FRANKLIN ELECTRIC REPORTS RECORD FOURTH QUARTER 2013 SALES AND EARNINGS
Fort Wayne, Indiana – February 19, 2014 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported fourth quarter 2013 adjusted earnings per share (EPS) of $0.30 compared to 2012 fourth quarter adjusted EPS of $0.28, a 7 percent increase (see table below for a reconciliation of GAAP EPS to the adjusted EPS). In the fourth quarter of 2013, the Company’s GAAP fully diluted EPS was $0.27 which was flat to the GAAP fully diluted EPS from the fourth quarter of 2012.
Fourth quarter 2013 sales were $229.7 million, an increase of 12 percent compared to 2012 fourth quarter sales of $205.2 million. The Company’s organic sales growth was 13 percent excluding acquisitions and the impact of foreign currency translation.
Scott Trumbull, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“We are pleased to report that our sales and adjusted net income for both the fourth quarter and full year 2013 were again records for any fourth quarter and year in the Company’s history, as we ended the year on a strong note. During the fourth quarter 2013, our consolidated sales grew by 12 percent and consolidated operating income after non-GAAP adjustments grew by 14 percent compared to the fourth quarter prior year. Our global Water Systems business had a very strong quarter with sales increasing by 13 percent and operating income, after non-GAAP adjustments, increasing by 18 percent. While our Water Systems business grew in virtually all regions of the world, our teams in the U.S. and Canada were our star performers, providing 39 percent of our consolidated sales during the fourth quarter and achieving 25 percent sales growth led by strong demand for mobile dewatering systems, residential and light commercial groundwater pumps, and drives and controls.”
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