Business
Preformed Line Products Announces Financial Results For The Quarter Ended March 31, 2020
MAYFIELD VILLAGE, Ohio, May 1, 2020 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter
About this update from Preformed Line Products Company
[{"type":"text","content":"MAYFIELD VILLAGE, Ohio, May 1, 2020 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nNet sales for the first quarter of 2020 were $102.9 million, an increase of 6%, compared to $97.2 million in the first quarter of 2019. Currency translation rates had an unfavorable impact on 2020 first quarter net sales of $4.1 million, or 4%. \nThe Company posted net income for the first quarter of 2020 of $3.7 million, or $.74 per diluted share, compared to $1.8 million, or $.36 per diluted share, in the first quarter of 2019. Currency translation rates had an unfavorable effect on net income of $.1 million. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"We entered 2020 in a position of strength coming off a second consecutive year of record domestic sales. The spread of COVID-19 during the second half of the first quarter created challenges for us in countries that were the earliest to be impacted by the pandemic, namely our Asia-Pacific business segment. We quickly reacted by first protecting the health and safety of our employees while we maintained critical operations to protect our customers and suppliers. Amidst the COVID-19 pandemic, except for Asia-Pacific, we were able to deliver profitable sales growth in all other business segments versus the same period last year. While the extent to which the pandemic will impact the future is not yet known, we will continue to focus on the safety and well-being of our employees, our customers and our valued suppliers.\" \nFounded 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.\nPreformed'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, Thailand and Vietnam.\nThis news release contains \"forward-looking statements...