FRANKLIN ELECTRIC REPORTS RECORD FIRST QUARTER 2013 SALES AND EARNINGS
Bluffton, Indiana – April 30, 2013 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported first quarter 2013 adjusted diluted earnings per share (EPS) of $0.33, a 10 percent increase over the adjusted EPS of $0.30 during the first quarter 2012. The first quarter 2012 adjusted EPS excludes a gain of $0.19 per share related to the Pioneer Pump Inc. acquisition. GAAP EPS during the first quarter 2013 were $0.32 versus $0.48 per share in the first quarter of 2012 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). The Company completed a 2-for-1 stock split on March 18, 2013 and all EPS amounts are presented on a post-split basis.
First quarter 2013 sales were $222.5 million, an increase of 10 percent compared to 2012 first quarter sales of $201.9 million. The company’s organic sales growth was 6 percent excluding acquisitions and the impact of foreign currency translation.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“We are pleased to report a very strong start to the year for Franklin Electric. In the first quarter, the Company’s revenue and adjusted earnings per share both increased by 10 percent and our gross profit and adjusted operating income margins continued to improve, both increasing by 40 basis points.
“Our Fueling Systems business was the star performer for the quarter. Fueling Systems revenues increased by 25 percent compared to the first quarter prior year. Filling station owners in the developing world continue to convert to Franklin’s pressure pumping system for transferring gasoline from underground tanks to the dispensers.
“Water Systems sales increased 7 percent versus the first quarter prior year. We achieved solid sales growth for our groundwater pumping systems in the U.S. and Canada as well as in key Southern hemisphere markets.”
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