Preformed Line Products Announces Financial Results For The Quarter Ended March 31, 2021

MAYFIELD VILLAGE, Ohio, April 29, 2021 /PRNewswire/ -- Preformed Line Products Company (NASDAQ:  PLPC) today reported financial results for its first quarter ended March 31, 2021.

Net sales for the first quarter of 2021 were $117.6 million, an increase of 14%, compared to $102.9 million in the first quarter of 2020.  Currency translation rates had a favorable impact on 2021 first quarter net sales of $1.8 million, or 2%. 

The Company posted net income for the first quarter of 2021 of $7.2 million, or $1.45 per diluted share, compared to $3.7 million, or $.74 per diluted share, in the first quarter of 2020.  Currency translation rates had a favorable effect on net income of less than $.1 million.   

Rob Ruhlman, Chairman and Chief Executive Officer, said, "We are very pleased with our net sales growth and earnings generation for Q1 2021.  All regions reported an increase in net sales versus Q1 2020 as well as improvement in profitability.  PLP USA continues to lead the increase driven by growth in the communications product family as well as the significance of our U.S. based manufacturing and distribution facilities.  Additional investments will be made within our PLP USA operations to support this growth both today and into the future. Our international operations continue to expand their capabilities and product offerings, resulting in year over year improvement in both net sales and earnings.  Our geographic diversification has helped de-risk our business model during these challenging economic times.  While we have seen reductions in revenue in certain operations that rely more heavily on government sponsored infrastructure projects that have been delayed due to COVID-19, our strength in other markets has more than offset the shortfalls to allow for both top line and bottom-line growth.  While the extent to which COVID-19 will impact our future operations is unknown, we will continue to focus on the safety and well-being of our employees, their families, our customers and our valued suppliers while continuing to provide the high-quality products and services our customers expect."

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, Austria, Brazil, Canada, China, Colombia, Czech Republic, France, Great Britain, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain, Thailand and Vietnam.

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 uncertainty in business conditions and economy due to COVID-19 including the severity and duration of business disruption caused by the pandemic, 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 2020 Annual Report on Form 10-K filed with the SEC on March 5, 2021 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