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PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS

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CLEVELAND, Oct. 30, 2024 /PRNewswire/ — Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its third quarter of 2024.

Net sales in the third quarter of 2024 were $147.0 million compared to $160.4 million in the third quarter of 2023, an 8% decrease. The decrease in sales is primarily related to a continuation of the slowdown in spending in the communications end market. Foreign currency translation reduced third quarter 2024 net sales by $0.8 million.

Net income for the quarter ended September 30, 2024, was $7.7 million, or $1.54 per diluted share, compared to $15.1 million, or $3.03 per diluted share, for the comparable period in 2023. The third quarter of 2024 net income was impacted by decreased gross profit from lower sales levels, similar to our first half 2024 results, partially offset by lower period expenses from our cost containment initiatives, lower net interest expense and reduced income tax expense. Gross profit as a percentage of net sales was 31.2% for the third quarter of 2024, largely consistent with the second quarter of 2024.

Net sales decreased 19% to $426.6 million for the first nine months of 2024 compared to $524.1 million for the first nine months of 2023. The year-over-year decline in sales is due primarily to the slowdown in spending and inventory destocking within the communications end market. Currency translation rates reduced net sales by $1.1 million for the nine months ended September 30, 2024.

Net income for the nine months ended September 30, 2024 was $26.6 million, or $5.37 per diluted share, compared to $57.0 million, or $11.39 per diluted share, for the comparable period in 2023. YTD September 30, 2024 net income was impacted by decreased gross profit resulting from the decrease in sales which was partially offset by lower period expenses, lower net interest expense and reduced income tax expense.

Rob Ruhlman, Executive Chairman, said, “The decline in net sales continues, albeit at a slower pace, primarily related to the softness in the communications end market, caused primarily by a reduction in deployment due to higher borrowing costs and continued inventory destocking to re-align customer inventory levels with current manufacturing lead times.  The slower pace of the net sales decline and an increase in order backlog are indicators that we may be nearing the final stages of inventory destocking. Our gross margin percentage has been consistent throughout 2024 aided by our cost reduction activities implemented in 2023.  We remain optimistic about the prospects of the markets that we serve and will continue our investment in new product development, streamlining our manufacturing operations and expanding our customer service portfolio.  These actions, along with our continued strong liquidity, will allow us to take advantage of favorable market conditions when they return.  Our current focus is unchanged:  provide our customers with the high-quality products and timely service they have come to expect from PLP.”

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, labor disruptions, military conflict, political instability, exchange rates and lingering effects of COVID-19, 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, 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
STATEMENTS OF CONSOLIDATED INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(Thousands of dollars, except per share data)

Net sales

$              146,973

$              160,438

$              426,597

$              524,076

Cost of products sold

101,195

106,301

292,415

337,328

GROSS PROFIT

45,778

54,137

134,182

186,748

Costs and expenses

Selling

12,318

12,732

36,146

38,133

General and administrative

16,414

17,794

48,272

54,624

Research and engineering

5,545

5,840

16,334

16,793

Other operating expense, net

1,109

(2,307)

186

(10)

35,386

34,059

100,938

109,540

OPERATING INCOME

10,392

20,078

33,244

77,208

Other (expense) income

Interest income

538

478

1,856

1,201

Interest expense

(564)

(998)

(1,840)

(3,198)

Other income, net

64

18

189

165

38

(502)

205

(1,832)

INCOME BEFORE INCOME TAXES

10,430

19,576

33,449

75,376

Income tax expense

2,734

4,431

6,783

18,348

NET INCOME

$                   7,696

$                15,145

$                26,666

$                57,028

Net income attributable to noncontrolling interests

(16)

(15)

(24)

(28)

NET INCOME ATTRIBUTABLE TO PREFORMED LINE
PRODUCTS COMPANY SHAREHOLDERS

$                   7,680

$                15,130

$                26,642

$                57,000

AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:

