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Mar 31, 2023
Preformed Line Products Q1 2023 Earnings Report
Preformed Line Products Company reported record quarterly net sales and net income in Q1 2023, driven by strong performance across all regions and recent acquisitions.
Key Takeaways
Preformed Line Products Company reported a strong first quarter in 2023, achieving record quarterly net sales and net income. Net sales increased by 32% compared to the first quarter of 2022, reaching $181.8 million. Net income also reached a record of $21.4 million, or $4.28 per diluted share, a 72% increase from Q1 2022.
Net sales reached a record $181.8 million, up 32% from Q1 2022.
Net income was a record $21.4 million, or $4.28 per diluted share.
Gross profit as a percentage of net sales increased by 610 basis points to 36.5%.
Increased capacity in the USA helped reduce backlog and order lead times.
Preformed Line Products
Preformed Line Products
Forward Guidance
The company did not provide specific forward guidance in this earnings report.