Franklin Electric Reports Third Quarter 2016 Sales and Earnings
Fort Wayne, IN – October 25, 2016 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported third quarter 2016 GAAP fully diluted earnings per share (EPS) of $0.50, versus a GAAP fully diluted EPS in the third quarter 2015 of $0.43, an increase of 16 percent. In the third quarter of 2016, the Company’s adjusted EPS was $0.48 compared to 2015 third quarter adjusted EPS of $0.45, a 7 percent increase (see table below for a reconciliation of GAAP EPS to the adjusted EPS).
Third quarter 2016 sales were $239.8 million, an increase of 3 percent compared to 2015 third quarter sales of $232.5 million. The Company’s organic sales growth was also 3 percent. The impact of foreign currency translation was not significant.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“Overall, we’re pleased with the Company’s results in the third quarter, particularly the performance of our Water Systems segment where strong sales performance in Asia Pacific, Latin America and North America drove organic sales growth of 5 percent. Our Water Systems adjusted operating income margin was 140 basis points higher in the third quarter than the same quarter of 2015. Our Fueling Systems segment slowed in the third quarter to an organic sales decline of about 1 percent after excluding the impact of foreign currency translation. The Fueling Systems revenue decline can be attributed to weaker international markets as revenues in the U.S. and Canada increased by 5 percent in the third quarter.”
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