Preformed Line Products Company reported net sales of $167.1 million for the fourth quarter of 2024, a 15% increase compared to $145.6 million in the fourth quarter of 2023. Net income for the quarter was $10.5 million, or $2.13 per diluted share, a 65% increase from $6.3 million, or $1.29 per diluted share, in the prior-year period. Gross profit as a percentage of net sales improved to 33.3% for the quarter.
The increase in fourth-quarter sales was primarily driven by international subsidiaries, with growth in energy market sales and, to a lesser extent, the communications end market. Executive Chairman Rob Ruhlman indicated that the sales increase, along with a sequential increase from the previous quarter, suggests the company is approaching the end of inventory destocking in its primary end markets.
For the full year 2024, net sales decreased 11% to $593.7 million compared to $669.7 million in 2023, primarily due to softness in the U.S. communications end market. Full-year net income was $37.1 million, or $7.50 per diluted share, down from $63.3 million, or $12.68 per diluted share, in 2023. Despite the sales decline, the company generated strong cash flow, enabling a $33.7 million reduction in total debt during 2024.
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