Preformed Line Products Announces Financial Results for the Fourth Quarter and Full Year 2016

MAYFIELD VILLAGE, Ohio, March 10, 2017 /PRNewswire/ -- Preformed Line Products Company (NASDAQ:  PLPC) today reported financial results for the fourth quarter and the full year 2016.

Net income for the quarter ended December 31, 2016 was $5,100,000, or $0.99 per diluted share, compared to $3,045,000, or $.58 per diluted share, for the comparable period in 2015.  Net sales in the fourth quarter of 2016 were $86,433,000 compared to $91,961,000 in the fourth quarter of 2015.

Net income for the year ended December 31, 2016 was $15,255,000, or $2.95 per diluted share, compared to $6,675,000, or $1.24 per diluted share in 2015.  Net sales for 2016 were $336,634,000 compared to $354,666,000 in 2015. 

Currency exchange rates had an unfavorable impact on 2016 fourth quarter net sales of $233,000, and $12,006,000 for the year.  The unfavorable impact on net income was $227,000 for the fourth quarter, and $1,522,000 for the year.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our results were driven by utility projects that had been deferred the past several years, favorable sales mix leading to improved margins, expanding within our newer geographic markets and improvement in our Asia Pacific operations.  Additionally, we benefited from the difficult decisions related to our restructuring last year. We will endeavor to capitalize on this positive end to a much improved year as we head into 2017, our 70th year in business."

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, 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 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, the Company's ability to strengthen and retain relationships with the Company's customers and expand geographically, the Company's ability to identify, complete and integrate acquisitions for profitable growth and to realize the efficiencies and other benefits of restructuring actions, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2015 Annual Report on Form 10-K filed with the SEC on March 11, 2016 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.

SOURCE Preformed Line Products Company