Franklin Electric Reports Third Quarter 2017 Sales and Earnings
Fort Wayne, IN – October 24, 2017 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported third quarter 2017 GAAP fully diluted earnings per share (EPS) of $0.52, versus a GAAP fully diluted EPS in the third quarter 2016 of $0.50, an increase of 4 percent. In the third quarter of 2017, the Company’s EPS was $0.53 before restructuring compared to 2016 third quarter EPS of $0.48 before restructuring, a 10 percent increase (see table below for a reconciliation of GAAP EPS to the EPS before restructuring).
Third quarter 2017 sales were $311.1 million, an increase of $71.3 million or 30 percent compared to 2016 third quarter sales of $239.8 million. The sales increase was primarily from acquisition related sales, as well as sales volume and price increases. The Company’s organic sales growth was 8 percent. Foreign currency translation increased sales less than 1 percent.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“We are pleased with our third quarter results which include record net sales and earnings per share for any third quarter in our Company’s history. Our Fueling Systems and Water Systems business in the U.S. and Canada grew organically by 10 and 11 percent, respectively. Our consolidated operating income before restructuring grew by 9 percent and our earnings per share before restructuring grew by 10 percent versus the same quarter prior year. We also experienced strong growth in our Water Systems businesses in Europe, the Middle East and Africa primarily as a result of market share gains of pump products in Europe and continued strength in Turkey. Our distribution segment turned in solid sales results despite supply chain disruptions.”
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