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PREFORMED LINE PRODUCTS ANNOUNCES FOURTH QUARTER 2024 FINANCIAL RESULTS

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CLEVELAND, March 13, 2025 /PRNewswire/ — Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter of 2024 and full year ended December 31, 2024.

Q4/Full Year 2024 Highlights:

Quarterly net sales of $167.1 million, an increase of 15% from Q4 2023 and 14% from Q3 2024Diluted EPS of $2.13, an increase of 65% from Q4 2023 and 38% from Q3 2024Debt reduction of $33.7 million in 2024 due to strong cash generation

Net sales in the fourth quarter of 2024 were $167.1 million compared to $145.6 million in the fourth quarter of 2023, a 15% increase. The international subsidiaries accounted for the majority of the sales increase primarily due to an increase in energy market sales and to a lesser extent the communications end market. Foreign currency translation reduced fourth quarter 2024 net sales by $3.0 million.

Net income for the quarter ended December 31, 2024, was $10.5 million, or $2.13 per diluted share, compared to $6.3 million, or $1.29 per diluted share, for the comparable period in 2023. The fourth quarter of 2024 net income was impacted by an increase in gross profit from higher sales levels, lower period expenses, and lower interest expense. Gross profit as a percentage of net sales was 33.3% for the fourth quarter of 2024, an increase of 30 basis points versus the same quarter in 2023.

Net sales decreased 11% to $593.7 million for the full year 2024 compared to $669.7 million in 2023. The year-over-year decline in sales is due primarily to the slowdown in spending and inventory de-stocking within the U.S. energy and communications end markets. Foreign currency translation rates reduced net sales by $4.2 million for the year ended December 31, 2024.

Net income for the year ended December 31, 2024 was $37.1 million, or $7.50 per diluted share, compared to $63.3 million, or $12.68 per diluted share, for the comparable period in 2023. YTD December 31, 2024 net income was impacted by decreased gross profit resulting from the decrease in sales, which was partially offset by lower period expenses and lower interest expense.

Rob Ruhlman, Executive Chairman, said, “The increase in fourth quarter sales of 15% versus the fourth quarter of 2023, as well as the sequential increase of 14% from last quarter, indicate we are approaching the end of inventory destocking within our primary end markets. Full year net sales declined 11% versus 2023, primarily due to the softness in the U.S. communications end market, caused by a reduction in customer deployment due to higher borrowing costs, a delay in Broadband Equity, Access, and Deployment (“BEAD”) Program stimulus funding and customer inventory de-stocking to re-align inventory levels with current manufacturing lead times. While 2024 was a challenging year, I am encouraged by the contributions made by our international subsidiaries, which mitigated some of the weakness in our U.S. business. Our cost reduction activities along with reduced capital expenditures, reduced acquisition activity and lower borrowing costs in 2024 resulted in strong cash generation enabling debt reduction of $33.7 million. Our strong balance sheet and liquidity allows for continued investment in new product development to satisfy customer requirements, facility modernization and automation for our global manufacturing operations as well as opportunities for continued growth through logical acquisitions. Our current focus is unchanged: provide our customers with the high-quality products and timely service they have come to expect from PLP.”

A presentation on fourth quarter and full-year results will also be available on PLP’s website at www.plp.com/investor-relations.

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, tariffs, labor disruptions, military conflict, political instability, exchange rates, natural disasters and health epidemics, 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, the Company’s continued access to financing, 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 2023 Annual Report on Form 10-K filed with the SEC on March 8, 2024 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

December 31, 2024

December 31, 2023

(Thousands of dollars, except share and per share data)

ASSETS

Cash, cash equivalents and restricted cash

$                         57,244

$                         53,607

Accounts receivable, net

111,402

106,892

Inventories, net

129,913

148,814

Prepaid expenses

11,720

8,246

Other current assets

5,514

7,256

TOTAL CURRENT ASSETS

315,793

324,815

Property, plant and equipment, net

195,086

207,892

Goodwill

26,685

29,497

Other intangible assets, net

9,656

12,981

Deferred income taxes

6,546

7,109

Other assets

20,111

20,857

TOTAL ASSETS

$                       573,877

$                       603,151

LIABILITIES AND SHAREHOLDERS’ EQUITY

Trade accounts payable

$                         41,951

$                         37,788

Notes payable to banks

7,782

6,968

Current portion of long-term debt

2,430

6,486

Accrued compensation and other benefits

25,904

28,018

Accrued expenses and other liabilities

30,346

32,057

TOTAL CURRENT LIABILITIES

108,413

111,317

Long-term debt, less current portion

18,357

48,796

Other noncurrent liabilities and deferred income taxes

24,783

26,882

SHAREHOLDERS’ EQUITY

Common shares – $2 par value per share, 15,000,000 shares authorized, 4,913,621
and 4,908,413 issued and outstanding, at December 31, 2024 and December 31,
2023

