FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS
Bluffton, Indiana – July 30, 2013 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported second quarter 2013 diluted earnings per share (EPS) of $0.58, an increase of 12 percent compared to 2012 second quarter diluted EPS of $0.52. In the second quarter of 2013, the Company’s adjusted EPS was $0.59, an 11 percent increase over the adjusted EPS during the second quarter 2012 (see table below for a reconciliation of GAAP EPS to the adjusted EPS).
Second quarter 2013 sales were $263.4 million, an increase of 7 percent compared to 2012 second quarter sales of $246.7 million. The company’s organic sales growth was 4 percent excluding acquisitions and the impact of foreign currency translation.
Scott Trumbull, Franklin Chairman and Chief Executive, commented:
“We are pleased to report that our sales and earnings per share during the second quarter were the highest for any quarter in the Company’s history. This record performance reflects the successful implementation of two of the Company’s long-term strategies. The first is to build strong distribution networks in developing regions where the markets for our Water and Fueling products are growing most rapidly. We achieved organic sales growth of about 9 percent in developing regions during the quarter, led by robust demand in Latin America and Asia Pacific. Second, is to provide a value proposition for our customers worldwide such that we can more than offset inflation with a combination of tight cost controls, productivity improvements, and price. During the second quarter 2013, our gross profit margin increased by 170 basis points which enabled us to achieve record earnings while continuing to invest in initiatives that will spur the Company’s future growth.”
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