FRANKLIN ELECTRIC REPORTS RECORD FIRST QUARTER 2012 SALES AND EARNINGS
Bluffton, Indiana – May 2, 2012 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported first quarter 2012 diluted earnings per share (EPS) of $0.96, an increase of 113 percent compared to 2011 first quarter diluted EPS of $0.45. In the first quarter of 2012, the Company’s adjusted EPS was $0.60, a 30 percent increase over the adjusted EPS during the first quarter 2011 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). First quarter 2012 sales were $201.9 million, an increase of 9 percent compared to 2011 first quarter sales of $185.3 million, and a record for any first quarter in the Company’s history.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“The year is off to a good start as our Company reported sharply higher earnings and operating income margins during the first quarter. Our Water Systems business in the U.S. and Canada led the way with strong earnings growth resulting from robust groundwater pump sales for both agricultural and residential applications, reduced raw material cost inflation, and a successful price increase. Our Water Systems businesses in Latin America and Asia Pacific also achieved solid sales and earnings growth during the quarter. Our growth in the U.S., Canada, Latin America and Asia Pacific was more than enough to offset weaker market conditions in Europe, the Middle East, and Africa. In addition, we were pleased to complete the acquisition of a controlling interest in Pioneer Pump. Pioneer will expand Franklin’s sales reach in growing and profitable markets for dewatering pumps and systems.”
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