Franklin Electric Co., Inc. (FELE) posted second quarter net income attributable to Franklin Electric of $24.81 million or $1.04 per share versus $21.65 million or $0.91 per share a year ago.
Adjusted earnings per share were $1.06, up from $0.92 in the same quarter a year ago. On average, 4 analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share. Analysts' estimates typically exclude special items.
Revenues grew to $246.7 million from $224.12 million in the prior-year quarter. Analysts expected revenues of $249.41 million.
Scott Trumbull, Franklin Chairman and Chief Executive, commented,
"....Our organic sales growth rate, which excludes both acquisitions and foreign currency translation, was about 6 percent for the second quarter and reflects solid increases in our North American and South American Water businesses as well as our Fueling business. Our growth was driven by a combination of Water Systems market share gains in the United States, price increases across many of our global product lines, continued robust demand for agricultural irrigation pumps, and the success of recently launched new products."
The key foreign currency translation rates which underlie the company's third quarter guidance are the Euro at 1.23 (US$/EUR), the Brazilian Real at .49 (US$/BRL) and the South African Rand at .12 (US$/ZAR). If the foreign currency translation rates remain at these levels for the third quarter, the result will be to reduce the company's consolidated sales by about 5 percent and earnings per share after non-GAAP adjustments by about 8 percent compared to the third quarter of 2011.
Overall Franklin Electric believes that its EPS after non-GAAP adjustments will increase by 9 to 13 percent compared to the third quarter of the prior year.
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