Preformed Line Products Announces Second Quarter And First Half 2019 Results

MAYFIELD VILLAGE, Ohio, Aug. 2, 2019 /PRNewswire/ -- Preformed Line Products Company (NASDAQ:  PLPC) today reported financial results for its second quarter and first six months of 2019.

Net income for the quarter ended June 30, 2019 was $7.9 million, or $1.56 per diluted share, compared to $6.7 million, or $1.33 per diluted share, for the comparable period in 2018.

Net sales in the second quarter of 2019 increased 5% to $114.8 million, compared to $108.9 million in the second quarter of 2018.

Net income for the six months ended June 30, 2019 was $9.7 million, or $1.92 per diluted share, compared to $12.3 million, or $2.42 per diluted share, for the comparable period in 2018.

Net sales increased 2% to $212.0 million for the first six months of 2019 compared to $207.1 million in the first six months of 2018.

Currency translation rates unfavorably impacted net sales by $4.6 million for the quarter and $9.4 million for the six months ended June 30, 2019.  Currency had an unfavorable impact on net income of $.4 million for the quarter and $.2 million for the first six months of 2019.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "We are very pleased with the double-digit increase in Q2 sales over the same period last year, excluding the impact of currency exchange rates.  The strong sales performance was aided by our recent acquisitions in Austria and the Czech Republic.  Leveraging our global manufacturing infrastructure has enabled us to diminish the impact of increased tariffs and raw material costs, driving our second quarter comparative margins to the highest level in six 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, 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, 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 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 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 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