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July 1, 2014
16:11 EDTFELEFranklin Electric to close Wittlich, Germany facility
Franklin Electric has approved a plan to close its Wittlich, Germany manufacturing facility. As part of this action, the Company will transfer the existing Wittlich manufacturing activity to its Brno, Czech Republic facility. The transfer should be completed by the middle of 2016. The company will maintain its European Water Systems Headquarters and distribution center in Wittlich and this announcement pertains only to the manufacturing operations located there. Further, the company will also complete other asset write-offs, miscellaneous realignments and fixed costs reductions in other European based business units and facilities. The company has estimated the pretax charge for these actions to be between $13.2M-$14M. The charges will begin in Q3 and are estimated to conclude by the end of 2016 and include severance expenses, professional service fees, asset write-offs, and temporarily leased facilities costs. Approximately 10% of these charges will be non-cash.
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October 29, 2014
15:48 EDTFELEFranklin Electric downgraded to Long-Term Buy from Buy at Hilliard Lyons
08:10 EDTFELEFranklin Electric ses Q4 EPS up 3%-5%
Commenting on the outlook for the fourth quarter of 2014, CEO Gregg Sengstack said, "As we look forward to Q4, our Water Systems outlook assumes the continuation of many of the same factors we experienced in the third quarter. Although we believe organic revenue growth will be solid, product sales mix will continue to negatively affect our adjusted operating income as we expect ground water equipment sales to be lower in the U.S., due principally to the decline in the sale of agricultural irrigation pumping equipment. As a result, we are projecting that our fourth quarter 2014 global Water Systems sales will increase by 8%-10%, but our adjusted operating income will decline 10%-12%. It is important to note that as we move into 2015, we expect our Water Systems sales mix to return to more historical levels, restoring the operating margin profile the company has consistently achieved. We estimate that our Fueling Systems sales and adjusted operating earnings will grow in Q4 by 4%-6% as compared to a record 4Q13. Finally, our consolidated adjusted EPS growth will be in the 3%-5% range, due in part, to the continued benefit of tax planning with respect to our foreign operations."
08:07 EDTFELEFranklin Electric reports Q3 adjusted EPS 50c, consensus 52c
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