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Preformed Line Products Announces Second Quarter And First Half 2019 Results
MAYFIELD VILLAGE, Ohio, Aug. 2, 2019 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter
About this update from Preformed Line Products Company
[{"type":"text","content":"MAYFIELD VILLAGE, Ohio, Aug. 2, 2019 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter and first six months of 2019.\n\n \nNet income for the quarter ended June 30, 2019 was $7.9 million, or $1.56 per diluted share, compared to $6.7 million, or $1.33 per diluted share, for the comparable period in 2018.\nNet sales in the second quarter of 2019 increased 5% to $114.8 million, compared to $108.9 million in the second quarter of 2018.\nNet income for the six months ended June 30, 2019 was $9.7 million, or $1.92 per diluted share, compared to $12.3 million, or $2.42 per diluted share, for the comparable period in 2018.\nNet sales increased 2% to $212.0 million for the first six months of 2019 compared to $207.1 million in the first six months of 2018.\nCurrency translation rates unfavorably impacted net sales by $4.6 million for the quarter and $9.4 million for the six months ended June 30, 2019. Currency had an unfavorable impact on net income of $.4 million for the quarter and $.2 million for the first six months of 2019. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"We are very pleased with the double-digit increase in Q2 sales over the same period last year, excluding the impact of currency exchange rates. The strong sales performance was aided by our recent acquisitions in Austria and the Czech Republic. Leveraging our global manufacturing infrastructure has enabled us to diminish the impact of increased tariffs and raw material costs, driving our second quarter comparative margins to the highest level in six years.\"\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 international operations in Argentina, Australia, Austria, Brazil, Canada, China, Colombia, Czech Republic, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain and Thailand.\nThis news release contains \"forward-looking ...