FRANKLIN ELECTRIC REPORTS RECORD THIRD QUARTER 2013 SALES AND EARNINGS
Fort Wayne, Indiana – October 30, 2013 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported third quarter 2013 diluted earnings per share (EPS) of $0.51, an increase of 11 percent compared to 2012 third quarter diluted EPS of $0.46. In the third quarter of 2013, the Company’s adjusted EPS was $0.50, a 9 percent increase over the adjusted EPS during the third quarter 2012 (see table below for a reconciliation of GAAP EPS to the adjusted EPS).
Third quarter 2013 sales were $249.8 million, an increase of 5 percent compared to 2012 third quarter sales of $237.6 million. The Company’s organic sales growth was 5 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 earnings per share during the third quarter were the highest for any third quarter in the Company’s history. Our global sales of Pioneer branded mobile dewatering systems and Little Giant branded waste water pumps increased by more than 25 percent during the quarter. In addition, we continued to achieve high single digit organic sales growth for our Water and Fueling products in developing regions after excluding the impact of foreign currency translation. These factors along with ongoing productivity improvements and expense controls enabled us to increase our earnings per share after non-GAAP adjustments by 9 percent compared to the record third quarter of 2012 and improve our operating income margin after non-GAAP adjustments by 60 basis points to 14.8 percent of sales.”
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