Preformed Line Products (NASDAQ:PLPC) Announces Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Key Points

• Preformed Line Products beat earnings expectations: Quarterly EPS was $3.56, $0.19 above consensus, while revenue of $209.5 million fell short of the $215 million estimate.
• Shares declined modestly to $348.81 during Wednesday trading. The stock has a $1.71 billion market capitalization and has traded between $184.02 and $504.69 over the past 52 weeks.
• The company paid a quarterly dividend of $0.21 per share, equivalent to an annualized $0.84 dividend and a 0.2% yield. Analysts maintain a consensus “Strong Buy” rating, although the average price target of $275 is below the current share price.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) issued its quarterly earnings data on Wednesday. The technology company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.37 by $0.19, FiscalAI reports. The company had revenue of $209.50 million during the quarter, compared to analysts' expectations of $215.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.64%.

Preformed Line Products Price Performance

Shares of NASDAQ PLPC traded down $0.61 during trading hours on Wednesday, reaching $348.81. 106,925 shares of the stock traded hands, compared to its average volume of 113,514. The company has a market capitalization of $1.71 billion, a P/E ratio of 39.28 and a beta of 0.90. The company has a quick ratio of 1.88, a current ratio of 2.99 and a debt-to-equity ratio of 0.07. Preformed Line Products has a 52-week low of $184.02 and a 52-week high of $504.69. The company's 50-day simple moving average is $398.98 and its two-hundred day simple moving average is $340.54.

Preformed Line Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Thursday, October 1st were given a dividend of $0.21 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. Preformed Line Products's dividend payout ratio is 9.46%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PLPC shares. Weiss Ratings cut shares of Preformed Line Products from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday. Wall Street Zen upgraded Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Finally, Freedom Capital raised Preformed Line Products from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and an average target price of $275.00.

Insiders Place Their Bets

In other Preformed Line Products news, Director Glen E. Corlett sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 33.00% of the stock is owned by insiders.

Preformed Line Products Company Profile

Preformed Line Products Company NASDAQ: PLPC designs and manufactures products and systems used to construct, maintain and protect overhead and underground networks. The company serves the telecommunications, energy, data communications, cable television, renewable energy and transportation markets.

Its product portfolio includes formed-wire products, fiber-optic cable hardware, connectors, splicing and closure systems, protective devices, enclosures and other network-infrastructure components.

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