Franklin Electric reports Q1 EPS 70c, consensus 73c

Reports Q1 revenue $460.9M, consensus $477.68M. “Our first quarter started slower than expected but improved as we moved through the quarter and demand seasonally increased. While results were slightly below our expectations due to the impact from unfavorable weather patterns and lingering commodity price headwinds in our Distribution business, underlying demand in our core markets remains healthy. Strong execution by our global teams drove improved margins on lower sales in our Water Systems and Fueling Systems segments,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.