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Mar 31, 2020
Preformed Line Products Q1 2020 Earnings Report
Reported an increase in net sales and net income compared to the same quarter last year, despite challenges from COVID-19.
Key Takeaways
Preformed Line Products reported a 6% increase in net sales to $102.9 million and net income of $3.7 million, or $0.74 per diluted share, compared to $97.2 million and $1.8 million, or $0.36 per diluted share, respectively, in the first quarter of 2019. The company faced challenges due to COVID-19, particularly in its Asia-Pacific business segment, but delivered profitable sales growth in all other business segments.
Net sales increased by 6% to $102.9 million compared to Q1 2019.
Net income increased to $3.7 million, or $0.74 per diluted share, compared to $1.8 million, or $0.36 per diluted share, in Q1 2019.
Currency translation rates had an unfavorable impact of $4.1 million on net sales and $0.1 million on net income.
COVID-19 created challenges, especially in the Asia-Pacific business segment, but profitable sales growth was achieved in other segments.
Forward Guidance
While the extent to which the pandemic will impact the future is not yet known, Preformed Line Products will continue to focus on the safety and well-being of its employees, customers and valued suppliers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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