13,752

13,607

Common shares issued to rabbi trust, 222,887 and 243,118 shares at December 31,
2024 and December 31, 2023, respectively

(9,575)

(10,183)

Deferred compensation liability

9,575

10,183

Paid-in capital

65,093

60,958

Retained earnings

553,179

520,154

Treasury shares, at cost, 1,961,772 and 1,894,419 shares at December 31, 2024 and
December 31, 2023, respectively

(126,800)

(118,249)

Accumulated other comprehensive loss

(82,909)

(60,306)

TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS’ EQUITY

422,315

416,164

Noncontrolling interest

9

(8)

TOTAL SHAREHOLDERS’ EQUITY

422,324

416,156

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$                       573,877

$                       603,151

 

PREFORMED LINE PRODUCTS COMPANY
STATEMENTS OF CONSOLIDATED INCOME

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

(Thousands of dollars, except per share data)

Net sales

$                 167,117

$                 145,603

$                 593,714

$                 669,679

Cost of products sold

111,488

97,503

403,903

434,831

GROSS PROFIT

55,629

48,100

189,811

234,848

Costs and expenses

Selling

12,576

12,945

48,722

51,078

General and administrative

19,205

20,019

67,477

74,643

Research and engineering

5,589

5,688

21,923

22,481

Other operating expense, net

746

2,502

932

2,492

38,116

41,154

139,054

150,694

OPERATING INCOME

17,513

6,946

50,757

84,154

Other income (expense)

Interest income

717

610

2,573

1,811

Interest expense

(381)

(707)

(2,221)

(3,905)

Other (expense) income, net

(528)

119

(339)

284

(192)

22

13

(1,810)

INCOME BEFORE INCOME TAXES

17,321

6,968

50,770

82,344

Income tax expense

6,876

659

13,659

19,007

NET INCOME

$                   10,445

$                     6,309

$                   37,111

$                   63,337

Net loss (income) attributable to noncontrolling
interests

7

23

(17)

(5)

NET INCOME ATTRIBUTABLE TO
PREFORMED LINE PRODUCTS COMPANY
SHAREHOLDERS

$                   10,452

$                     6,332

$                   37,094

$                   63,332

AVERAGE NUMBER OF SHARES OF COMMON
STOCK OUTSTANDING:

Basic

4,897

4,864

4,908

4,920

Diluted

4,917

4,902

4,947

4,997

EARNINGS PER SHARE OF COMMON STOCK
ATTRIBUTABLE TO PREFORMED LINE PRODUCTS
COMPANY SHAREHOLDERS:

Basic

$                       2.13

$                       1.30

$                       7.56

$                     12.87

Diluted

$                       2.13

$                       1.29

$                       7.50

$                     12.68

Cash dividends declared per share

$                       0.20

$                       0.20

$                       0.80

$                       0.80

 

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SOURCE Preformed Line Products

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Hexagon Composites ASA: Third quarter 2026

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OSLO, Norway, Nov. 6, 2026 /PRNewswire/ — Hexagon Composites (OSE: HEX.OL), world leader in composite cylinder technology and related systems for storage and transportation of gaseous energy, reported revenues of NOK 929 million for third quarter 2026 (Q3’25: 538 million). The reported EBITDA was NOK 108 million (Q3’25: NOK -54 million), resulting in a 12% EBITDA margin (Q3’25: -10%).

“This quarter marks a significant step-up year-over-year, delivering our strongest quarterly performance since the record fourth quarter of 2024,” said Philipp Schramm, CEO of Hexagon Composites. “Over the past year, we have built a stronger foundation for our next phase of growth. We have entered new regions, consolidated markets and delivered into exciting new verticals such as aerospace and data centers. Alongside this important progress, we have also improved our financial strength, with a strong free cash flow conversion, and are well on track to deliver on our full-year targets.”

