Business
Franklin Electric Reports Fourth Quarter 2019 Sales and Earnings
FORT WAYNE, Ind., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) reported fourth quarter 2019 GAAP fully diluted earnings per
About this update from Franklin Electric Co., Inc.
[{"type":"text","content":"FORT WAYNE, Ind., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) reported fourth quarter 2019 GAAP fully diluted earnings per share (EPS) of $0.42, versus a GAAP fully diluted EPS in the fourth quarter 2018 of $0.51. Fourth quarter 2019 sales were $320.1 million, compared to 2018 fourth quarter sales of $316.7 million. Fourth quarter EPS before the impact of restructuring expenses was $0.43 compared to 2018 fourth quarter EPS before restructuring of $0.52 (see table below for a reconciliation of GAAP EPS to EPS before restructuring). \n Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented: “Our fourth quarter operating results were generally in line with our expectations which were to be about the same as the fourth quarter last year. Our revenue was up 1 percent from last year as we benefitted from stronger sales in our Distribution business, our water treatment acquisition and continued strength in Fueling Systems, all of which was offset by the expected decline in our dewatering pump systems sales in the quarter. These sales impacts were offset with lower selling, general and administrative expenses and resulted in operating income being flat in the quarter. Our Earnings Per Share decline versus last year’s fourth quarter is entirely due to higher foreign exchange transactional losses that are non-operational in nature and below the operating income line. “In 2019, our team executed well in a tough end market environment. While earnings were below our expectations, our free cash flow conversion of net income increased from 101 percent in 2018 to 163 percent in 2019.” Key Performance Indicators: For the Fourth Quarter For the Full YearEarnings Before and After Restructuring 20192018Change 20192018Change(in millions) Net Income attributable to FE Co., Inc. Reported $ 19.8 $ 24.2 -18% $ 95.5 $ 105.9 -10%Allocated Earnings $(0.2)$(0.2) $(0.7)$(0.8) Earnings for EPS Calculations $ 19.6 $ 24.0 -18% $ 94.8 $ 105.1 -10% Restructuring (before tax): $0.8 $0.7 $2.5 $1.7 Restructuring, net of tax: $0.6 $0.6 $2.0 $1.4 Earnings before Restructuring $ 20.2 $ 24.6 -18% $ 96.8 $ 106.5 -9% For the Fourth Quarter For the Full YearEarnings Per Share 20192018Change 20192018ChangeBefore and After Restructuring (in millions except Earnings Per Share) Average Fully Diluted Shares Outstand...