Preformed Line Products sees income decline in 2015
by March 8, 2016 9:20 am 100 views
Preformed Line Products Company, which has a manufacturing facility in Rogers, Ark., has released both fourth quarter and full year financial results for 2015.
The Ohio-based company posted a net income of $3.045 million for the quarter ended Dec. 31, 2015, compared to $2.488 million for the same period in 2014. Net sales were $91.961 million compared to $96.179 million in the fourth quarter of 2014.
Currency exchange rates had an unfavorable impact on 2015 fourth quarter net sales of $10.547 million, and $36.874 million for the year. The unfavorable impact on net income was $670,000 for the fourth quarter, and $60,000 for the year.
Net income for 2015 was $6.675 million, or $1.24 per diluted share, compared to $12.861 million, or $2.39 per diluted share in 2014. Net sales for 2015 were $354.666 million compared to $388.185 million in 2014.
“The fourth quarter was our strongest sales quarter of the year,” said Rob Ruhlman, Chairman and Chief Executive Officer. “In local currencies, sales improved 6.5% over the fourth quarter of 2014. … Our full-year results include $4 million of restructuring charges as well as $7.5 million of unrealized currency losses primarily on intercompany transactions compared to $3 million in 2014.”
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.