Market Overview

Preformed Line Products Announces Second Quarter And First Half 2018 Results

Share:

Preformed Line Products Announces Second Quarter And First Half 2018 Results

PR Newswire

MAYFIELD VILLAGE, Ohio, Aug. 3, 2018 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter and first six months of 2018.

Preformed Line Products - The connection you can count on. (PRNewsfoto/Preformed Line Products)

Net income for the quarter ended June 30, 2018 was $6.7 million, or $1.33 per diluted share, compared to $4.2 million, or $.81 per diluted share, for the comparable period in 2017.

Net sales in the second quarter of 2018 increased 12% to $108.9 million, compared to $97.5 million in the second quarter of 2017.

Net income for the six months ended June 30, 2018 was $12.3 million, or $2.42 per diluted share, compared to $5.7 million, or $1.11 per diluted share, for the comparable period in 2017.

Net sales increased 14% to $207.1 million for the first six months of 2018 compared to $182.1 million in the first six months of 2017.

Currency translation rates favorably impacted net sales by $3.1 million for the first six months and $.4 million for the quarter ended June 30, 2018.  Currency had a minimal impact on net income for each of the same periods of less than $.1 million.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our twelve percent sales increase for the quarter was notable on top of the seventeen percent increase we achieved in the same period last year.  This evenly distributed sales increase across both our domestic and international business lines supports our global focus on growth, combined with our 71-year commitment to quality, innovation and customer service which continues to resonate with our customers and the markets we serve."

Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.

Preformed's world headquarters are in Cleveland, Ohio, and the Company operates two domestic manufacturing centers located in Rogers, Arkansas, and Albemarle, North Carolina.  The Company serves its worldwide market through international operations in Argentina, Australia, Brazil, Canada, China, Colombia, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain and Thailand.

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 strength of the economy and demand 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, 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 2017 Annual Report on Form 10-K filed with the SEC on March 9, 2018 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.

 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED OPERATIONS















(In thousands, except per share data)


Three Months Ended June 30


Six Months Ended June 30






2018


2017


2018


2017


























Net sales


$             108,915


$        97,512


$             207,054


$      182,081


Cost of products sold


73,712


67,839


140,333


127,743




GROSS PROFIT


35,203


29,673


66,721


54,338














Costs and expenses











Selling


9,471


8,626


18,332


16,910



General and administrative


11,288


10,772


22,203


21,101



Research and engineering


3,646


3,612


7,307


7,301



Other operating expense - net


1,465


View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com