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Preformed Line Products Company (PLPC+0.65%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $593.7 million, a decrease of $76.0 million from the previous year, primarily due to reduced volumes in communications and energy product sales as a result of customer destocking efforts.
Gross profit for the year was $189.8 million, down from $234.8 million in 2023, reflecting lower sales volumes and an unfavorable product mix.
Operating income decreased to $50.8 million from $84.2 million in 2023, with costs and expenses also decreasing by $11.6 million due to cost containment efforts.
Net income attributable to Preformed Line Products Company shareholders was $37.1 million, compared to $63.3 million in the previous year.
The company reported a decrease in total debt to $28.6 million, down from $62.3 million at the end of 2023, primarily due to improved cash conversion and reduced funding needs for capital expenditures.
The company's cash, cash equivalents, and restricted cash at year-end totaled $57.2 million, with a bank debt to equity percentage of 6.8%.
The filing also noted a settlement agreement related to a legal proceeding in Canada, resulting in a payment of $3.2 million net of insurance.
Preformed Line Products Company continues to focus on expanding its product offerings and improving operational efficiency, with capital expenditures of $14.7 million in 2024.
The company anticipates future growth opportunities in its core markets, driven by the need for bolstering grid reliability and transitioning to new energy sources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Preformed Line Products Company annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.