Franklin Electric misses by $0.02, reports revs in-line; raises FY16 EPS
- Reports Q1 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.31; revenues fell 3.2% year/year to $218.4 mln vs the $217.21 mln Capital IQ Consensus.
- Co issues upside guidance for FY16, raises EPS to $1.60-1.70 from $1.57-1.67 vs. $1.61 Capital IQ Consensus Estimate, reflecting recent strength in USD.
- "Our company delivered solid results in the first quarter led by the improved profitability of our U.S. Water business and record performance in our Fueling Systems business. Excluding the impact of foreign exchange, we achieved 3 percent organic growth in the first quarter of 2016, growing both our Water and Fueling Systems segments. Adjusted operating income increased 33 percent as we realized the continuing benefits of improved costs, sales mix and pricing. After non-GAAP adjustments, Water Systems operating income increased 25 percent on a reported 6 percent sales decline. Water system operating margins increased sequentially and increased 360 basis points compared to the first quarter 2015. Fueling Systems operating income increased 8 percent on a 7 percent sales increase."