Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.Franklin Electric Co. Inc. today reported second-quarter earnings of $24.8 million, or $1.04 per diluted share, a 14 percent increase over the $21.7 million, or 91 cents a share, reported for last year’s second quarter.
The earnings, which were made on sales of $246.7 million, were a record for any quarter in the history of the Bluffton-based manufacturer. Sales for the same three months a year ago were $224.1 million.
Franklin Electric designs and makes submersible motors and pumping systems used to move water and fuel. In April, the company started construction near Fort Wayne International Airport on a new headquarters expected to cost $32 million to $36 million.
Scott Trumbull, chairman and CEO, said the international company set the new earnings record despite unfavorable currency exchange rates.
“Our organic sales growth rate, which excludes both acquisitions and foreign currency translation, was about 6 percent for the second quarter and reflects solid increases in our North American and South American water businesses and well as our fueling business,” he said in a written statement.
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