Franklin Electric Reports First Quarter 2020 Sales and Earnings and Provides an Update on Effects of the Global Pandemic

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Go back to Franklin Electric Reports First Quarter 2020 Sales and Earnings and Provides an Update on Effects of the Global Pandemic

Franklin Electric (FELE) Tops Q1 EPS by 5c, Revenues Miss; Withdraws FY20 Guidance

April 28, 2020 8:02 AM EDT

Franklin Electric (NASDAQ: FELE) reported Q1 EPS of $0.24, $0.05 better than the analyst estimate of $0.19. Revenue for the quarter came in at $266.8 million versus the consensus estimate of $281.9 million.

Gregg Sengstack, Franklin Electrics Chairman and Chief Executive Officer, commented:

Our first quarter results were better than our expectations. While manufacturing revenue was down double digits, improved mix, margins and reduced operating expenses produced an improvement in our operating income that was higher than our expectations. With more normal weather, our distribution revenue was ahead of expectations and results were better than last year. Overall,... More