Franklin Electric Co Inc posted a market-beating quarterly profit as a 16 percent sales growth boosted gross margins, but the water and fuel pumps maker said rising raw material costs would hurt margin growth in the second quarter. The company said it experienced "extraordinary" rise in costs of copper, steel and plastic resins. The company, whose larger rivals include Flowserve Corp , Gardner Denver Inc and Pentair Inc , however, said it expects consolidated earnings to grow at a "more rapid pace" on anticipated fall in effective tax. For the first quarter, the company reported earnings of $10.7 million, or 45 cents a share, against $7.3 million, or 31 cents a share, a year ago.
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