Franklin Electric backs FY19 EPS ex-restructuring charges view $2.37-$2.47
Consensus $2.40. "As we look forward to the balance of 2019, the key question will be the recovery of net sales in North America in both our Water Systems and Distribution segments that we believe were delayed due to the poor weather during the first quarter," said CEO Gregg Sengstack. "Our review with these businesses in the last several weeks confirms that the end market demand is still robust; however, the environment for equipment manufacturers will be even more competitive. Except for Europe and the Middle East, we think there is still opportunity for growth in the other international Water Systems businesses. Fueling Systems continues to capitalize on numerous market opportunities. As a result, we continue to believe our previous growth guidance of 4 to 6 percent in 2019 is doable. We also continue to believe we can achieve our original earnings per share before restructuring charges guidance of $2.37 to $2.47 per share. In addition to some sales volume recovery, we are taking cost reduction actions in virtually all of our business units to make up portions of the earnings shortfall we experienced in the first quarter."