Company: PLPC
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000080035-25-000022
Chunk: 37

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 37
---
 million primarily due to a gain on the sale of capital assets in the first quarter of 2024 that did not recur.

Other Expense, net. Other expense, net of $10.1 million for the nine months ended September 30, 2025 was unfavorable by $10.3 million when compared to Other income, net for the nine months ended September 30, 2024 of $0.2 million. The unfavorable movement was mainly due to an $11.7 million pension termination charge recorded in the third quarter of 2025, offset by government incentives received in 2025 related to our facility in China.

Income taxes. Income taxes for the nine months ended September 30, 2025 and 2024 were $6.5 million and $6.8 million based on pre-tax income of $33.3 million and $33.4 million, respectively. The tax rate for the nine months ended September 30, 2025 and 2024 was 19% and 20%, respectively. The effective tax rate for the nine months ended September 30, 2025 was lower than the effective tax rate for the same period in 2024 mainly due to a discrete tax benefit recorded in the third quarter related to the release of amounts in OCI attributed to the pension termination, partially offset by increased foreign withholding taxes in the same period in 2024.

Net income. As a result of the preceding items, net income for the nine months ended September 30, 2025 was $26.8 million, compared to $26.6 million for 2024. Excluding the effect of currency translation, net income increased $0.2 million as summarized in the following table. The increase in net income was due to increases in operating income described above, offset by the pension termination charge recorded in the third quarter of 2025.

Nine Months Ended September 30,(Thousands of dollars)20252024ChangeChange Due to Currency TranslationChange Excluding Currency Translation% ChangeNet income (loss)PLP-USA$14,497 $11,719 $2,778 $— $2,778 24 %The Americas4,153 4,268 (115)(288)173 4 %EMEA5,542 5,893 (352)192 (544)(9)%Asia-Pacific2,656 4,761 (2,105)102 (2,207)(46)%Consolidated$26