Mayfield Village, Ohio, May 3, 2019 – Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2019.

Net sales for the first quarter of 2019 were $97.2 million, a decrease of less than 1%, compared to $98.1 million in the first quarter of 2018. Currency translation rates had an unfavorable impact on 2019 first quarter net sales of $4.8 million, or 5%.

The Company posted net income for the first quarter of 2019 of $1.8 million, or $.36 per diluted share, compared to $5.5 million, or $1.09 per diluted share, in the first quarter of 2018. Currency translation rates had a favorable effect on net income of $.2 million.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “Sales in local currencies increased four percent in the first quarter, building on the sixteen percent gain we achieved in the same period last year. Regional and product sales mix had an impact on margins in the quarter, but this is not unusual given our global reach and the depth of our product portfolio, which has been expanded further in the first quarter with acquisitions in both Austria and the Czech Republic, further strengthening our energy and communications product lines.”

 

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