Franklin Electric Reports Second Quarter 2018 Sales and Earnings
Fort Wayne, IN – July 24, 2018 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported second quarter 2018 GAAP fully diluted earnings per share (EPS) of $0.64, versus a GAAP fully diluted EPS in the second quarter 2017 of $0.64. Second quarter 2018 sales were $344.0 million, compared to 2017 second quarter sales of $305.3 million. Second quarter 2018 organic sales increased about 9 percent when excluding the impact of foreign currency translation.
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“Overall, our second quarter results were strong. Our Water Systems units in the U.S. and Canada grew organically by about 12 percent and our Fueling Systems organic revenue growth was 18 percent. Our operating income grew by almost 20 percent and our earnings per share before restructuring expenses and the non-operational gain we realized in the second quarter last year, grew by 12 percent. In Distribution, we continue to see revenue growth momentum and the overall results met our expectations for the quarter. Our second quarter results were, however, held back by considerable weakness in two key international Water Systems end markets, Asia Pacific and Brazil, whose combined revenue declined over 20 percent versus the second quarter last year. We estimate this decline resulted in our second quarter earnings per share being about 7 cents lower than we had expected.”
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