Preformed Line Products Company (PLPC) has reported 67.52 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $5.10 million, or $0.99 a share in the quarter, compared with $3.04 million, or $0.58 a share for the same period last year. Revenue during the quarter dropped 6.01 percent to $86.43 million from $91.96 million in the previous year period. Gross margin for the quarter expanded 572 basis points over the previous year period to 34.09 percent. Total expenses were 91.80 percent of quarterly revenues, down from 94.39 percent for the same period last year. This has led to an improvement of 259 basis points in operating margin to 8.20 percent.
Operating income for the quarter was $7.09 million, compared with $5.16 million in the previous year period.
Rob Ruhlman, chairman and chief executive officer, said, "Our results were driven by utility projects that had been deferred the past several years, favorable sales mix leading to improved margins, expanding within our newer geographic markets and improvement in our Asia Pacific operations. Additionally, we benefited from the difficult decisions related to our restructuring last year. We will endeavor to capitalize on this positive end to a much improved year as we head into 2017, our 70th year in business."
Debt increases substantially
Preformed Line Products Company has witnessed an increase in total debt over the last one year. It stood at $45.71 million as on Dec. 31, 2016, up 41.61 percent or $13.43 million from $32.28 million on Dec. 31, 2015. Total debt was 13.41 percent of total assets as on Dec. 31, 2016, compared with 9.94 percent on Dec. 31, 2015. Debt to equity ratio was at 0.20 as on Dec. 31, 2016, up from 0.15 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 27.69 for the quarter from 36.36 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
