Company: PLPC
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001628280-25-012640
Chunk: 45

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-03-13
Form: 10-K
Item: Item 7
Chunk 45
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COME50,757 8.5 84,154 12.6 (33,397)Other income (expense), net13 0.0 (1,810)(0.3)1,823 INCOME BEFORE INCOME TAXES50,770 8.6 82,344 12.3 (31,574)Income taxes13,659 2.3 19,007 2.8 (5,348)NET INCOME37,111 6.3 63,337 9.5 (26,226)Net income attributable to noncontrolling interests(17)(0.0)(5)(0.0)(12)NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS$37,094 6.2 %$63,332 9.5 %$(26,238)

2024 RESULTS OF OPERATIONS COMPARED TO 2023

Net sales. In 2024, net sales were $593.7 million, a decrease of $76.0 million, or 11%, compared to 2023. Excluding the effect of currency translation, net sales decreased 11% as summarized in the following table:

 Year Ended December 31,(Thousands of dollars)20242023ChangeChange Due to Currency TranslationChange Excluding Currency Translation% ChangeNet salesPLP-USA$266,704 $345,613 $(78,909)$— $(78,909)(23)%The Americas90,280 86,059 4,221 (5,005)9,226 11 EMEA128,241 135,080 (6,839)1,738 (8,577)(6)Asia-Pacific108,489 102,927 5,562 (903)6,465 6 Consolidated$593,714 $669,679 $(75,965)$(4,170)$(71,795)(11)%

The decrease in PLP-USA net sales of $78.9 million, or 23%, was primarily due to lower volumes in communications and energy product sales due to customer destocking efforts. International net sales for the year ended December 31, 2024 were unfavorably affected by $4.2 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales