FORT WAYNE, Ind. (AP) _ Franklin Electric Co. (FELE) on Tuesday reported second-quarter profit of $30.5 million.
The Fort Wayne, Indiana-based company said it had net income of 64 cents per share. Earnings, adjusted for restructuring costs, were 65 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The water and fuel pumping systems company posted revenue of $344 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $346.2 million.
Franklin Electric expects full-year earnings to be $2.27 to $2.37 per share.
Franklin Electric shares have increased 2 percent since the beginning of the year. The stock has climbed 11 percent in the last 12 months.