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PLP PRESS RELEASE PREFORMED LINE PRODUCTS ANNOUNCES THIRD QUARTER AND FIRST NINE MONTHS OF 2021 FINANCIAL RESULTS CLEVELAND , OHIO – OCTOBER 28 , 2021 - Preformed Line Products Company ( NASDAQ : PLPC ) today reported financial results for its third quarter ended September 30 , 2021 . Net sales for the third quarter of 2021 were $ 135.4 million , an increase of 6.2 % , compared to $ 127.5 million in the third quarter of 2020. Currency translation rates had a favorable impact on 2021 third quarter net sales of $ 2.0 million . The Company posted net income for the third quarter of 2021 of $ 10.7 million , or $ 2.15 per diluted share , compared to $ 13.0 million , or $ 2.59 per diluted share , in the third quarter of 2020. Net income in the third quarter of 2021 was impacted by the decrease in gross profit due to the continued increase in raw material prices and transportation costs . PLP - USA announced a price increase effective June 1 , 2021 , but due to its elevated order backlog , the price increase had only a moderate effect in offsetting the increased costs incurred during the third quarter of 2021. Also contributing to the reduction of net income for the third quarter of 2021 was increased employee compensation expense and warranty expense . Currency translation rates had a favorable effect on net income of $ 0.2 million for the quarter ended September 30 , 2021 . Net sales increased 11.0 % to $ 386.0 million for the first nine months of 2021 compared to $ 347.9 million in the first nine months of 2020. Currency translation rates had a favorable impact of $ 10.0 million for the first nine months of 2021 . Net income for the nine months ended September 30 , 2021 was $ 26.8 million , or $ 5.40 per diluted share , compared to $ 27.1 million , or $ 5.43 per diluted share , for the comparable period in 2020. Net income for the nine months ended September 30 , 2021 benefited from the increase in margin from the higher sales base which more than offset the significant increases in raw material prices and transportation costs not yet mitigated by the announced price increase . In connection with the increase in business activity , increased selling , general and administrative , research and engineering expenses as well as warranty expense resulted in a net reduction of net income of $ 0.3 million for the first nine months of 2021 versus the same period in 2020. Currency translation rates had a favorable effect on net income of $ 0.5 million for the nine months ended September 30 , 2021 . Rob Ruhlman , Chairman and Chief Executive Officer , said , " The inflation on raw material commodities as well as the significant increase in transportation costs have created additional challenges for us to navigate in 2021. Due to the significance and continuation of these inflationary increases , PLP - USA announced a second price increase effective October 15 , 2021. While cost inflation has negatively affected our earnings , we expect both 2021 price increases will more substantially mitigate the earnings impact in Q4 2021 and beyond . That said , continued cost inflation may offset these gains and require further price adjustments . PLP - USA continues to lead the net sales increase driven by growth in the communications product family . Our geographic diversification continues to de - risk our business model during these challenging economic times including the headwinds seen in the Asia - Pacific region from the deferral of infrastructure projects due to COVID - 19 . While the extent to which COVID - 19 will GLOBAL HEADQUARTERS 660 BETA DRIVE , CLEVELAND , OHIO 44143 PLP.COM