Customer satisfaction remains our primary goal – accomplished by providing high-quality products and services that meet or exceed expectations." While we have seen reductions in revenue in certain operations that rely more heavily on government-sponsored infrastructure projects that have been delayed due to COVID-19, our strength in other markets has more than offset the shortfalls to allow for both top-line and bottom-line growth. Additional investments are well underway within our PLP USA operations to support this growth both today and into the future. based manufacturing and distribution facilities. PLP USA continues to lead the increase driven by growth in the communications product family as well as the significance of our U.S. All regions except for Asia-Pacific reported an increase in net sales versus Q1 2021. As a result, we have instituted additional selling price increases. The pace of inflationary increases on our raw material inputs and freight expense coupled with additional costs associated with supply chain disruption continue to negatively impact our gross profit percentage and earnings generation. We enjoyed strong volume growth and incremental sales from our newest acquisitions and benefitted from selling price adjustments made necessary by the significant levels of inflation experienced last year and so far this year. Rob Ruhlman, Chairman and Chief Executive Officer, said, "We are pleased with our strong start to 2022. Currency translation rates had an unfavorable effect on net income of $0.2 million. The first quarter of 2022 also included charges of approximately $1.0 million related to the wind-down of the Company's subsidiary in Russia, which include a $0.4 million charge to write-down inventory balances. First quarter 2022 net income included a non-taxable gain of $4.4 million from life insurance death benefits. The Company posted net income for the first quarter of 2022 of $12.3 million, or $2.49 per diluted share, compared to $7.2 million, or $1.45 per diluted share, in the first quarter of 2021. Currency translation rates had an unfavorable impact on 2022 first quarter net sales of $2.5 million, or 2%. Net sales for the first quarter of 2022 were $138.2 million, an increase of 18%, compared to $117.6 million in the first quarter of 2021. Charge of $1.0 million incurred to wind-down PLP-Russia.Results included a gain of $4.4 million from life insurance death benefits.Diluted EPS of $2.49, an increase of 72%.CLEVELAND, /PRNewswire/ - Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its first quarter ended March 31, 2022.
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