Mayfield Village, Ohio, March 8, 2019 – Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for the fourth quarter and the full year 2018.

Net sales in the fourth quarter of 2018 were $105.4 million compared to $96.9 million in the fourth quarter of 2017. Net sales for 2018 were $420.9 million compared to $378.2 million in 2017. This represents a 9% increase for the fourth quarter and an 11% increase for the year.

The U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted during December 2017 adversely impacted net income during the fourth quarter of 2017 and for the year as a result of a one-time estimated net tax expense of $5.8 million. The expense primarily related to taxes on the Company's unremitted foreign earnings and profits and re-measurement of the Company’s deferred tax assets and liabilities. This negatively impacted earnings per diluted share by $1.11 for the fourth quarter of 2017, and $1.14 per diluted share for the year. In 2018, there was a $1.9 million reduction in the estimate, which favorably impacted earnings per diluted share by $.37 for the year.

Net income for the quarter ended December 31, 2018 was $5.3 million, or $1.02 per diluted share, compared to $.7 million, or $.14 per diluted share, for the comparable period in 2017, including the negative impacts from the Tax Act. Net income for the year ended December 31, 2018 was $26.6 million, or $5.21 per diluted share, compared to $12.7 million, or $2.47 per diluted share in 2017.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “The fourth quarter completed a record year of domestic sales and four consecutive quarters of double-digit sales growth in local currencies across the Company. We recognize the competitive landscape continues to be challenging and world economic conditions uncertain, so we remain committed to expanding our technical expertise and high-quality product offering. We are confident that our unrivaled customer service will continue to drive top line expansion in the markets we serve.”

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