Franklin Electric Reports Record Second Quarter 2019 Sales and Earnings
Fort Wayne, IN – July 23, 2019 – Franklin Electric Co., Inc. (NASDAQ: FELE) reported record second quarter 2019 GAAP fully diluted earnings per share (EPS) of $0.70, versus a GAAP fully diluted EPS in the second quarter 2018 of $0.64. Second quarter 2019 sales were a record $355.3 million, compared to 2018 second quarter sales of $344.0 million. Second quarter EPS before the impact of restructuring expenses was also $0.70 compared to 2018 second quarter EPS before restructuring of $0.65 (see table below for a reconciliation of GAAP EPS to EPS before restructuring).
Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:
“Overall, our second quarter results were a record for any quarter in the Company’s history. Sales of Pioneer branded dewatering equipment increased by about 9 percent in the second quarter when compared to the prior year and our Fueling Systems organic revenue growth was about 7 percent. However, in the U.S. and Canada, sales of groundwater products, by both our Water Systems and Distribution segments, continue to be adversely impacted by the record precipitation during the first half of the year. Our operating income before restructuring expenses grew by 7 percent and our earnings per share before restructuring expenses grew by 8 percent.”
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