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PREFORMED LINE PRODUCTS ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS
CLEVELAND, May 5, 2022 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31,
About this update from Preformed Line Products Company
[{"type":"text","content":"CLEVELAND, May 5, 2022 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nQ1 2022 Highlights:\nNet sales increased 18%Diluted EPS of $2.49, an increase of 72%Results included a gain of $4.4 million from life insurance death benefitsCharge of $1.0 million incurred to wind-down PLP-RussiaCompleted two acquisitionsNet sales for the first quarter of 2022 were $138.2 million, an increase of 18%, compared to $117.6 million in the first quarter of 2021. Currency translation rates had an unfavorable impact on 2022 first quarter net sales of $2.5 million, or 2%.\nThe Company posted net income for the first quarter of 2022 of $12.3 million, or $2.49 per diluted share, compared to $7.2 million, or $1.45 per diluted share, in the first quarter of 2021. First quarter 2022 net income included a non-taxable gain of $4.4 million from life insurance death benefits. The first quarter of 2022 also included charges of approximately $1.0 million related to the wind-down of the Company's subsidiary in Russia, which include a $0.4 million charge to write-down inventory balances. Currency translation rates had an unfavorable effect on net income of $0.2 million. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"We are pleased with our strong start to 2022. We enjoyed strong volume growth and incremental sales from our newest acquisitions and benefitted from selling price adjustments made necessary by the significant levels of inflation experienced last year and so far this year. The pace of inflationary increases on our raw material inputs and freight expense coupled with additional costs associated with supply chain disruption continue to negatively impact our gross profit percentage and earnings generation. As a result, we have instituted additional selling price increases. All regions except for Asia-Pacific reported an increase in net sales versus Q1 2021. 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 are well underway within our PLP USA operations to support this growth both today and into the future. While we have seen reductions in revenue in certain operations that...