Franklin Electric Reports Fourth Quarter 2016 Sales and Earnings
Fort Wayne, IN – February 21, 2017 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported fourth quarter 2016 GAAP fully diluted earnings per share (EPS) of $0.37, versus a GAAP fully diluted EPS in the fourth quarter 2015 of $0.33, an increase of 12 percent. In the fourth quarter of 2016, the Company’s adjusted EPS was $0.38 compared to 2015 fourth quarter adjusted EPS of $0.35, a 9 percent increase (see table below for a reconciliation of GAAP EPS to the adjusted EPS).
Fourth quarter 2016 sales were $239.6 million, an increase of 9 percent compared to 2015 fourth quarter sales of $219.3 million. The Company’s organic sales growth was 10 percent. The impact of foreign currency translation was a reduction in sales of about 1 percent.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“Overall, we’re pleased with the Company’s results in the fourth quarter, particularly the performance of our Water Systems segment. Strong sales performance in the U.S and Canada led the way with overall Water segment organic sales growth of 9 percent. Our Water Systems adjusted operating income margin was 30 basis points higher in the fourth quarter than the same quarter of 2015. Our Fueling Systems segment recorded record sales in the fourth quarter with an organic sales growth of 11 percent after excluding the impact of foreign currency translation.”
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