Preformed Line Products Announces Third Quarter And First Nine Months Of 2019 Results

About this update from Preformed Line Products Company

[{"type":"text","content":" MAYFIELD VILLAGE, Ohio, Nov. 1, 2019 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its third quarter and first nine months of 2019.\n\n \nNet income for the quarter ended September 30, 2019 was $8.0 million, or $1.55 per diluted share, compared to $9.1 million, or $1.76 per diluted share, for the comparable period in 2018.\nNet sales in the third quarter of 2019 increased 10% to $119.2 million compared to $108.4 million in the third quarter of 2018.\nNet income for the nine months ended September 30, 2019 was $17.7 million, or $3.48 per diluted share, compared to $21.3 million, or $4.19 per diluted share, for the comparable period in 2018.\nNet sales increased 5% to $331.2 million for the first nine months of 2019 compared to $315.5 million in the first nine months of 2018.\nThe Company's results for the third quarter and first nine months of 2018 benefitted from an adjustment to its 2017 estimated tax expense that it previously recorded associated with the U.S. Tax Cuts and Jobs Act in 2017. The Company also recorded a one-time tax savings in September 2018, due to a pension contribution made during the third quarter. Both events contributed to a lower effective tax rate and tax expense for the third quarter and first nine months of 2018 as compared to the same periods in 2019. As a result, the 43% increase in third quarter 2019 income before income taxes over the same period last year did not lead to higher net income.\nCurrency translation rates negatively impacted net sales by $3.3 million for the quarter ended September 30, 2019 and $12.7 million for the first nine months of 2019. Currency had no effect on net income for the quarter and a negative impact of $.2 million for the first nine months of 2019. \nRob Ruhlman, Chairman and Chief Executive Officer, said, \"Once again, we achieved an all-time high in domestic sales for a quarter while we continued to grow at a double-digit pace across our international operations. Our focus on the efficient use of our global manufacturing capacity delivered consistent product margins and resulted in increased overall gross profit margin as compared to the same period last year.\"\nFounded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintena...

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