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Franklin Electric Co Inc (FELE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Franklin Electric Co Inc

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CIK: 836658 Ticker: FELE



Exhibit 99.1

For Immediate Release    

For Further Information
Refer to: John J. Haines
260-824-2900

FRANKLIN ELECTRIC REPORTS FOURTH
QUARTER AND FULL YEAR 2017 SALES AND EARNINGS

Fort Wayne, IN - February 20, 2018
 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported fourth quarter 2017 GAAP fully diluted earnings per share (EPS) of $0.17, versus a GAAP fully diluted EPS in the fourth quarter 2016 of $0.37. In the fourth quarter of 2017, the Company’s EPS was $0.21 before restructuring compared to 2016 fourth quarter EPS of $0.37 before restructuring (see table below for a reconciliation of GAAP EPS to EPS before restructuring). The Company incurred a tax expense of $0.21 per share related to the U.S. Tax Cuts and Jobs Act of 2017. Before restructuring and the tax expense associated with the U.S. Tax Cuts and Jobs Act of 2017, the Company’s fourth quarter 2017 EPS was $0.42.

Fourth quarter 2017 sales were $288.2 million, compared to 2016 fourth quarter sales of $239.6 million. The sales increase was primarily from acquisitions. Organic sales increased about 2 percent when excluding the impact of foreign currency translation.

Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:

“Our fourth quarter Water Systems operating income was below our expectations. We saw a signficant downturn in our business in Brazil, in large part due to the overall economic environment in that region. Our operating income before restructuring in Brazil was lower by over 60 percent versus the same quarter in 2016. We had modest revenue growth in our Water Systems businesses in Europe, Africa and Asia during the quarter. In North America, the recovery of oil and gas end markets nearly doubled our sales of dewatering pumps during the quarter while groundwater system sales declined about 9 percent, in line with our expectations, due to the intentional reduction of working capital in our distribution company, and a difficult comparison to a very strong fourth quarter in 2016.

Our Fueling Systems segment had another record quarter for sales and earnings with fourth quarter sales up 10 percent and operating income before restructuring up 20 percent versus the fourth quarter of 2016.

Considering seasonality and the disruption in the supply base, the sales of our U.S. Distribution segment were in line with our expectations.”










The following information was filed by Franklin Electric Co Inc (FELE) on Tuesday, February 20, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Franklin Electric Co Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Income
Accounting Pronouncements
Accounting Pronouncements (policies)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (details)
Accrued Expenses And Other Current Liabilities (tables)
Accumulated Other Comprehensive Income/(loss)
Accumulated Other Comprehensive Income/(loss) (details)
Accumulated Other Comprehensive Income/(loss) (tables)
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (purchase Price Assigned To Each Major Identifiable Asset And Liability) (details)
Acquisitions (tables)
Acquisitions Acquisitions (pro Forma Information) (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Debt
Debt (debt Payments Expected To Be Paid) (details)
Debt (details)
Debt (schedule Of Debt) (details)
Debt (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (assumptions Used To Determine Domestic Benefit Obligations And Domestic Periodic Benefit Cost) (details)
Employee Benefit Plans (defined Contribution Plans) (details)
Employee Benefit Plans (details)
Employee Benefit Plans (expected Benefit Payments) (details)
Employee Benefit Plans (funds Invested In Equity, Fixed Income, And Other Investments And Fair Values Of Pension Plan Assets By Asset Category) (details)
Employee Benefit Plans (net Periodic Benefit Costs) (details)
Employee Benefit Plans (other Changes In Plan Assets And Benefit Obligation Recognized In Other Comprehensive Income) (details)
Employee Benefit Plans (tables)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Financial Instruments
Financial Instruments (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (future Amortization) (details)
Goodwill And Other Intangible Assets (goodwill) (details)
Goodwill And Other Intangible Assets (intangible Assets) (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (details)
Income Taxes (effective Tax Rate Reconciliation) (details)
Income Taxes (income Before Income Taxes) (details)
Income Taxes (income Tax Provisions) (details)
Income Taxes (reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits) (details)
Income Taxes (summary Of Operating Loss Carryforwards) (details)
Income Taxes Income Taxes (tables)
Other Assets
Other Assets Other Assets (details)
Restructuring
Restructuring (details)
Restructuring (tables)
Segment And Geographic Information
Segment And Geographic Information (details)
Segment And Geographic Information (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Share-based Compensation
Share-based Compensation (additional Stock Option Information) (details)
Share-based Compensation (narrative Other Information) (details)
Share-based Compensation (shares Authorized) (details)
Share-based Compensation (stock Option Activity) (details)
Share-based Compensation (stock/stock Unit Award Activity) (details)
Share-based Compensation (tables)
Share-based Compensation (valuation Assumptions Used) (details)
Shareholders' Equity
Shareholders' Equity (details)
Shareholders' Equity (tables)
Subsequent Event Subsequent Event
Subsequent Event Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (intangibles) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (property, Plant & Equipment) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: FELE
CIK: 38725
Form Type: 10-K Annual Report
Accession Number: 0000038725-18-000039
Submitted to the SEC: Tue Feb 27 2018 1:22:54 PM EST
Accepted by the SEC: Tue Feb 27 2018
Period: Sunday, December 31, 2017
Industry: Motors And Generators

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