FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2012 SALES AND EARNINGS
Bluffton, Indiana – July 31, 2012 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported second quarter 2012 diluted earnings per share (EPS) of $1.04, a record for any quarter in the Company’s history, and an increase of 14 percent compared to 2011 second quarter diluted EPS of $0.91. In the second quarter of 2012, the Company’s adjusted EPS was $1.06, a 15 percent increase over the adjusted EPS during the second quarter 2011 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). Second quarter 2012 sales were $246.7 million, an increase of 10 percent compared to 2011 second quarter sales of $224.1 million.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“During the second quarter last year we achieved the highest sales and earnings for any quarter in the Company’s history, so we are especially pleased to announce that, despite significant foreign currency translation headwinds, we exceeded this difficult comparison by posting double digit percentage increases on both the top and bottom lines. Our organic sales growth rate, which excludes both acquisitions and foreign currency translation, was about 6 percent for the second quarter and reflects solid increases in our North American and South American Water businesses as well as our Fueling business. Our growth was driven by a combination of Water Systems market share gains in the United States, price increases across many of our global product lines, continued robust demand for agricultural irrigation pumps, and the success of recently launched new products.”
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