FRANKLIN ELECTRIC REPORTS RECORD THIRD QUARTER 2012 SALES AND EARNINGS PER SHARE
Bluffton, Indiana – November 5, 2012 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported third quarter 2012 diluted earnings per share (EPS) of $0.91, a record for any third quarter in the Company’s history, and an increase of 14 percent compared to 2011 third quarter diluted EPS of $0.80. In the third quarter of 2012, the Company’s adjusted EPS was $0.92, a 12 percent increase over the adjusted EPS during the third quarter 2011 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). Third quarter 2012 sales were $237.6 million, an increase of 6 percent compared to 2011 third quarter sales of $224.4 million.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“We were particularly pleased with our operating income growth and margins during the third quarter. Our operating income after non-GAAP adjustments increased by 17 percent compared to the third quarter 2011, and our operating income margin after non-GAAP adjustments increased by 130 basis points to 14.2 percent. We attribute much of the margin improvement to productivity gains in our manufacturing facilities and leverage from organic sales growth led by our Fueling and Water businesses in Developing Regions.
During the third quarter we announced the acquisition of Cerus Industrial Inc., a rapidly growing manufacturer of higher horsepower drives and control packages for fluid transfer applications. High horsepower water systems pumps and motors represent about 30 percent of our consolidated sales and nearly every one of them is installed with a drive or control package that is provided by someone else. With Cerus we are now in a position to supply these products ourselves and offer our customers an optimized motor, pump, and control solution.”
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