Franklin Electric reports Q1 EPS 67c, consensus 73c

Reports Q1 revenue $455.247M, consensus $470.41M. “Our underlying businesses performed largely as expected in the first quarter. Order trends remain positive, supporting a robust backlog as we enter the second quarter. Furthermore, strong performance in our Energy Systems segment helped offset unfavorable weather impacting our Distribution business, underscoring the value of our diversified global portfolio. One-time expenses associated with our executive transition and recent acquisitions presented earnings headwinds during the quarter, but our operating strength was clear,” commented Joe Ruzynski, Franklin Electric’s (FELE) CEO.