{"id":451828,"date":"2021-03-05T09:59:00","date_gmt":"2021-03-05T14:59:00","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451828"},"modified":"2021-03-05T09:59:00","modified_gmt":"2021-03-05T14:59:00","slug":"preformed-line-products-announces-results-for-the-fourth-quarter-and-full-year-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/preformed-line-products-announces-results-for-the-fourth-quarter-and-full-year-2020\/","title":{"rendered":"Preformed Line Products Announces Results For The Fourth Quarter And Full Year 2020"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n MAYFIELD VILLAGE, Ohio<\/span>, March 5, 2021<\/span> \/PRNewswire\/ — Preformed Line Products Company<\/b> (NASDAQ:\u00a0 PLPC) today reported financial results for the fourth quarter and the full year 2020.<\/p>\n

\n

\n
\n \"Preformed
\n <\/a>\n <\/p>\n<\/p><\/div>\n

Net sales in the fourth quarter of 2020 were $118.5 million<\/span> compared to $113.6 million<\/span> in the fourth quarter of 2019.\u00a0 Net sales for 2020 were $466.4 million<\/span> compared to $444.9 million<\/span> in 2019.\u00a0 This represents an 4% increase for the fourth quarter and a 5% increase for the year.<\/p>\n

Net income for the quarter ended December 31, 2020<\/span> was $2.7 million<\/span>, or $0.53<\/span> per diluted share, compared to $5.6 million<\/span>, or $1.09<\/span> per diluted share, for the comparable period in 2019. Net income for the year ended December 31, 2020<\/span> was $29.8 million<\/span>, or $5.98<\/span> per diluted share, compared to $23.3 million<\/span>, or $4.58<\/span> per diluted share in 2019.\u00a0 <\/p>\n

\n Rob Ruhlman<\/span>, Chairman and Chief Executive Officer, said,\u00a0“The\u00a0record net sales and earnings per share in 2020, a very unique year, are the result of the commitment and dedication of our global team over several years. \u00a0This represents back-to-back\u00a0record\u00a0annual\u00a0net sales and the\u00a0third consecutive year of record\u00a0domestic net sales.\u00a0\u00a0While dealing with the added challenges of COVID-19 protocols,\u00a0our\u00a0global operations\u00a0continued to meet\u00a0growing\u00a0customer demand.\u00a0\u00a0Net sales increased\u00a0in\u00a0all\u00a0but the Asia-Pacific<\/span> segment which\u00a0was more negatively impacted by\u00a0the\u00a0COVID-19 pandemic. \u00a0Most notably, our PLP-USA<\/span> operations achieved\u00a0annual\u00a0net\u00a0sales\u00a0growth of nearly 13%, thanks to the strength and significance of\u00a0our U.S. based\u00a0manufacturing\u00a0facilities\u00a0which remained fully operational throughout the pandemic.\u00a0\u00a0We anticipate COVID-19 will continue\u00a0to challenge our business as well as the global economy\u00a0well into 2021. While disruptive,\u00a0the\u00a0pandemic\u00a0created challenges\u00a0that were met by our teams\u00a0which ultimately made us\u00a0stronger\u00a0as\u00a0a company. \u00a0As always, we are\u00a0fully committed to providing our customers\u00a0with\u00a0the high-quality products they require, while\u00a0staying focused on the safety and well-being of our employees, customers, vendors and their families.”<\/p>\n

Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications, and broadband network companies.<\/p>\n

Preformed’s world headquarters are in Cleveland, Ohio<\/span>, and the Company operates two domestic manufacturing centers located in Rogers, Arkansas<\/span>, and Albemarle, North Carolina.\u00a0 The Company serves its worldwide market through international operations in Argentina<\/span>, Australia<\/span>, Austria<\/span>, Brazil<\/span>, Canada<\/span>, China<\/span>, Colombia<\/span>, Czech Republic<\/span>, England<\/span>, France<\/span>, Indonesia<\/span>, Malaysia<\/span>, Mexico<\/span>, New Zealand<\/span>, Poland<\/span>, Russia<\/span>, South Africa<\/span>, Spain<\/span>, Thailand<\/span> and Vietnam<\/span>.<\/p>\n

