MAYFIELD VILLAGE, Ohio (AP) ¿ Preformed Line Products Co., which makes products for communications and energy networks, said Thursday its fourth-quarter profit grew 49 percent despite a decline in revenue due to the impact of currency exchange rates.
The company earned $2.8 million, or 52 cents a share, in the three months ended Dec. 31. That compares with a profit of $1.9 million, or 34 cents a share, in the prior-year period.
Net sales slipped to $60.6 million from $62.8 million in the fourth quarter of 2007.
For the full year, Preformed Line's net income rose 24 percent to $17.6 million, or $3.30 a share, versus $14.2 million, or $2.61 a share in 2007. Revenue for the period grew 16 percent to $269.7 million.The company's shares added 70 cents, or 2.1 percent, to $33.98 during afternoon trading.