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PREFORMED LINE PRODUCTS ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS
CLEVELAND, Aug. 2, 2023 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter of 2023. Q2
About this update from Preformed Line Products Company
[{"type":"text","content":"CLEVELAND, Aug. 2, 2023 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter of 2023.\n\n \n \n \n \n \n \n\n \nQ2 2023 Highlights:\nNet sales growth of 11% compared to Q2 2022, matching quarterly record net sales levels achieved in Q1 2023Gross profit margin of 36.5%, consistent with Q1 2023Diluted EPS of $4.08, an increase of 47% from Q2 2022Net sales in the second quarter of 2023 were $181.8 million compared to $163.5 million in the second quarter of 2022, an 11% increase. Foreign currency translation reduced second quarter 2023 net sales by $2.5 million.\nNet income for the quarter ended June 30, 2023 was $20.5 million, or $4.08 per diluted share, compared to $13.7 million, or $2.77 per diluted share, for the comparable period in 2022. The second quarter of 2023 net income continued to benefit from increased gross profit from incremental sales and selling price increases offsetting the impact of inflation on commodities and freight. Gross profit as a percentage of net sales was 36.5% for the second quarter of 2023, an increase of 420 basis points versus the same quarter in 2022. Currency translation rates had an unfavorable effect on net income of $0.4 million.\nNet sales increased 21% to $363.6 million for the first six months of 2023 compared to $301.7 million for the first six months of 2022. Currency translation rates reduced net sales by $7.1 million for the six months ended June 30, 2023.\nNet income for the six months ended June 30, 2023 was $41.9 million, or $8.35 per diluted share, compared to $26.0 million, or $5.25 per diluted share, for the comparable period in 2022. YTD June 30, 2023 net income benefited from the 21% YTD increase in net sales with related fixed cost leverage as well as the realization of price increases offsetting the impact of inflation on commodities and freight. Currency translation rates had an unfavorable effect on net income of $0.6 million.\nRob Ruhlman, Chairman and Chief Executive Officer, said, \"We continue to generate strong net sales performance, matching the quarterly net sales record set earlier this year. We also generated strong net income and earnings per share, falling just short of our previous record earnings in Q1 2023. The strong quarterly results were made possible by the PLP-USA, EMEA, and Asia-Pacific reg...