Preformed Line Products Announces Financial Results For The Quarter Ended March 31, 2017

MAYFIELD VILLAGE, Ohio, May 5, 2017 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2017.

Net sales for the first quarter of 2017 were $84.6 million, an increase of 7%, compared to $78.7 million in the first quarter of 2016.  

The Company posted net income for the first quarter of 2017 of $1.5 million, or $.30 per share, compared to $2.7 million, or $.51 per share, in the first quarter of 2016.

Currency translation rates had a favorable impact on 2017 first quarter net sales of $1.3 million, and an immaterial effect on net income.  Additionally, gains on foreign currency transactions had a favorable impact of $.2 million on pre-tax income for the first quarter of 2017, compared to a $1.0 million favorable impact for the same period in 2016.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Despite intense competitive pricing pressure, sales increased seven percent.  Gross profit increased less than two percent due to sales mix and the impact of inflation on input costs.  Additionally, we had lower foreign currency transaction gains in 2017 compared to 2016, which negatively affected net income year over year.  We are cautiously optimistic that investing in infrastructure will increase during 2017.  Our technology and unique access to our markets provide superior value to our customers."

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 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 expanding geographically, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2016 Annual Report on Form 10-K filed with the SEC on March 10, 2017 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