Preformed Line Products Q4 2021 Earnings Report
Key Takeaways
Preformed Line Products announced a 10.9% increase in net sales for Q4 2021, reaching $131.4 million compared to $118.5 million in Q4 2020. Net income for the quarter was $9.0 million, or $1.79 per diluted share, up from $2.7 million, or $0.53 per diluted share, in the same period last year.
Net sales increased by 10.9% to $131.4 million compared to the same quarter last year.
Net income increased to $9.0 million, or $1.79 per diluted share, compared to $2.7 million, or $0.53 per diluted share, for the comparable period in 2020.
The increase in net sales represents a new record for fourth quarter shipments.
The company amended its line of credit agreement with PNC Bank, increasing the facility limit to $90.0 million and extending the maturity to March 2, 2026.
Preformed Line Products
Preformed Line Products
Forward Guidance
The company anticipates COVID-19 will continue to challenge the business as well as the global economy well into 2022 and further price adjustments may be required due to continued cost inflation.