FRANKLIN ELECTRIC REPORTS SECOND QUARTER 2016 SALES AND EARNINGS
Fort Wayne, Indiana – July 26, 2016 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported second quarter 2016 GAAP fully diluted earnings per share (EPS) of $0.50, versus a GAAP fully diluted EPS in the second quarter 2015 of $0.33, an increase of 52 percent. In the second quarter of 2016, the Company’s adjusted EPS was $0.51 compared to 2015 second quarter adjusted EPS of $0.35, a 46 percent increase (see table below for a reconciliation of GAAP EPS to the adjusted EPS).
Second quarter 2016 sales were $252.1 million, an increase of 2 percent compared to 2015 second quarter sales of $247.4 million. The Company’s organic sales growth was 5 percent excluding the impact of foreign currency translation.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“We’re pleased with the overall performance of our Company in the second quarter in which we achieved five percent organic sales growth that was broad based and led by higher groundwater sales in the United States combined with strong Water Systems sales in Latin America and Asia Pacific. Consolidated adjusted operating income increased 33 percent as we realized the continuing benefits of lower raw material costs, pricing and a favorable sales mix. Fueling Systems adjusted operating income was $15.5 million, an increase of 22 percent versus the second quarter 2015 and a record for any second quarter in the segment’s history.”
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