Posted on March - 29 - 2010
Preformed Line Products Co. reports big increase in fourth-quarter earnings
Preformed Line Products Co. (Nasdaq: PLPC) has reported a big increase in fourth-quarter earnings thanks to an acquisition late last year.
The maker of cable and anchoring hardware for utilities and telecom companies said its net income in the quarter more than tripled, rising to $10.7 million, or $1.99 a share, from $2.8 million, or 52 cents a share, in the fourth quarter of 2008. Net income in the latest fourth quarter included a gain of nearly $9.1 million from the recent acquisition of the Dulmison product line and after-tax expenses of almost $3.2 million related to the acquisition.
Sales at Preformed Line climbed 15%, to $69.8 million from $60.6 million.
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