Preformed Line Products(PLPC) - 2024 Q4 - Annual Results

Sales Performance - Net sales for Q4 2024 were $167.1 million, a 15% increase from Q4 2023, driven primarily by international subsidiaries and energy market sales[2] - Full year 2024 net sales decreased by 11% to$ 593.7 million, down from $669.7 million in 2023, primarily due to a slowdown in U.S. energy and communications markets[4] - The sequential increase in Q4 sales of 14% from Q3 2024 indicates a potential end to inventory destocking in primary end markets[6] - Foreign currency translation negatively impacted Q4 2024 net sales by$ 3.0 million and full year sales by $4.2 million[2][4] Profitability - Net income for Q4 2024 was$ 10.5 million, or $2.13 per diluted share, representing a 65% increase in EPS compared to Q4 2023[3] - Full year net income for 2024 was$ 37.1 million, or $7.50 per diluted share, down from$ 63.3 million, or $12.68 per diluted share, in 2023[5] - Gross profit margin for Q4 2024 was 33.3%, an increase of 30 basis points from Q4 2023[3] Financial Health - The company reduced debt by$ 33.7 million in 2024 due to strong cash generation[7] - The company maintains a strong balance sheet and liquidity, allowing for growth opportunities through logical acquisitions[6] Strategic Initiatives - The company plans to continue investing in new product development and facility modernization to meet customer requirements[6]