Outlook

Based on the progress delivered during the first three quarters of the year, the strengthening of our financial position, and normalizing demand in our key markets, we reconfirm our full-year EBITDA guidance of around NOK 300 million, with confidence in delivering toward the high side.

For further details, please see the attached third quarter 2026 report and presentation.

Presentation of the results today at 08:30 am CET
Philipp Schramm, CEO, and Eirik Løhre, CFO, will present the results at 08:30 am CET today, broadcasted live via this link.

The presentation of the results will be a virtual event, followed by a Q&A session. The quarterly report, presentation, and webcast recording will be made available at www.hexagongroup.com.

For more information:
Emily Cherry, Senior Communications & Investor Relations Manager, Hexagon Composites
Telephone: +47 480 90 239 I emily.cherry@hexagongroup.com

Berit-Cathrin Høyvik, Senior Director, Communications & Corporate Affairs, Hexagon Composites
Telephone: +47 988 92 161 | berit-cathrin.hoyvik@hexagongroup.com

About Hexagon Composites ASA

Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility and industrial applications. Learn more at www.hexagongroup.com and follow @HexagonASA on LinkedIn.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/hexagon-composites-asa/r/hexagon-composites-asa–third-quarter-2026,c4420876

The following files are available for download:

 

View original content:https://www.prnewswire.co.uk/news-releases/hexagon-composites-asa-third-quarter-2026-302931841.html

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Zhejiang aims to be highland of AI innovation

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BEIJING, Nov. 6, 2026 /PRNewswire/ –A news report from China Daily:

The 2026 World Internet Conference Wuzhen Summit concluded on Thursday after a four-day run. Beyond Wuzhen, a profound transformation driven by artificial intelligence is underway in Zhejiang’s workshops, laboratories and daily life. Building on years of efforts to deepen the Digital Zhejiang initiative, the province is aiming to become a hub of AI innovation.

In the first eight months, revenue of enterprises above designated size in Zhejiang’s core AI industry reached 582.87 billion yuan ($87.2 billion), up 26.9 percent year-on-year. The number of core industry enterprises rose to 2,112, forming a full industry-chain layout spanning chips, large models, intelligent agents and application services.

Computing power is one of the key infrastructure pillars of Zhejiang’s AI development. At a sock factory workshop in Zhuji, a designer can generate 20 original patterns within three minutes. In Yiwu, traders rely on an AI computing platform to produce high-definition product images and marketing short videos with a single click.

Powering these AI application scenarios is a province-wide integrated computing network built by China Mobile’s Zhejiang branch.

As of the end of September, Zhejiang’s total computing power reached 197 EFLOPS (short for ExaFLOPS, a unit of computing performance that quantifies the number of floating-point operations a computer can perform per second), ranking among the highest in the country. Of this, 54 enterprises and institutions in the province received national computing-power vouchers totaling 408 million yuan, accounting for 37 percent of the national total.

“As the Hangzhou and Jiashan intelligent computing centers are put into operation, Zhejiang can achieve millisecond-level access to computing, integrated computing-network scheduling and one-stop security assurance,” said Qiu Xiaoyuan, a manager at China Mobile’s Zhejiang branch.

Large models are another key factor to the game. With the Qwen and DeepSeek large models iterating continuously, Zhejiang’s model ecosystem aims to take the leading position.

In the 2026 government work report of Zhejiang, the province proposed the goal of gaining a leading position in AI development and striving to build a high-quality open-source ecosystem. Open source has been listed as one of the core levers of the province’s AI strategy.

Located in Xihu district, Hangzhou, the ModelScope community is among China’s largest AI open-source communities. Online, it brings together more than 29 million AI developers and more than 200,000 models worldwide, lowering the threshold for AI-related innovation.

Chen Tianrun, born after 2000, is a doctoral student at Zhejiang University and founder of Moxin Technology, which independently developed MoWorld, a real-time interactive world model built entirely on domestic neural processing units. An NPU is a specialized computer microprocessor designed to mimic the processing function of the human brain.

“The relationship between AI and humans is not about AI replacing humans, but about AI and humans working together to do more to raise productivity,” Chen said.

Backed by new production factors such as computing power, models and data, Zhejiang is breaking through its natural-resource constraints to become a trendsetter in innovation.

