PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS

Rob Ruhlman, Chairman and Chief Executive Officer, said, "While we continue to report strong sales and earnings for the quarter ended September 30, 2023, our financial results were adversely impacted by the pullback in spending among communication network operators worldwide.  This impact was exacerbated by the elevated inventory levels at many of our customers caused by overbuying during the recent supply chain crisis. The soft demand in the communications market and inventory destocking across all markets resulted in lower order rates causing a 21% reduction of backlog during the quarter.  We remain optimistic and excited about the future prospects for both our communications and energy product end markets and are well positioned to achieve growth thanks to operational improvements, new product introductions, and additional capacity that we put in place over the last three years as well as the significant government stimulus programs that are expected to benefit our core markets.  We continue to focus on the delivery of high-quality products and timely service that our customers have come to expect from our dedicated global 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
		September 30, 2023		December 31, 2022
(Thousands of dollars, except share and per share data)		(Unaudited)
ASSETS
Cash, cash equivalents and restricted cash		$                      43,736		$                       37,239
Accounts receivable, less allowances of $6,942 ($5,600 in 2022)		126,019		125,261
Inventories, net		149,643		147,458
Prepaid expenses		8,334		13,283
Other current assets		10,454		4,929
TOTAL CURRENT ASSETS		338,186		328,170
Property, plant and equipment, net		201,105		175,011
Goodwill		28,447		28,004
Other intangible assets, net		12,728		14,082
Deferred income taxes		6,925		5,320
Other assets		19,212		17,892
TOTAL ASSETS		$                    606,603		$                     568,479
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable		$                      51,451		$                       46,839
Notes payable to banks		10,893		18,098
Current portion of long-term debt		6,680		3,018
Accrued compensation and other benefits		30,210		24,356
Accrued expenses and other liabilities		36,568		23,024
TOTAL CURRENT LIABILITIES		135,802		115,335
Long-term debt, less current portion		45,269		68,420
Other noncurrent liabilities and deferred income taxes		25,704		26,100
SHAREHOLDERS' EQUITY
Common shares – $2 par value per share, 15,000,000 shares authorized, 4,893,469 and 4,917,020 issued and outstanding, at September 30, 2023 and December 31, 2022		13,559		13,351
Common shares issued to rabbi trust, 241,528 and 245,386 shares at September 30, 2023 and December 31, 2022, respectively		(10,069)		(10,261)
Deferred compensation liability		10,069		10,261
Paid-in capital		59,548		53,646
Retained earnings		514,839		460,930
Treasury shares, at cost, 1,891,268 and 1,758,901 shares at September 30, 2023 and December 31, 2022, respectively		(117,702) 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 23.05.24 - PR Newswire Pentwater Capital Management LP - Form 8.3 - Network International Holdings Plc 23.05.24 - PR Newswire Moonpig Group Plc - Holding(s) in Company 23.05.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Network International Holdings Plc