PLPC Q1 2024 net sales down 22% to $140.9M; EPS falls to $1.94 from $4.28

PREFORMED LINE PRODUCTS CO

2024-Q1 EPS reported $1.94 revenue$140,904,000

Net sales $140.9M vs $181.8M YoY (-22%); net income $9.6M ($1.94 diluted EPS) vs $21.4M ($4.28).
Gross margin 31.3%; decline driven by lower sales volume, partially offset by SG&A cost cuts.
Communications end-market weakness due to higher rates, delayed BEAD stimulus, and inventory overhang.
Company maintains focus on product development, manufacturing streamlining, and customer service despite demand softness.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PREFORMED LINE PRODUCTS CO reported first quarter of 2024 results: revenue $140.9 million, net income $9.6 million, or $1.94 per diluted share.

Period: first quarter of 2024
Revenue: $140.9 million
Net income: $9.6 million, or $1.94 per diluted share
Result: reported results

Exact text from the filing

OHIO – MAY 1, 2024 - Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter of 2024. Net sales in the first quarter of 2024 were $140.9 million compared to $181.8 million in the first quarter of 2023, a 22% decrease due primarily to a slowdown in spending within the communications end market. Foreign currency translation

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Source: SEC EDGAR

accession 0000950170-24-051318

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