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company’s and management’s beliefs and expectations concerning the Company’s future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.\u00a0 Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the uncertainty in business conditions and economy due to COVID-19 including the severity and duration of business disruption caused by the pandemic, the strength of the economy and demand for the Company’s products and the mix of products sold, the relative degree of competitive and customer price pressure on the Company’s products, the cost, availability and quality of raw materials required for the manufacture of products, and the Company’s ability to continue to develop proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, and other factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s 2019 Annual Report on Form 10-K filed with the SEC on March 6, 2020<\/span> and subsequent filings with the SEC.\u00a0 The Annual Report on Form 10-K and the Company’s other filings with the SEC can be found on the SEC’s website at http:\/\/www.sec.gov<\/a>.\u00a0 The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n PREFORMED LINE PRODUCTS COMPANY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n STATEMENTS OF CONSOLIDATED OPERATIONS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (In thousands, except per share data)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Three Months Ended December 31<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Twelve Months Ended December 31<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net sales<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 118,506<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 113,649<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 466,449<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 444,861<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of products sold<\/span>\n <\/p>\n<\/td>\n

\n

\n 81,883<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 77,469<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 312,436<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 304,266<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n GROSS PROFIT<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 36,623<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 36,180<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 154,013<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 140,595<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Costs and expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Selling<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,408<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,741<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35,637<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 36,609<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,432<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,320<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56,335<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51,806<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Research and engineering<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,676<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,378<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,625<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,187<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Other operating expense – net<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,239<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 919<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,209<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,366<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 32,755<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,358<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113,806<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 107,968<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n OPERATING INCOME\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 3,868<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,822<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40,207<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,627<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other income (expense)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 33<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 170<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 783<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n (464)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (529)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,396)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,217)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Other income – net<\/span>\n <\/p>\n<\/td>\n

\n

\n 726<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (40)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,501<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 265<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 295<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (399)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 364<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,169)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n INCOME BEFORE INCOME TAXES\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4,163<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,423<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40,571<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,458<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,505<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,821<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,810<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,122<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n NET INCOME<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a02,658<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a05,602<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a029,761<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a023,336<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less: Net income attributable to noncontrolling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n (11)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (22)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (42)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a02,669<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a05,624<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a029,803<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a023,303<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE <\/b>
\n <\/span>
\n
\n TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Basic<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a00.54<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a01.12<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a06.05<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04.63<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a00.53<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a01.09<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a05.98<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a04.58<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash dividends declared per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a00.20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a00.20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a00.80<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a00.80<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Weighted-average number of shares outstanding – basic<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,899<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,005<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,923<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,031<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Weighted-average number of shares outstanding – diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,027<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,147<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,984<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,087<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n PREFORMED LINE PRODUCTS COMPANY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONSOLIDATED BALANCE SHEETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n December 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n December 31,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Thousands of dollars, except share and per share data)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a045,175<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a038,929<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accounts receivable, less allowances of $3,464 ($3,849 in 2019)<\/span>\n <\/p>\n<\/td>\n

\n

\n 92,686<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 83,517<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Inventories – net<\/span>\n <\/p>\n<\/td>\n

\n

\n 97,537<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 95,718<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Prepaids<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,660<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,522<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,256<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,289<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n TOTAL CURRENT ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 256,314<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 231,975<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Property, plant and equipment – net<\/span>\n <\/p>\n<\/td>\n

\n

\n 125,965<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 124,018<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other intangibles – net<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,443<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,116<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29,508<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,840<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred income taxes\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,863<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,564<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,994<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,058<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n TOTAL ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0461,087<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0433,571<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Trade accounts payable<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a031,646<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a028,282<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Notes payable to banks<\/span>\n <\/p>\n<\/td>\n

\n

\n 17,428<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,696<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Current portion of long-term debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,216<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,354<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued compensation and amounts withheld from employees<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,736<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,817<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued expenses and other liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 34,748<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,924<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n TOTAL CURRENT LIABILITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 103,774<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 81,073<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Long-term debt, less current portion<\/span>\n <\/p>\n<\/td>\n

