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Dec 31, 2021
Preformed Line Products Q4 2021 Earnings Report
Preformed Line Products reported record fourth quarter shipments and increased net income due to higher gross profit and selling price increases.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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