Basic

4,904

4,906

4,911

4,929

Diluted

4,977

4,990

4,959

5,006

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

Basic

$                     1.57

$                     3.08

$                     5.42

$                   11.56

Diluted

$                     1.54

$                     3.03

$                     5.37

$                   11.39

Cash dividends declared per share

$                     0.20

$                     0.20

$                     0.60

$                     0.60

 

PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS

September 30, 2024

December 31, 2023

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

(Unaudited)

ASSETS

Cash, cash equivalents and restricted cash

$                       47,498

$                       53,607

Accounts receivable, net

110,888

106,892

Inventories, net

142,726

148,814

Prepaid expenses

13,053

8,246

Other current assets

6,479

7,256

TOTAL CURRENT ASSETS

320,644

324,815

Property, plant and equipment, net

201,194

207,892

Goodwill

28,672

29,497

Other intangible assets, net

10,983

12,981

Deferred income taxes

9,502

7,109

Other assets

20,958

20,857

TOTAL ASSETS

$                    591,953

$                     603,151

LIABILITIES AND SHAREHOLDERS’ EQUITY

Trade accounts payable

$                       42,426

$                       37,788

Notes payable to banks

8,006

6,968

Current portion of long-term debt

2,618

6,486

Accrued compensation and other benefits

29,499

28,018

Accrued expenses and other liabilities

31,450

32,057

TOTAL CURRENT LIABILITIES

113,999

111,317

Long-term debt, less current portion

24,582

48,796

Other noncurrent liabilities and deferred income taxes

24,385

26,882

SHAREHOLDERS’ EQUITY

Common shares – $2 par value per share, 15,000,000 shares authorized,
4,897,450 and 4,908,413 issued and outstanding, at September 30, 2024 and
December 31, 2023

13,715

13,607

Common shares issued to rabbi trust, 222,741 and 243,118 shares at September 30,
2024 and December 31, 2023, respectively

(9,557)

(10,183)

Deferred compensation liability

9,557

10,183

Paid-in capital

63,108

60,958

Retained earnings

543,743

520,154

Treasury shares, at cost, 1,959,512 and 1,894,419 shares at September 30, 2024
and December 31, 2023, respectively

(126,503)

(118,249)

Accumulated other comprehensive loss

(65,092)

(60,306)

TOTAL PREFORMED LINE PRODUCTS COMPANY
SHAREHOLDERS’ EQUITY

428,971

416,164

Noncontrolling interest

16

(8)

TOTAL SHAREHOLDERS’ EQUITY

428,987

416,156

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$                    591,953

$                     603,151

See notes to consolidated financial statements (unaudited).

 

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SOURCE Preformed Line Products

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Algorized and ZHAW School of Engineering Launch Research on Predicting Human Movement Around Collaborative Robots, funded by InnoSuisse

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A two-year program studies how sensor fusion enhances human presence detection and safe human-machine interaction.

ETOY, Switzerland, Oct. 20, 2026 /PRNewswire/ — Robots working beside people need a reliable estimate of human movement. Their controllers also need to know how far they can trust that estimate. Algorized and ZHAW Zurich University of Applied Sciences Institute of Signal Processing and Wireless Communications ISC have launched a two-year research program to study both questions. The collaboration is funded by InnoSuisse.

The program, “Real-Time Human Perception via Edge-AI Wireless Sensor Fusion for Collaborative Robotics”, runs from September 2026 for two years. It builds on earlier research by Algorized and ISC on ultra-wideband (UWB) radar.

The program aims to combine raw wireless and optical signals in one fusion layer between a robot’s sensors and its controller. Researchers aim to weight each input by confidence and produce a calibrated estimate of a person’s position and predicted path.

Algorized processes raw data with one foundation model to detect human presence and classify whether it is a human or an object. The program tests whether combining raw inputs in sensor fusion, before each sensor makes its own decision, creates a holistic layer for the human-aware machines.

