Franklin Electric Co., Inc. (FELE) Wednesday reported third-quarter profit which declined, hurt by higher SG&A expenses. Profit also missed analysts' expectations, while sales topped them.
Net profit declined to $22.7 million or $0.46 per share, from $25.1 million or $0.51 per share last year.
Excluding certain items, the company recorded a profit of $24 million or $0.50 per share. On average, five analysts polled by Thomson-Reuters estimated earnings to be $0.52. Analysts' estimates typically exclude one-time items.
Selling, general and administration expenses increased 15 percent to $55.6 million, including a $3.2 million increase due to acquisitions.
Net sales grew to $278.05 million from $249.84 million in the previous year. Analysts projected revenues to be $270.96 million.
For the fourth quarter, the company expects 3 to 5 percent growth in adjusted earnings Analysts expect earnings of $0.37 for the quarter.
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