Business
Preformed Line Products Announces Second Quarter And First Half 2020 Results
MAYFIELD VILLAGE, Ohio, Aug. 6, 2020 /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. 6, 2020 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter and first six months of 2020.\n\n \n \n \n \n \n \n\n \nNet income for the quarter ended June 30, 2020 was $10.5 million, or $2.11 per diluted share, compared to $7.9 million, or $1.56 per diluted share, for the comparable period in 2019.\nNet sales in the second quarter of 2020 increased 2% to $117.6 million, compared to $114.8 million in the second quarter of 2019.\nNet income for the six months ended June 30, 2020 was $14.1 million, or $2.84 per diluted share, compared to $9.7 million, or $1.92 per diluted share, for the comparable period in 2019.\nNet sales increased 4% to $220.5 million for the first six months of 2020 compared to $212.0 million in the first six months of 2019.\nCurrency translation rates unfavorably impacted net sales by $7.1 million for the quarter and $11.3 million for the six months ended June 30, 2020. Currency had an unfavorable impact on net income of $.5 million for the quarter and $.7 million for the first six months of 2020. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"I am so proud of our PLP employees who have gone above and beyond to serve our customers during these challenging times. Our year over year increase in net sales was largely attributable to growth in PLP USA which was certainly aided by our commitment to maintaining a significant manufacturing footprint in the USA. We appreciate the relationships we have with our PLP USA customers who value our ability to serve their product needs from our plants in Albemarle, North Carolina and Rogers, Arkansas allowing them to quickly support their customers. The challenges brought on by COVID-19 will unfortunately be with us for some time. While the extent to which COVID-19 will impact our future operations is largely unknown, we will continue to focus on the safety and well-being of our employees, their families, our customers and our valued suppliers.\" \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 o...