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.