Mayfield Village, Ohio, May 4, 2018 – Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2018.
Net sales for the first quarter of 2018 were $98.1 million, an increase of 16%, compared to $84.6 million in the first quarter of 2017.
The Company posted net income for the first quarter of 2018 of $5.5 million, or $1.09 per share, compared to $1.5 million, or $.30 per share, in the first quarter of 2017.
Currency translation rates had a favorable impact on 2018 first quarter net sales of $2.7 million, with only a $.1 million favorable effect on net income. Additionally, gains on foreign currency transactions had a favorable impact of $.1 million on pre-tax income for the first quarter of 2018 compared to a $.2 million favorable impact for the same period in 2017.
Rob Ruhlman, Chairman and Chief Executive Officer, said, “The first quarter of 2018 marked our fourth consecutive quarter of double-digit sales growth. Leveraging our global manufacturing infrastructure allowed us to expand our profit margins during this period. Raw material cost increases, competitive pricing and an uncertain tariff picture point to a challenging future. We believe our goal of consistent, profitable growth is best served through our ongoing concentration on high-quality products and focused customer service.”