FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2014 SALES
Fort Wayne, Indiana – July 28, 2014 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported second quarter 2014 adjusted earnings per share (EPS) of $0.60 compared to 2013 second quarter adjusted EPS of $0.59, a 2 percent increase (see table below for a reconciliation of GAAP EPS to the adjusted EPS). In the second quarter of 2014, the Company’s GAAP fully diluted EPS was $0.55 which was down 5 percent to the GAAP fully diluted EPS from the second quarter of 2013.
Second quarter 2014 sales were $284.5 million, an increase of 8 percent compared to 2013 second quarter sales of $263.4 million. The Company’s organic sales growth was about 9 percent excluding acquisitions and the impact of foreign currency translation.
Gregg Sengstack, Franklin Electric’s Chief Executive Officer, commented:
“We are pleased to report that our sales and adjusted net income for the second quarter of 2014 were again records for any quarter in the Company’s history. During the second quarter 2014, our consolidated operating income after non-GAAP adjustments grew by 3 percent compared to the second quarter of 2013 driven by a 25 percent increase in Fueling Systems operating income, a near doubling of Pioneer Pump sales globally and double digit earnings growth of our Water Systems businesses in Europe and the Middle East. These positive factors were partially offset in the quarter by lower Water Systems profitability due to a shift in sales mix. Additionally, in certain developing region markets, most notably Asia Pacific, a combination of factors lowered overall profitability. Consolidated adjusted operating income margin declined in the second quarter by 80 basis points.”
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