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Preformed Line Products Announces Financial Results For The Quarter Ended March 31, 2019
MAYFIELD VILLAGE, Ohio, May 3, 2019 /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":"\n \n MAYFIELD VILLAGE, Ohio, May 3, 2019 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2019.\n\n \nNet sales for the first quarter of 2019 were $97.2 million, a decrease of less than 1%, compared to $98.1 million in the first quarter of 2018. Currency translation rates had an unfavorable impact on 2019 first quarter net sales of $4.8 million, or 5%. \nThe Company posted net income for the first quarter of 2019 of $1.8 million, or $.36 per diluted share, compared to $5.5 million, or $1.09 per diluted share, in the first quarter of 2018. Currency translation rates had a favorable effect on net income of $.2 million. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"Sales in local currencies increased four percent in the first quarter, building on the sixteen percent gain we achieved in the same period last year. Regional and product sales mix had an impact on margins in the quarter, but this is not unusual given our global reach and the depth of our product portfolio, which has been expanded further in the first quarter with acquisitions in both Austria and the Czech Republic, further strengthening our energy and communications product lines.\" \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 and Thailand.\nThis 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 infor...