FRANKLIN ELECTRIC REPORTS RECORD 2012 SALES AND EARNINGS
Bluffton, Indiana – February 20, 2013 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported fourth quarter 2012 diluted earnings per share (EPS) of $0.55, an increase of 10 percent compared to 2011 fourth quarter diluted EPS of $0.50. In the fourth quarter of 2012, the Company’s adjusted EPS was $0.56, a 12 percent increase over the adjusted EPS during the fourth quarter 2011 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). Fourth quarter 2012 sales were $205.2 million, an increase of 10 percent compared to 2011 fourth quarter sales of $187.2 million.
For the full year 2012, diluted earnings per share were $3.46, an increase of 31 percent compared to 2011 diluted earnings per share of $2.65. Adjusted earnings per share were $3.14, an increase of 16 percent versus the $2.70 adjusted earnings per share in 2011 (See the table below for a reconciliation of the GAAP EPS to the adjusted EPS). Full year 2012 sales were $891.3 million, an increase of about 9 percent compared to 2011 sales of $821.1 million.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“We are pleased to report a very positive ending to a record year for Franklin Electric. In the fourth quarter, the Company’s revenue improved by 10 percent, our adjusted earnings per share increased by 12 percent and our adjusted operating income margin improved 170 basis points versus the fourth quarter of 2011.
For the full year 2012, our revenue and adjusted earnings per share were at record levels for the third consecutive year and our total shareholder return during 2012 was nearly 40 percent.
In the fourth quarter, we benefitted significantly from sales in developing regions, a key strategic focus for the Company. About 40 percent of the Company’s sales are derived from developing regions and during the fourth quarter those sales grew organically by 16 percent after excluding the impact of foreign currency translation.
Also in the fourth quarter, we continued to gain market share in the North American water systems pump market, launched our first Energy Systems artificial lift pumping products, broke ground on a new manufacturing facility in Brazil and our Fueling Systems business acquired Flex-ing Incorporated of Sherman, Texas. ”
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