PREFORMED LINE PRODUCTS ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS

About this update from Preformed Line Products Company

[{"type":"text","content":"CLEVELAND, May 3, 2023 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter of 2023.\n\n \n \n \n \n \n \n\n \nQ1 2023 Highlights:\nFourth consecutive record of quarterly net sales; increased 32% from comparable 2022 periodRecord quarterly net income of $21.4 millionDiluted EPS of $4.28, an increase of 72% from Q1 2022, a new quarterly recordNet sales in the first quarter of 2023 were $181.8 million compared to $138.2 million in the first quarter of 2022, a 32% increase and a new record for quarterly shipments. Foreign currency translation reduced first quarter 2023 net sales by $4.6 million.\nNet income for the quarter ended March 31, 2023 was $21.4 million, or $4.28 per diluted share, compared to $12.3 million, or $2.49 per diluted share, for the comparable period in 2022. The first quarter of 2023 net income continued to benefit from increased gross profit from incremental sales, selling price increases and incremental sales from recent acquisitions. Gross profit as a percentage of net sales was 36.5% for the first quarter of 2023, an increase of 610 basis points versus the same quarter in 2022.\nRob Ruhlman, Chairman and Chief Executive Officer, said, \"We had strong positive momentum entering 2023 which allowed us to recognize record quarterly net sales and earnings, above those set just last quarter. Our ability to continue to perform at a very high level comes from years of planning and execution by our global leadership team. While led by the strong financial performance of the PLP-USA operations, the record results were made possible by all regions posting improved net sales and pre-tax earnings versus Q1 2022. We are also very pleased with the financial performance of the four acquisitions that we have completed in the last five quarters. Our increased capacity, primarily in the USA, has allowed us to reduce both backlog and order lead times during Q1 2023. We will continue to expeditiously work down our backlog and lead times in order to provide our customers with the high-quality products and timely service they have come to expect from our dedicated workforce.\"\nFORWARD-LOOKING STATEMENTS\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...

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