FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER SALES AND EARNINGS
Bluffton, Indiana – August 3, 2011 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported second quarter 2011 diluted earnings per share (EPS) of $0.91, a record for any quarter in the Company’s history, and an increase of 94 percent compared to 2010 second quarter diluted EPS of $0.47. In the second quarter of 2011, the Company’s adjusted EPS were $0.92, a 42 percent increase over the adjusted EPS during the second quarter 2010 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). Second quarter 2011 sales were $224.1 million, also a record for any quarter in the Company’s history and an increase of 18 percent compared to 2010 second quarter sales of $190.4 million.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“We are pleased with our record performance in the second quarter. Sales, operating income and net income were all records for any quarter in the Company’s history, with net income exceeding the prior record by over 25 percent.
While our sales and earnings increased broadly across our global regions and product lines, our largest profit increase was in the U.S. and Canada region where ongoing market share gains, surging demand for our agricultural and irrigation products, and solid cost controls combined to drive up our profits and margins.”
The financial information on this page about Franklin Electric Co., Inc. has previously been made available for public dissemination through press releases. The placement of such press releases on this particular page of the Franklin Electric Company website is intended to set apart and distinguish financial information from other non-financial information found on this site, including product, service, marketing and technical information. Regardless of the language used and the resulting interpretations that may or could be reached, such product, service, marketing, technical, and/or any other information found within other pages of this site should in no way be construed to be financial in nature or represent the past, current or future financial results of Franklin Electric Co., Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward looking statements contained herein involve risks and uncertainties, including but not limited to, general economic and currency conditions, various conditions specific to the Company's business and industry, market demand, competitive factors, supply constraints, technology factors, government and regulatory actions, the Company's accounting policies, future trends, and other risks which are detailed in the Company's Securities and Exchange Commission filings. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. We do not assume any obligation to update any forward-looking information. While we may elect to update the forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.