FRANKLIN ELECTRIC REPORTS FIRST QUARTER 2016 SALES AND EARNINGS
Fort Wayne, Indiana – May 2, 2016 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported first quarter 2016 adjusted earnings per share (EPS) of $0.29 compared to 2015 first quarter adjusted EPS of $0.32, a 9 percent decrease (see table below for a reconciliation of GAAP EPS to the adjusted EPS). In the first quarter of 2016, the Company’s GAAP fully diluted EPS was $0.28, down versus the GAAP fully diluted EPS of $0.41 from the first quarter of 2015.
First quarter 2016 sales were $218.4 million, a decrease of 3 percent compared to 2015 first quarter sales of $225.7 million. The Company’s organic sales growth was 3 percent excluding the impact of foreign currency translation.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“Our company delivered solid results in the first quarter led by the improved profitability of our U.S. Water business and record performance in our Fueling Systems business. Excluding the impact of foreign exchange, we achieved 3 percent organic growth in the first quarter of 2016, growing both our Water and Fueling Systems segments. Adjusted operating income increased 33 percent as we realized the continuing benefits of improved costs, sales mix and pricing. After non-GAAP adjustments, Water Systems operating income increased 25 percent on a reported 6 percent sales decline. Water system operating margins increased sequentially and increased 360 basis points compared to the first quarter 2015. Fueling Systems operating income increased 8 percent on a 7 percent sales increase.”
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