Fed’s Powell opens door to potential rate cuts at Jackson Hole
CLEVELAND, OH - Preformed Line Products Company (NASDAQ:PLPC), a mid-cap industrial company with a market capitalization of approximately $698 million, disclosed the outcomes of several key proposals voted on during its annual meeting of shareholders, which took place on Tuesday, May 13, 2025, at its headquarters in Mayfield Village, Ohio. This information is based on the company’s recent SEC filing. According to InvestingPro data, the company maintains a "GOOD" financial health score, with particularly strong metrics in cash flow management.
During the meeting, shareholders re-elected four directors to the company’s Board, with each director to serve until the 2027 annual meeting or until their successors are duly elected and qualified. The elected directors are Maegan A. R. Cross, Matthew D. Frymier, Richard R. Gascoigne, and Robert G. Ruhlman. The detailed voting results included the number of votes for, votes withheld, abstentions, and broker non-votes for each director nominee.
Additionally, shareholders approved the 2025 Incentive Plan, which aims to provide incentives to the company’s employees and directors. The approval was determined by a count of votes for, votes against, abstentions, and broker non-votes.
The third proposal, concerning the ratification of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was also approved by the shareholders. The voting results showed a significant majority in favor, with minimal votes against and abstentions, and no broker non-votes.
Preformed Line Products Company, with a primary business address in Cleveland, Ohio, specializes in products and systems for the construction and maintenance of overhead and underground networks for energy, communications, and broadband network companies.
The SEC filing confirms that all proposals outlined in the company’s Definitive Proxy Statement filed on March 21, 2025, were addressed as scheduled and provides the official voting results for each item. The report was signed by Caroline S. Vaccariello, General Counsel & Corporate Secretary of Preformed Line Products Company.
In other recent news, Preformed Line Products has reported impressive fourth-quarter earnings, showcasing a significant increase in profitability. The company announced earnings per share of $2.13, marking a 65% rise from the previous year’s $1.29, with revenue reaching $167.1 million, up 15% from $145.6 million. This growth is attributed to robust international sales, particularly in the energy sector, despite a $3.0 million reduction in net sales due to foreign currency translation. The company also improved its gross profit margin to 33.3% and reduced both period expenses and interest costs. For the full year 2024, however, net sales decreased by 11% to $593.7 million, mainly due to slowdowns in U.S. markets, although strong cash generation enabled a $33.7 million debt reduction. Additionally, Preformed Line Products has acquired Brazilian company JAP Telecom (BCBA:TECO2m) to enhance its telecommunications infrastructure offerings in South America. This acquisition aims to extend the company’s product range and improve service capabilities, aligning with strategic goals for global expansion. The proximity of JAP Telecom to an existing manufacturing facility presents opportunities for operational synergy and increased production capacity.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.