PREFORMED LINE PRODUCTS ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS

Rob Ruhlman, Chairman and Chief Executive Officer, said, "We continue to generate strong net sales performance, matching the quarterly net sales record set earlier this year. We also generated strong net income and earnings per share, falling just short of our previous record earnings in Q1 2023. The strong quarterly results were made possible by the PLP-USA, EMEA, and Asia-Pacific regions posting improved net sales and pre-tax earnings versus Q2 2022 while the Americas fell just short of besting their Q2 2022 results. During the first two quarters of 2023, net sales have outpaced orders resulting in a 29% decrease to backlog from the beginning of the year and an improvement in production lead times, which is a positive for PLP and its customers. We will continue to focus on the delivery of high-quality products and timely service that our customers have come to expect from our dedicated workforce."

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the uncertainty in global business conditions and the economy due to factors such as inflation, rising interest rates, labor disruptions, military conflict, political instability, exchange rates and lingering effects of COVID-19, the strength of demand and availability of funding for the Company's products and the mix of products sold, the relative degree of competitive and customer price pressure on the Company's products, the cost, availability and quality of raw materials required for the manufacture of products, opportunities for business growth through acquisitions and the ability to successfully integrate any acquired businesses, changes in regulations and tax rates, security breaches, litigation and claims and the Company's ability to continue to develop proprietary technology and maintain high-quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2022 Annual Report on Form 10-K filed with the SEC on March 3, 2023 and subsequent filings with the SEC. The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

ABOUT PLP

PLP protects the world's most critical connections by creating stronger and more reliable networks. The company's precision-engineered solutions are trusted by energy and communications providers worldwide to perform better and last longer. With locations in 20 countries, PLP works as a united global corporation, delivering high-quality products and unparalleled service to customers around the world.

PREFORMED LINE PRODUCTS COMPANY CONSOLIDATED BALANCE SHEETS
		June 30, 2023				December 31, 2022
(Thousands of dollars, except share and per share data)		(Unaudited)
ASSETS
Cash, cash equivalents and restricted cash		$	43,160			$	37,239
Accounts receivable, less allowances of $6,709 ($5,600 in 2022)			144,593				125,261
Inventories, net			148,481				147,458
Prepaid expenses			8,749				13,283
Other current assets			8,440				4,929
TOTAL CURRENT ASSETS			353,423				328,170
Property, plant and equipment, net			200,325				175,011
Goodwill			29,530				28,004
Other intangible assets, net			13,682				14,082
Deferred income taxes			6,415				5,320
Other assets			18,567				17,892
TOTAL ASSETS		$	621,942			$	568,479
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable		$	50,033			$	46,839
Notes payable to banks			13,701				18,098
Current portion of long-term debt			6,889				3,018
Accrued compensation and other benefits			25,210				24,356
Accrued expenses and other liabilities			30,937				23,024
TOTAL CURRENT LIABILITIES			126,770				115,335
Long-term debt, less current portion			68,944				68,420
Other noncurrent liabilities and deferred income taxes			27,779				26,100
SHAREHOLDERS' EQUITY
Common shares – $2 par value per share, 15,000,000 shares authorized, 4,917,501 and 4,917,020 issued and outstanding, at June 30, 2023 and December 31, 2022			13,509				13,351
Common shares issued to rabbi trust, 241,343 and 245,386 shares at June 30, 2023 and December 31, 2022, respectively			(10,039)				(10,261)
Deferred compensation liability Werbung Mehr Nachrichten zur Preformed Line Products Compan Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 17.05.24 - ARIVA.DE Redaktion Kaum Impulse für die Apple-Aktie (174,2965 €) 17.05.24 - ARIVA.DE Redaktion Aktie von Travelers: Kurs nur geringfügig im Minus (201,4162 €)