\n

\n 33,333<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53,722<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other noncurrent liabilities and deferred income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n 31,911<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30,208<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n SHAREHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Shareholders’ equity:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Common shares – $2 par value, 15,000,000 shares authorized, 4,902,233 and <\/span>
\n 4,992,979 issued and outstanding, as of December 31, 2020 and December 31, 2019, respectively<\/span>\n <\/p>\n<\/td>\n

\n

\n

\n 13,028<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n

\n 12,848<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Common shares issued to rabbi trust, 265,508 and 267,641 shares at <\/span>
\n December 31, 2020 and December 31, 2019, respectively<\/span>\n <\/p>\n<\/td>\n

\n

\n

\n (10,940)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n

\n (10,981)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Deferred Compensation Liability<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,940<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,981<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Paid-in capital<\/span>\n <\/p>\n<\/td>\n

\n

\n 43,134<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38,854<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Retained earnings<\/span>\n <\/p>\n<\/td>\n

\n

\n 379,035<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 353,292<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Treasury shares, at cost, 1,611,927 and 1,431,235 shares at\u00a0<\/span>
\n December 31, 2020 and December 31, 2019, respectively<\/span>\n <\/p>\n<\/td>\n

\n

\n

\n (88,568)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n

\n (79,106)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Accumulated other comprehensive loss<\/span>\n <\/p>\n<\/td>\n

\n

\n (54,551)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (57,353)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 292,078<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 268,535<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Noncontrolling interest<\/span>\n <\/p>\n<\/td>\n

\n

\n (9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n TOTAL SHAREHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 292,069<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 268,568<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0461,087<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0433,571<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/preformed-line-products-announces-results-for-the-fourth-quarter-and-full-year-2020-301241543.html<\/a><\/p>\n

SOURCE Preformed Line Products Company<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire MAYFIELD VILLAGE, Ohio, March 5, 2021 \/PRNewswire\/ — Preformed Line Products Company (NASDAQ:\u00a0 PLPC) today reported financial results for the fourth quarter and the full year 2020. Net sales in the fourth quarter of 2020 were $118.5 million compared to $113.6 million in the fourth quarter of 2019.\u00a0 Net sales for 2020 were $466.4 million compared to $444.9 million in 2019.\u00a0 This represents an 4% increase for the fourth quarter and a 5% increase for the year. Net income for the quarter ended December 31, 2020 was $2.7 million, or $0.53 per diluted share, compared to $5.6 million, or $1.09 per diluted share, for the comparable period in 2019. Net income for the year ended December 31, 2020 … <\/p>\n

Continue reading “Preformed Line Products Announces Results For The Fourth Quarter And Full Year 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-451828","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPreformed Line Products Announces Results For The Fourth Quarter And Full Year 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/preformed-line-products-announces-results-for-the-fourth-quarter-and-full-year-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preformed Line Products Announces Results For The Fourth Quarter And Full Year 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire MAYFIELD VILLAGE, Ohio, March 5, 2021 \/PRNewswire\/ — Preformed Line Products Company (NASDAQ:\u00a0 PLPC) today reported financial results for the fourth quarter and the full year 2020. Net sales in the fourth quarter of 2020 were $118.5 million compared to $113.6 million in the fourth quarter of 2019.\u00a0 Net sales for 2020 were $466.4 million compared to $444.9 million in 2019.\u00a0 This represents an 4% increase for the fourth quarter and a 5% increase for the year. Net income for the quarter ended December 31, 2020 was $2.7 million, or $0.53 per diluted share, compared to $5.6 million, or $1.09 per diluted share, for the comparable period in 2019. 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Net sales in the fourth quarter of 2020 were $118.5 million compared to $113.6 million in the fourth quarter of 2019.\u00a0 Net sales for 2020 were $466.4 million compared to $444.9 million in 2019.\u00a0 This represents an 4% increase for the fourth quarter and a 5% increase for the year. Net income for the quarter ended December 31, 2020 was $2.7 million, or $0.53 per diluted share, compared to $5.6 million, or $1.09 per diluted share, for the comparable period in 2019. 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