 207,892 Operating lease, right-of-use assets 10,742 11,671 Goodwill 28,672 29,497 Other intangible assets, net 10,983 12,981 Deferred income taxes 9,502 7,109 Other assets 10,216 9,186 TOTAL ASSETS $ 591,953 $ 603,151 LIABILITIES AND SHAREHOLDERS' EQUITY Trade accounts payable $ 42,426 $ 37,788 Notes payable to banks 8,006 6,968 Operating lease liabilities, current 1,611 1,671 Current portion of long-term debt 2,618 6,486 Accrued compensation and other benefits 29,499 28,018 Accrued expenses and other liabilities 26,229 27,414 Dividends payable 1,257 1,300 Income taxes payable 2,353 1,672 TOTAL CURRENT LIABILITIES 113,999 111,317 Long-term debt, less current portion 24,582 48,796 Operating lease liabilities, noncurrent 6,992 7,892 Deferred income taxes 2,837 3,536 Other noncurrent liabilities 14,556 15,454 SHAREHOLDERS' EQUITY Common shares – $ 2 par value per share, 15,000,000 shares authorized, 4,897,450 and 4,908,413 issued and outstanding, at September 30, 2024 and December 31, 2023 13,715 13,607 Common shares issued to rabbi trust, 222,741 and 243,118 shares at September 30, 2024 and December 31, 2023, respectively ( 9,557 ) ( 10,183 ) Deferred compensation liability 9,557 10,183 Paid-in capital 63,108 60,958 Retained earnings 543,743 520,154 Treasury shares, at cost, 1,959,512 and 1,894,419 shares at September 30, 2024 and December 31, 2023, respectively ( 126,503 ) ( 118,249 ) Accumulated other comprehensive loss ( 65,092 ) ( 60,306 ) TOTAL PRE

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 nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2024. Noncontrolling interests are presented in the Company's consolidated financial statements as if parent company investors (controlling interest

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