Franklin Electric Reports First Quarter 2018 Sales and Earnings
Fort Wayne, IN – May 1, 2018 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported first quarter 2018 GAAP fully diluted earnings per share (EPS) of $0.45, versus a GAAP fully diluted EPS in the first quarter 2017 of $0.33. First quarter 2018 sales were $295.6 million, compared to 2017 first quarter sales of $220.3 million. First quarter 2018 organic sales increased about 10 percent when excluding the impact of foreign currency translation.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“We had a strong start to 2018 from both a growth and earnings perspective. Our Water Systems business grew organically by 11 percent on strength in the U.S. and Canada markets and our Fueling Systems business grew organically by 9 percent on broad based strength internationally and in North America. In our Distribution segment, first quarter proforma revenue was down less than 3 percent compared to the first quarter of 2017 and ahead of our expectations. Our first quarter operating income grew by 23 percent and our earnings per share grew by 36 percent compared to the first quarter 2017.”
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