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Preformed Line Products Announces Third Quarter And First Nine Months 2017 Results
[November 03, 2017]

Preformed Line Products Announces Third Quarter And First Nine Months 2017 Results


MAYFIELD VILLAGE, Ohio, Nov. 3, 2017 /PRNewswire/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for its third quarter and first nine months of 2017.

Preformed Line Products - The connection you can count on. (PRNewsfoto/Preformed Line Products)

Net income for the quarter ended September 30, 2017 was $6.3 million, or $1.23 per diluted share, compared to $4.7 million, or $.92 per diluted share, for the comparable period in 2016.

Net sales in the third quarter of 2017 were $99.2 million, compared to $88.3 million in the third quarter of 2016.

Net income for the nine months ended September 30, 2017 was $12.0 million, or $2.33 per diluted share, compared to $10.2 million, or $1.95 per diluted share, for the comparable period in 2016.

Net sales were $281.3 million for the first nine months of 2017 compared to $250.2 million in the first nine months of 2016.

Currency translation rates favorably impacted net sales by $1.6 million for the third quarter and $3.0 million for the first nine months of 2017, and had a negligible impact on net income for the third quarter and for the first nine months of 2017.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our world-wide balanced business portfolio has now delivered double-digit consolidated sales growth in back-to-back quarters.  Even though there has been no relief in rising raw material costs, our gross profit growth exceeded our sales growth for the quarter.  This led us to our largest third quarter bottom line results and generation of cash flow from operations in the last five years."

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

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.  Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products and the mix of products sold, the Company's ability to continue to develop proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, the Company's ability to strengthen and retain relationships with the Company's customers and expand geographically, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2016 Annual Report on Form 10-K filed with the SEC on March 10, 2017 and subsequent filings with the SEC.  The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 



PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED OPERATIONS

(UNAUDITED)














(In thousands, except per share data)


Three Months September 30


Nine Months September 30






2017


2016


2017


2016


























Net sales


$               99,239


$        88,299


$             281,320


$      250,202


Cost of products sold


65,704


59,444


193,446


170,252




GROSS PROFIT


33,535


28,855


87,874


79,950














Costs and expenses











Selling


8,957


8,022


25,867


23,836



General and administrative


11,042


10,579


32,143


31,628



Research and engineering


3,520


3,433


10,821


10,778



Other operating expense (income) - net


206


196


681


(683)






23,725


22,230


69,512


65,559
















OPERATING INCOME 


9,810


6,625


18,362


14,391














Other income (expense)











Interest income


62


63


325


206



Interest expense


(255)


(264)


(831)


(588)



Other income (expense) - net


122


110


259


(46)






(71)


(91)


(247)


(428)
















INCOME BEFORE INCOME TAXES 


9,739


6,534


18,115


13,963














Income taxes


3,461


1,792


6,163


3,809
















NET INCOME


$                 6,278


$          4,742


$               11,952


$        10,154














BASIC EARNINGS PER SHARE











Net Income


$                   1.23


$            0.92


$                   2.34


$            1.96














DILUTED EARNINGS PER SHARE











Net Income


$                   1.23


$            0.92


$                   2.33


$            1.95














Cash dividends declared per share


$                   0.20


$            0.20


$                   0.60


$            0.60














Weighted-average number of shares outstanding - basic


5,104


5,146


5,113


5,180














Weighted-average number of shares outstanding - diluted


5,120


5,169


5,129


5,200


 

 

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS























September 30,


December 31,

(Thousands of dollars, except share and per share data)



2017


2016








(Unaudited)



ASSETS









Cash and cash equivalents




$              39,163


$              30,737

Accounts receivable, less allowances of $3,440 ($3,210 in 2016)



80,370


63,415

Inventories - net





75,675


74,484

Prepaids






4,814


12,035

Other current assets





6,750


8,436

TOTAL CURRENT ASSETS




206,772


189,107











Property, plant and equipment - net




108,307


105,104

Other intangibles - net





10,404


10,475

Goodwill






16,689


15,769

Deferred income taxes 





10,321


10,208

Other assets





10,132


10,274











TOTAL ASSETS




$            362,625


$            340,937











LIABILITIES AND SHAREHOLDERS' EQUITY

















Trade accounts payable





$              24,725


$              21,978

Notes payable to banks





562


1,315

Current portion of long-term debt




1,448


1,448

Accrued compensation and amounts withheld from employees



13,849


10,040

Accrued expenses and other liabilities




24,984


20,674

TOTAL CURRENT LIABILITIES




65,568


55,455











Long-term debt, less current portion




32,828


42,943

Other noncurrent liabilities and deferred income taxes



19,577


18,996











SHAREHOLDERS' EQUITY







Shareholders' equity:








Common shares - $2 par value, 15,000,000 shares authorized, 5,091,381 and





     5,117,753 issued and outstanding, as of September 30, 2017 and December 31, 2016


12,514


12,508

Common shares issued to rabbi trust, 298,160 and 297,281 shares at





          September 30, 2017 and December 31, 2016, respectively


(12,109)


(12,054)

Deferred Compensation Liability




12,109


12,054

Paid-in capital





26,983


24,629

Retained earnings





312,206


303,415

Treasury shares, at cost, 1,165,736 and 1,136,443 shares at 





          September 30, 2017 and December 31, 2016, respectively


(61,129)


(59,640)

Accumulated other comprehensive loss



(45,922)


(57,369)

TOTAL SHAREHOLDERS' EQUITY




244,652


223,543











TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY




$            362,625


$            340,937

 

 

View original content with multimedia:http://www.prnewswire.com/news-releases/preformed-line-products-announces-third-quarter-and-first-nine-months-2017-results-300548963.html

SOURCE Preformed Line Products


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