The Zhejiang provincial government hosted a series of major events during the 2026 WIC Wuzhen Summit, featuring interactive experiences and surprises.

On Monday, at the Light of Internet Expo, a signature event of the WIC Wuzhen Summit, more than 30 embodied-intelligence robots — from companies such as AgiBot, UBTech, Unitree and Zhongke Fifth Era — brought visitors to the world of perceptual intelligence.

Among them, the world’s first bipedal humanoid robot capable of playing badminton with humans autonomously became the centerpiece. The robot has also mastered table tennis; the faster the ball travels, the faster it reacts.

The Global Internet Competition of “Straight to Wuzhen” is another highlight event of the WIC Wuzhen Summit. Since registration opened in June, it has attracted 1,347 projects and one-person company entries from 31 countries and regions.

The Digital Economy Industrial Cooperation Conference held on Wednesday was a signature event of the Wuzhen Summit’s permanent venue. Over the past three years, annual signings of digital economy industrial projects at the event have each exceeded 100 billion yuan.

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SOURCE China Daily

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Broadridge’s Distributed Ledger Repo Processes $7.6 Trillion in October

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October 2026 ADV reaches $345 billion as Broadridge continues to advance institutional tokenization infrastructure

NEW YORK, Nov. 6, 2026 /PRNewswire/ — Broadridge (NYSE: BR), global Fintech leader, today announced that its Distributed Ledger Repo (DLR) processed an average of $345 billion in daily repo transactions during October, with volumes totaling $7.6 trillion. The total settled volume reflects the continued scale of tokenized securities financing activity as Broadridge expands its digital asset infrastructure through its recently launched DLX platform.

“DLR has laid the groundwork for the next phase of tokenization, as institutions increasingly shift their focus from exploring initial digital assets use cases to scaling these capabilities across their businesses,” said Horacio Barakat, Global Head of Digital Innovation at Broadridge. “In 2027, we anticipate further integration of tokenized assets into everyday financial market operations, helping institutions unlock efficiencies across the asset lifecycle. Through DLR and our broader DLX platform, we’re focused on making these capabilities more accessible and practical for financial institutions.”

Building on DLR’s proven infrastructure and institutional experience, DLX extends Broadridge’s tokenization capabilities beyond securities financing into a broader range of assets and workflows, spanning issuance, trading, settlement, servicing and distribution. Together, DLR and DLX equip financial institutions with the trusted, resilient technology and operational controls needed to integrate tokenized assets into existing market operations, helping bridge traditional and digital markets while reducing complexity.

To learn more about DLR, the world’s largest institutional platform for settling tokenized real assets, visit Broadridge’s DLR.

About Broadridge’s Tokenization Solutions

Broadridge is building the governance layer for tokenized equities, ensuring investors have access to trusted, institutional-grade governance as securities move on-chain. Through proxy voting, investor communications, disclosures, and corporate actions, Broadridge helps investors exercise their ownership rights across tokenized and traditional holdings, including across issuer-sponsored and third-party tokenization models. 

Broadridge connects traditional and digital finance with the trusted infrastructure institutions need to put tokenization to work. DLX, its multi-chain digital asset platform, brings together capabilities across issuance, distribution, trading, financing, settlement, custody, and asset servicing. DLX builds on the production experience of Broadridge’s Distributed Ledger Repo (DLR) solution, the world’s largest institutional platform for settling tokenized real assets, tokenizing more than $345 billion of repo’s a day. 

Through its integrated platform and connected partner ecosystem, Broadridge helps issuers, banks, broker-dealers, asset managers, and wealth firms bring tokenized investments to market, mobilize collateral, and connect investors to new opportunities through existing systems and workflows. By orchestrating the ecosystem rather than requiring clients to rebuild it, Broadridge helps firms manage complexity and scale across traditional and on-chain markets. 

About Broadridge

Broadridge is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. Broadridge powers investing, governance, and communications for clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Broadridge’s technology and operations platforms process and generate over 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing approximately 16,000 associates in 28 countries.

For more information about us, please visit www.broadridge.com.

Broadridge Contacts:

Investors: 
broadridgeir@broadridge.com  

Media:
Gregg.Rosenberg@broadridge.com

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SOURCE Broadridge Financial Solutions, Inc.

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