Business
Preformed Line Products Announces Results For The Fourth Quarter And Full Year 2019
MAYFIELD VILLAGE, Ohio, March 6, 2020 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for the fourth quarter
About this update from Preformed Line Products Company
[{"type":"text","content":"MAYFIELD VILLAGE, Ohio, March 6, 2020 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for the fourth quarter and the full year 2019.\n\n \n \n \n \n \n \n\n \nNet sales in the fourth quarter of 2019 were $113.6 million compared to $105.4 million in the fourth quarter of 2018. Net sales for 2019 were $444.9 million compared to $420.9 million in 2018. This represents an 8% increase for the fourth quarter and a 6% increase for the year.\nNet income for the quarter ended December 31, 2019 was $5.6 million, or $1.09 per diluted share, compared to $5.3 million, or $1.02 per diluted share, for the comparable period in 2018. Net income for the year ended December 31, 2019 was $23.3 million, or $4.58 per diluted share, compared to $26.6 million, or $5.21 per diluted share in 2018. The U.S. Tax Cuts and Jobs Act enacted during December 2017 resulted in a $1.9 million reduction in the 2018 estimate, which favorably impacted earnings per diluted share by $.37 for the year in 2018.\nCurrency translation rates unfavorably impacted net sales by $1.5 million for the quarter ended December 31, 2019 and $14.2 million for the full year of 2019. Currency had a negative impact of $.1 million on net income for the quarter and $.3 million for the full year of 2019. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"The fourth quarter completed the second consecutive year of record domestic sales along with back-to-back, double-digit sales growth in local currencies at our international locations. Our acquisitions in Austria and the Czech Republic supported our non-domestic sales growth and expansion of our global substation and telecommunications markets. We have navigated through challenging raw material pricing and tariff impacts to maintain our product margins while achieving record consolidated sales for the Company.\"\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 in...