Preformed Line Products announces financials for second quarter

Preformed Line Products Co. (NASDAQ: PLPC), which operates two domestic manufacturing centers in Rogers, Ark., and Albemarle, N.C., has reported a strong second quarter in sales and net income, placing performance levels in the black for the first six months of the year compared to the same period in 2016.

Net income for the quarter ended June 30, 2017, was $4.2 million, or $.81 per diluted share, compared to $2.8 million, or $.53 per diluted share, for the comparable period in 2016. Net sales in the second quarter increased 17% to $97.5 million, compared to $83.2 million in the second quarter of 2016.

For the half-year, net income was $5.7 million, or $1.11 per diluted share, compared to $5.4 million, or $1.04 per diluted share, for the comparable period in 2016. Net sales increased 12% to $182.1 million for the period compared to $161.9 million in the first six months of 2016.

Currency translation rates favorably impacted net sales by $1.4 million for the first six months and less than $.1 million for the quarter ended June 30, 2017.  Currency had a negative impact on net income for each of the same periods of less than $.1 million.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “Our sales momentum from the first quarter continued to strengthen as we achieved year-over-year, double-digit sales growth across each of our segments in the second quarter. While raw material costs have remained higher, we also expanded our gross profit nearly eleven percent. We have leveraged our cost structure to deliver our strongest bottom line results for this period in the last three years.”

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. 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.