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Mayfield Village, Ohio, August 4, 2017 – Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for its second quarter and first six months of 2017.
Net income for the quarter ended June 30, 2017 was $4.2 million, or $.81 per diluted share, compared to $2.8 million, or $.53 per diluted share, for the comparable period in 2016.
Net sales in the second quarter of 2017 increased 17% to $97.5 million, compared to $83.2 million in the second quarter of 2016.
Net income for the six months ended June 30, 2017 was $5.7 million, or $1.11 per diluted share, compared to $5.4 million, or $1.04 per diluted share, for the comparable period in 2016.
Net sales increased 12% to $182.1 million for the first six months of 2017 compared to $161.9 million in the first six months of 2016.
Currency translation rates favorably impacted net sales by $1.4 million for the first six months and less than $.1 million for the quarter ended June 30, 2017. Currency had a negative impact on net income for each of the same periods of less than $.1 million.
Rob Ruhlman, Chairman and Chief Executive Officer, said, “Our sales momentum from the first quarter continued to strengthen as we achieved year-over-year, double-digit sales growth across each of our segments in the second quarter. While raw material costs have remained higher, we also expanded our gross profit nearly eleven percent. We have leveraged our cost structure to deliver our strongest bottom line results for this period in the last three years.”
