Preformed Line Products Company (NASDAQ:PLPC) Files An 8-K Announces Third Quarter And First Nine Months 2016 Results

ME Staff
-
0

Preformed Line Products Company (NASDAQ:PLPC) today reported financial results for its third quarter and first nine months of 2016.

Net income for the quarter ended September 30, 2016 was $4,742,000, or $.92 per diluted share, compared to $206,000, or $.04 per diluted share, for the comparable period in 2015.

Net sales in the third quarter of 2016 were $88,299,000, compared to $89,046,000 in the third quarter of 2015.

Net income for the nine months ended September 30, 2016 was $10,154,000, or $1.95 per diluted share, compared to $3,630,000, or $.67 per diluted share, for the comparable period in 2015.

Net sales were $250,202,000 for the first nine months of 2016 compared to $262,705,000 in the first nine months of 2015.

Currency translation rates unfavorably impacted net sales by $1,011,000 for the quarter and $11,667,000 for the first nine months of 2016, and had an unfavorable impact on net income of $236,000 for the quarter and $1,148,000 for the first nine months of 2016.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “While worldwide economies have been unpredictable with sluggish growth, our third quarter sales remained constant in local currencies as we expanded our product margins for the third consecutive quarter. We continue to focus on increasing cash flows and have generated over $21 million in cash flow from operations in 2016 providing us capital for continued investment in our strategic initiatives.”

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, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain and Thailand.