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PREFORMED LINE PRODUCTS ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS
CLEVELAND, March 1, 2023 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter and full year
About this update from Preformed Line Products Company
[{"type":"text","content":"CLEVELAND, March 1, 2023 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter and full year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nQ4 2022 Highlights:\nThird consecutive record of quarterly net sales; increased 29% from comparable 2021 periodRecord quarterly net income of $16.5 millionDiluted EPS of $3.28, an increase of 83% from Q4 2021, a new quarterly recordFull Year 2022 Highlights:\nFourth consecutive record of annual net sales; increased 23% from comparable 2021 periodRecord net income of $54.4 millionDiluted EPS of $10.88, an increase of 51% from 2021, a new annual recordNet sales in the fourth quarter of 2022 were $169.9 million compared to $131.4 million in the fourth quarter of 2021, a 29.3% increase and a new record for quarterly shipments. Foreign currency translation reduced fourth quarter 2022 net sales by $8.0 million.\nNet income for the quarter ended December 31, 2022 was $16.5 million, or $3.28 per diluted share, compared to $9.0 million, or $1.79 per diluted share, for the comparable period in 2021. The fourth quarter of 2022 net income benefited from the increased gross profit from the incremental sales, selling price increases and incremental sales from recent acquisitions. Gross profit as a percentage of net sales was 36.6% for the fourth quarter of 2022, an increase of 630 bps versus the same quarter in 2021.\nNet sales for the full year 2022 were $637.0 million, compared to $517.4 million in 2021. This is the fourth consecutive year of record net sales and represents a 23.1% increase versus prior year. Foreign currency translation reduced full year 2022 net sales by $24.2 million.\nNet income for the year ended December 31, 2022 was $54.4 million, or $10.88 per diluted share, compared to $35.7 million, or $7.19 per diluted share in 2021. Net income for the full year 2022 was favorably impacted by the increase in margin on incremental sales as well as the full year benefit of price increases which helped offset inflationary raw material and freight cost increases. Gross profit as a percentage of net sales was 33.8% for 2022, an increase of 170 bps versus 2021.\nRob Ruhlman, Chairman and Chief Executive Officer, said, \"The fourth consecutive year for record net sales and record earnings per share in 2022 continues to be the resul...