Preformed Line Stock Price, News & Analysis

Preformed Line Products (Nasdaq: PLPC) has announced a regular quarterly dividend of $0.20 per share on the company's common shares. The dividend was declared by the Board of Directors on September 18, 2024. It will be payable on October 21, 2024, to shareholders of record at the close of business on October 1, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders.

PLP, a leading U.S. manufacturer of critical broadband infrastructure components, has become the first fiber optic closure and pole line hardware manufacturer to self-certify several core products as compliant with the Build America, Buy America (BABA) Act requirements for the U.S. BEAD Program. This $42.5 billion federal initiative aims to provide high-speed internet access to underserved communities.

PLP has invested over $60 million since 2022 in expanding its U.S. manufacturing operations, including a $27 million expansion in Arkansas. The company currently self-certifies hundreds of BABA-compliant products, with plans to expand this to thousands. Certified products include various COYOTE® enclosures, iron and steel products, and other network equipment.

Preformed Line Products Company (NASDAQ: PLPC) reported its Q2 2024 financial results, showing a significant decline in performance compared to the same period in 2023. Net sales decreased by 24% to $138.7 million, primarily due to a slowdown in the communications end market. Net income fell to $9.4 million ($1.89 per diluted share) from $20.5 million ($4.08 per diluted share) in Q2 2023. The company's gross profit margin decreased by 460 basis points to 31.9%. For the first six months of 2024, net sales declined by 23% to $279.6 million, with net income at $19.0 million ($3.83 per diluted share) compared to $41.9 million ($8.35 per diluted share) in the same period of 2023.

On June 19, 2024, Preformed Line Products (Nasdaq: PLPC) announced that its Board of Directors has declared a regular quarterly dividend of $0.20 per share. This dividend will be paid on July 19, 2024, to shareholders who are recorded as of the close of business on July 1, 2024. This consistent dividend reflects the company's commitment to returning value to its investors.

Preformed Line Products Company (NASDAQ: PLPC) reported a 22% decrease in net sales in the first quarter of 2024 compared to the same period in 2023, primarily due to a slowdown in spending in the communications end market. Net income also decreased, with gross profit at 31.3%. The company attributes the decline to market demand, higher borrowing rates, delayed BEAD stimulus funding, and elevated inventory levels.