SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

Preformed Line Products Announces Second Quarter And First Half 2018 Results
[August 03, 2018]

Preformed Line Products Announces Second Quarter And First Half 2018 Results


MAYFIELD VILLAGE, Ohio, Aug. 3, 2018 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter and first six months of 2018.

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

Net income for the quarter ended June 30, 2018 was $6.7 million, or $1.33 per diluted share, compared to $4.2 million, or $.81 per diluted share, for the comparable period in 2017.

Net sales in the second quarter of 2018 increased 12% to $108.9 million, compared to $97.5 million in the second quarter of 2017.

Net income for the six months ended June 30, 2018 was $12.3 million, or $2.42 per diluted share, compared to $5.7 million, or $1.11 per diluted share, for the comparable period in 2017.

Net sales increased 14% to $207.1 million for the first six months of 2018 compared to $182.1 million in the first six months of 2017.

Currency translation rates favorably impacted net sales by $3.1 million for the first six months and $.4 million for the quarter ended June 30, 2018.  Currency had a minimal impact on net income for each of the same periods of less than $.1 million.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our twelve percent sales increase for the quarter was notable on top of the seventeen percent increase we achieved in the same period last year.  This evenly distributed sales increase across both our domestic and international business lines supports our global focus on growth, combined with our 71-year commitment to quality, innovation and customer service which continues to resonate with our customers and the markets we serve."

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 relative degree of competitive and customer price pressure on the Company's products, the cost, availability and quality of raw materials required for the manufacture of products, and 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, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2017 Annual Report on Form 10-K filed with the SEC on March 9, 2018 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















(In thousands, except per share data)


Three Months Ended June 30


Six Months Ended June 30






2018


2017


2018


2017


























Net sales


$             108,915


$        97,512


$             207,054


$      182,081


Cost of products sold


73,712


67,839


140,333


127,743




GROSS PROFIT


35,203


29,673


66,721


54,338














Costs and expenses











Selling


9,471


8,626


18,332


16,910



General and administrative


11,288


10,772


22,203


21,101



Research and engineering


3,646


3,612


7,307


7,301



Other operating expense - net


1,465


369


1,800


474






25,870


23,379


49,642


45,786
















OPERATING INCOME 


9,333


6,294


17,079


8,552














Other income (expense)











Interest income


134


160


229


264



Interest expense


(348)


(277)


(628)


(577)



Other income - net


105


81


173


137






(109)


(36)


(226)


(176)
















INCOME BEFORE INCOME TAXES 


9,224


6,258


16,853


8,376














Income taxes


2,489


2,102


4,590


2,702
















NET INCOME


$                 6,735


$          4,156


$               12,263


$          5,674














BASIC EARNINGS PER SHARE











Net Income


$                   1.34


$            0.81


$                   2.43


$            1.11














DILUTED EARNINGS PER SHARE











Net Income


$                   1.33


$            0.81


$                   2.42


$            1.11














Cash dividends declared per share


$                   0.20


$            0.20


$                   0.40


$            0.40














Weighted-average number of shares outstanding - basic


5,044


5,116


5,045


5,117














Weighted-average number of shares outstanding - diluted


5,064


5,127


5,064


5,132


 

 

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS





















June 30,


December 31,

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




2018


2017












ASSETS










Cash and cash equivalents





$              41,395


$              44,358

Accounts receivable, less allowances of $3,144 ($3,325 in 2017)




78,107


73,972

Inventories - net






83,212


77,886

Prepaids







5,369


8,700

Other current assets






6,336


2,214



TOTAL CURRENT ASSETS





214,419


207,130












Property, plant and equipment - net





105,172


108,598

Other intangibles - net






9,093


10,020

Goodwill







15,867


16,544

Deferred income taxes 






8,023


7,774

Other assets






11,506


9,719














TOTAL ASSETS





$            364,080


$            359,785












LIABILITIES AND SHAREHOLDERS' EQUITY


















Trade accounts payable






$              28,240


$              25,141

Notes payable to banks






2,722


864

Current portion of long-term debt





1,448


1,448

Accrued compensation and amounts withheld from employees




13,431


11,461

Accrued expenses and other liabilities





18,981


23,919



TOTAL CURRENT LIABILITIES





64,822


62,833












Long-term debt, less current portion





37,308


34,598

Other noncurrent liabilities and deferred income taxes




22,421


23,817












SHAREHOLDERS' EQUITY








Shareholders' equity:










Common shares - $2 par value, 15,000,000 shares authorized, 5,036,958 and






    5,038,207 issued and outstanding, at June 30, 2018 and December 31, 2017


12,639


12,593


Common shares issued to rabbi trust, 269,358 and 289,026 shares at







     June 30, 2018 and December 31, 2017, respectively




(10,988)


(11,834)


Deferred Compensation Liability





10,988


11,834


Paid-in capital






31,657


29,734


Retained earnings






321,954


311,765


Treasury shares, at cost, 1,282,476 and 1,258,069 shares at 








     June 30, 2018 and December 31, 2017, respectively




(69,929)


(68,115)


Accumulated other comprehensive loss





(56,792)


(47,440)



TOTAL SHAREHOLDERS' EQUITY




239,529


238,537














TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



$            364,080


$            359,785

 

 

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/preformed-line-products-announces-second-quarter-and-first-half-2018-results-300691504.html

SOURCE Preformed Line Products


[ Back To TMCnet.com's Homepage ]







Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy