MAYFIELD VILLAGE, Ohio: Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2020.
Net sales for the first quarter of 2020 were $102.9 million, an increase of 6%, compared to $97.2 million in the first quarter of 2019. Currency translation rates had an unfavorable impact on 2020 first quarter net sales of $4.1 million, or 4%.
The Company posted net income for the first quarter of 2020 of $3.7 million, or $.74 per diluted share, compared to $1.8 million, or $.36 per diluted share, in the first quarter of 2019. Currency translation rates had an unfavorable effect on net income of $.1 million.
Rob Ruhlman, Chairman and Chief Executive Officer, said, "We entered 2020 in a position of strength coming off a second consecutive year of record domestic sales. The spread of COVID-19 during the second half of the first quarter created challenges for us in countries that were the earliest to be impacted by the pandemic, namely our Asia-Pacific business segment. We quickly reacted by first protecting the health and safety of our employees while we maintained critical operations to protect our customers and suppliers. Amidst the COVID-19 pandemic, except for Asia-Pacific, we were able to...