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Franklin Electric profit surges

July 29, 2008

By Scott Olson

Acquisitions and favorable exchange rates helped propel Franklin Electric Co. to a record second quarter.

The Bluffton manufacturer of water and fuel pumps today reported profit of $15.3 million, compared to $6.6 million in the same period last year.

Revenue shot to a second-quarter record of $201.7 million, up 32 percent.

About $30 million of the revenue increase was attributed to businesses acquired in the past year, and another $7 million was driven by exchange rates.

In addition, global sales rose 31 percent, to $157.4 million, as the company gained market share and pushed into developing regions.

Exports helped the company offset weak economic conditions in the United States caused by the residential housing decline, CEO R. Scott Trumbull said in a statement.

Franklin Electric shares dropped 61 cents to $41.45 today.

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