Franklin Electric Reports Second Quarter 2017 Sales and Earnings
Fort Wayne, IN – July 25, 2017 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported second quarter 2017 GAAP fully diluted earnings per share (EPS) of $0.64, versus a GAAP fully diluted EPS in the second quarter 2016 of $0.50, an increase of 28 percent. Second quarter 2017 sales were $305.3 million, an increase of 21 percent compared to 2016 second quarter sales of $252.1 million.
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 solid organic sales growth in both our Water and Fueling Systems segments, led by a 10 percent Water Systems sales growth in the United States and Canada. The Distribution companies that we acquired in the quarter, reported in a new segment, started off with a strong second quarter achieving higher than expected operating income margins and exceeding our earnings expectation. Although our reported earnings per share of $0.64 were a record for any second quarter in our history, about six cents of this amount was related to a one-time gain. We are optimistic about the second half of 2017 and are raising our full year 2017 earnings per share guidance range to $1.87 to $1.97.”
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