You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • New Pimco chief could bring relief to fund giant
    NEW YORK – With Bill Gross' surprise departure from Pimco, 45-year-old Daniel Ivascyn now finds himself watching over trillions in assets at the huge mutual fund firm.
  • PayPal, eBay going their separate ways
    NEW YORK – PayPal's impending split from longtime partner eBay Inc. will ratchet up its appeal to online retail competitors such as Amazon.com and give it the freedom to aggressively take on new mobile pay challenger Apple Pay.
  • US prices for homes lose steam
    WASHINGTON – U.S. home prices in July increased at the slowest pace in 20 months, reflecting sluggish sales and a greater supply of houses for sale.
Advertisement

Franklin Electric quarterly earnings up 10%

Franklin Electric Co. Inc. on Tuesday reported first-quarter earnings of $17 million, or 35 cents per diluted common share, a 10 percent increase from the $15.5 million, or 32 cents a share, posted for the same three months of 2013.

After various adjustments, Franklin Electric’s earnings for the quarter ended March 31 set a record for any quarter in the company’s history. The company also reported record sales of $231.4 million, a 4 percent increase from last year’s first quarter.

The Fort Wayne-based company designs and makes submersible motors and pumping systems used to move water and fuel. Customers include homeowners, municipalities, and companies in commercial, agricultural and industrial industries.

Franklin Electric has scheduled its annual shareholder meeting for 9 a.m. Friday, the same day that Scott Trumbull will retire as CEO. Gregg Sengstack, president and chief operating officer, will become CEO. Trumbull will be non-executive chairman of the board.

Advertisement