Preformed Line Products Announces Third Quarter And First Nine Months 2017 Results

MAYFIELD VILLAGE, Ohio, Nov. 3, 2017 /PRNewswire/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for its third quarter and first nine months of 2017.

Net income for the quarter ended September 30, 2017 was $6.3 million, or $1.23 per diluted share, compared to $4.7 million, or $.92 per diluted share, for the comparable period in 2016.

Net sales in the third quarter of 2017 were $99.2 million, compared to $88.3 million in the third quarter of 2016.

Net income for the nine months ended September 30, 2017 was $12.0 million, or $2.33 per diluted share, compared to $10.2 million, or $1.95 per diluted share, for the comparable period in 2016.

Net sales were $281.3 million for the first nine months of 2017 compared to $250.2 million in the first nine months of 2016.

Currency translation rates favorably impacted net sales by $1.6 million for the third quarter and $3.0 million for the first nine months of 2017, and had a negligible impact on net income for the third quarter and for the first nine months of 2017.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our world-wide balanced business portfolio has now delivered double-digit consolidated sales growth in back-to-back quarters.  Even though there has been no relief in rising raw material costs, our gross profit growth exceeded our sales growth for the quarter.  This led us to our largest third quarter bottom line results and generation of cash flow from operations in the last five years."

Founded 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.

Preformed'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, Brazil, Canada, China, Colombia, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain and Thailand.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.  Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products and the mix of products sold, the Company's ability to continue to develop proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, the Company's ability to strengthen and retain relationships with the Company's customers and expand geographically, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2016 Annual Report on Form 10-K filed with the SEC on March 10, 2017 and subsequent filings with the SEC.  The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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SOURCE Preformed Line Products