Franklin Electric Reports First Quarter 2017 Sales and Earnings
Fort Wayne, IN – April 27, 2017 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported first quarter 2017 GAAP fully diluted earnings per share (EPS) of $0.33, versus a GAAP fully diluted EPS in the first quarter 2016 of $0.28, an increase of 18 percent. First quarter 2017 sales were $220.3 million, an increase of 1 percent compared to 2016 first quarter sales of $218.4 million. The Company’s organic sales growth was 1 percent as the impact of foreign currency translation was not significant.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“We are pleased to report increased sales and earnings for the first quarter. Our Fueling Systems segment achieved record first quarter sales and earnings and posted organic sales growth of 9 percent and our Water business outside the U.S. and Canada grew organically as well, with particularly strong results in Latin America. Gross profit and gross profit margins both improved over the first quarter 2016. Despite these improvements, our operating income declined in the quarter due to higher marketing and selling costs. During the first quarter, we recognized discrete tax benefits that more than offset the operating income decline and allowed us to achieve an 18 percent increase in EPS.”
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