Preformed Line Products (PLPC) touches new high
Preformed Line Products (PLPC) closed Tuesday up 5.3% at $376.89, hitting a new 52-week high after the Memorial Day break. The company’s Q1 net sales rose 19% to $176.3 million, but net income fell to $10.5 million from $11.5 million. Gross margin slipped to 31.3%. Shares trade at a price-to-earnings ratio above 50 amid ongoing cost pressures.