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Mayfield Village, Ohio, August 3, 2018 – Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its second quarter and first six months of 2018.
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.”