Each sensor type adds different information. UWB radar and Wi-Fi sensing can help detect a person behind a shelf or a machine. Millimeter-wave radar holds its lock through dust, steam, glare and darkness. RGB and time-of-flight cameras add spatial and semantic detail. The program studies how these inputs work together.

The research has four goals. The first three are to sense people in approach to the robot, tell living from non-living objects, and track and predict each person’s path. The fourth is to send the robot controller a graded instruction: continue, slow down, or stop. The inference target is under 100 milliseconds on standard industrial edge hardware. Algorized’s planned safety functions cover presence detection, localization and tracking.

A model of this kind needs its own training data. That data must come from real facilities with people moving through them. Researchers who understand the physics must interpret it. The goal is a core model that transfers across sensor types, vendors and sites without retraining for each deployment.

“Machines enter the physical world,” said Natalya Lopareva, CEO and Founder of Algorized. “For robots to coexist with humans, they need to understand the people around them. We are exploring every sensor and every layer of compute to make shared spaces safe. That takes research, and we are doing it together with the ISC at the ZHAW School of Engineering.”

“The program brings ISC sensing research into real industrial sites. Researchers will combine radar, Wi-Fi, and optical signals to distinguish approaching people from other objects and then estimate the person’s position and movement. The program investigates how the reliability of this estimation can be measured and how to predict where a person will go next,” said Marc Kuhn, Deputy Head of ISC at the ZHAW School of Engineering.

About Algorized

Algorized builds the edge-native nervous system for Physical AI. Its foundation model senses human presence, vital signs, and intent through occlusion – delivering real-time human-aware perception from standard wireless sensors, where cameras and light-based systems go blind. Backed by the Amazon Industrial Innovation Fund and rooted in four years of Swiss sensing research, Algorized partners with silicon manufacturers and industrial OEMs across robotics, automotive, and smart spaces. Learn more at www.algorized.com.

About the ZHAW School of Engineering

The School of Engineering is one of eight schools of the ZHAW Zurich University of Applied Sciences. With 14 institutes and centres, the ZHAW School of Engineering is one of Switzerland’s leading institutions for technical education and research. It provides high-quality degree programmes and continuing education and develops innovative solutions for industry, focusing on the areas of energy, mobility, information and health.

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SOURCE Algorized

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Yoodli Named 2026 Inc. Power Partner for Helping Enterprise Teams Build Skills That Show Up on the Job

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Recognition follows a year in which Yoodli customers including Google and Intuit earned 11 Brandon Hall Group awards for programs built on Yoodli

SEATTLE, Oct. 20, 2026 /PRNewswire/ — Yoodli, the AI Platform for Human Skills, has been named a winner of the 2026 Inc. Power Partner Awards, which recognize the B2B companies that entrepreneurs and businesses rely on to grow.

Inc. selected this year’s honorees for a proven track record of helping companies build and scale, across areas from hiring and compliance to technology, fundraising, and marketing.

“Business owners have no shortage of tools at their disposal, and B2B companies need to make clear why their products and services are worth the investment,” says Bonny Ghosh, editorial director at Inc. “The companies on this year’s Power Partners list have done just that. They don’t just have customers, they have superfans and evangelists. Across industries like marketing, financial services, and technology, they’ve proved their dedication to helping fellow business owners grow and succeed.”

“The best validation we get isn’t an award for Yoodli. It’s watching our customers’ teams get recognized for the work they do with us,” said Varun Puri, co-founder and CEO of Yoodli. “Organizations are under real pressure to get their people ready for an AI-first world, and practice alone doesn’t get them there. Our job is to help skills carry over into the moments that matter, and to show leaders the results.”

“Being a Power Partner means our customers’ results are the scoreboard,” said Mike Rich, head of partnerships at Yoodli. “We work alongside training firms, consultancies, and enablement leaders who build skills programs for their own clients. Together we create immersive training experiences and demonstrate measurable outcomes.”

“Every training company says their program works. The hard part is proving it,” said Jeff Bittner, senior director of digital and AI at Braintrust and a member of Yoodli’s Customer Advisory Board. “In two and a half years with Yoodli, we’ve mastered it. Every seller starts with a baseline and a personal record to beat, allowing us to coach the cause instead of the symptom. We’ve seen enterprise clients with hundreds of users adopt at 96%, and others increase their connection level from 22% to 67% in three months. That’s what a real partner does. We make our clients better by providing tools that move the needle.”

Yoodli was recognized for the measurable outcomes its customers have achieved in 2026. Google’s GBOedu Commercial Enablement team won seven awards at the 2026 Brandon Hall Group HCM Excellence Awards (three gold, three silver, one bronze) for scaling AI roleplay practice across its sellers with Yoodli. Intuit’s Global Sales Enablement team earned four Brandon Hall Group awards for programs powered by Yoodli, including gold in Learning & Development Strategy and in Leadership Development.

The company also reached several milestones this year. Yoodli was named to TIME’s Best Inventions of 2026 in the Education category and to LinkedIn’s 2026 Top Startups list for Seattle. It grew past 100 employees and moved into a new headquarters at Pier 70 on the Seattle waterfront. Organizations including Google, Snowflake, Databricks, and Intuit use Yoodli to coach, train, and measure skills across their workforce.

For more information on Inc.’s Power Partner Awards or to view the complete list of honorees, visit inc.com/power-partner-awards.

About Yoodli

Yoodli is the AI Platform for Human Skills. Through AI coaching, learning journey creation, roleplays, personas, and measurement, Yoodli helps people get measurably better in their careers and helps organizations upskill their workforce for an AI-first world. Proven in high-stakes revenue teams and built for company-wide scale, Yoodli is used by organizations including Google, Snowflake, Databricks, and Intuit. Learn more at yoodli.ai.

Media Contact:
Sage Quiamno
press@yoodli.ai
+1 (808) 232-1321

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SOURCE Yoodli

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RBC tops JD Power Retail Banking Satisfaction Study among Big Five banks for third consecutive year

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TORONTO, Oct. 20, 2026 /CNW/ — RBC is pleased to be named Highest in Customer Satisfaction Among the Big Five Retail Banks by JD Power for the third year in a row, and the fourth time in five years. The recognition stems from the JD Power 2026 Canada Retail Banking Satisfaction StudySM, which gathers feedback from thousands of retail banking customers nationwide.

“The trust clients place in us reveals itself in moments big and small, and this study captures that,” said Erica Nielsen, Group Head, Personal Banking, RBC. “We are grateful to our clients who continue to choose RBC, and this award belongs to the employees who show up for them with care and expertise.”

RBC earned an Overall Satisfaction score of 619, finishing nine points ahead of the Big Five average of 610 and holding the number one position among the Big Five across all seven dimensions measured in the study, including Digital Channels and Problem Resolution. The bank’s eight-point improvement outpaced the industry average gain. RBC stands out most in Level of Trust, Account Offerings meeting my needs, and Allowing me to bank how and when I want, where it holds significant leads over the average.

The study also points to continued momentum, with RBC building on its strengths in Digital Channels and Account Offerings, along with improvements in Online Chat, New Account Opening, Product/Fees, and Convenience.

“We keep the client at the centre of everything we do, and that focus is reflected in the areas where we are leading. Whether someone is opening an account online, chatting with us through our digital channels, or sitting down with an advisor, we look across every part of RBC to make sure each experience is built around them. I want to thank our teams across the country for making that commitment felt every day.”

The JD Power 2026 Canada Retail Banking Satisfaction Study drew on responses from 14,038 retail banking customers surveyed in two waves between January and February and between July and August 2026.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

For more information, please contact:
Habiba Ahmad, RBC Communications, 437-993-3245

SOURCE RBC Royal Bank

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