FRANKLIN ELECTRIC REPORTS THIRD QUARTER 2014 SALES AND EARNINGS
Fort Wayne, Indiana – October 29, 2014 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported third quarter 2014 adjusted earnings per share (EPS) of $0.50 compared to 2013 third quarter adjusted EPS of $0.50, flat to last year (see table below for a reconciliation of GAAP EPS to the adjusted EPS). In the third quarter of 2014, the Company’s GAAP fully diluted EPS was $0.46, which was down 10 percent to the GAAP fully diluted EPS from the third quarter of 2013.
Third quarter 2014 sales were $278.1 million, an increase of 11 percent compared to 2013 third quarter sales of $249.8 million and a record for any third quarter in the Company’s history. The Company’s organic sales growth was about 8 percent excluding acquisitions and the impact of foreign currency translation.
Gregg Sengstack, Franklin Electric’s Chief Executive Officer, commented:
“Despite an unfavorable sales mix shift in our Water businesses, we are pleased to report record sales for the third quarter of 2014 and adjusted earnings per share equal to last year’s third quarter, which were the highest adjusted earnings per share for any third quarter in the Company’s history.
“Our Fueling Systems business contributed solid results in the quarter with revenues growing by nearly 20 percent and adjusted operating income increasing by 26 percent.
“During the third quarter we announced two acquisitions in India, one in Water and one in Fueling. Both of these acquisitions, along with the Bombas Leao acquisition in Brazil during the second quarter, will further expand our reach and distribution channels into developing regions and markets. Sales in developing regions were about 40 percent of our consolidated revenues and were another solid achievement in the quarter, growing by 20 percent from the third quarter of the prior year.”
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