Profit Grows For Franklin Electric
FORT WAYNE - Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting full-year net income of $106 million in 2018, up from $79.6 million the previous year. Chief Executive Officer Gregg Sengstack says the company set records in numerous financial metrics, including net sales, gross profit and earnings per share.
The company is also reporting fourth quarter net income of $24.3 million, up from $7.9 million during the same period in 2017.
"Our record fourth quarter results were driven by continued strong performance in the U.S. Water Systems and our global Fueling Systems businesses. Before restructuring charges, our operating income and earnings per share grew by 17 and 24 percent, respectively, compared to the fourth quarter of 2017. Water margin improved; but Fueling margin declined from last year’s record margin, due to mix and cost pressures."
Sengstack says the company is confident it can continue its momentum in 2019, despite headwinds from global economic and political uncertainties. You can view the full earnings report by clicking here.