Business
Franklin Electric Reports Record Fourth Quarter 2022 and Full Year 2022 Results
Fourth Quarter 2022 Highlights Sales of $489.4 million, an increase of 13% over the prior year, was a fourth quarter recordRobust sales growth in all three
About this update from Franklin Electric Co., Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights Sales of $489.4 million, an increase of 13% over the prior year, was a fourth quarter recordRobust sales growth in all three Segments; Distribution up 27%, Water Systems up 9%, and Fueling Systems up 8%Operating income was a fourth quarter record at $56.2 million, an increase of 19% over the prior yearGAAP fully diluted earnings per share (EPS) was $0.84, a decrease of $0.01 to prior year Full Year 2022 Highlights Full Year record sales of $2.0 billion, an increase of 23% over the prior yearStrong sales growth in all three Segments; Distribution up 34%, Water Systems up 20%, and Fueling Systems up 16%Operating income for 2022 was a record at $257.2 million, an increase of 36% over the prior yearGAAP fully diluted EPS was a record at $3.97, an increase of 22% over the prior year FORT WAYNE, Ind., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Franklin Electric Co. Inc. today announced fourth quarter and full year financial results for fiscal year 2022. Fourth quarter 2022 sales were $489.4 million, compared to fourth quarter 2021 sales of $432.5 million. Fourth quarter 2022 operating income was $56.2 million, compared to fourth quarter operating income in 2021 of $47.2 million. Fourth quarter 2022 GAAP fully diluted EPS was $0.84, versus GAAP fully diluted EPS in the fourth quarter 2021 of $0.85. Worth noting, the Company’s fourth quarter 2021 results included a $6.5 million one-time gain on a bargain purchase price transaction. Full year 2022 sales were $2.0 billion, compared to full year 2021 sales of $1.7 billion. Full year 2022 operating income was $257.2 million, compared to operating income in 2021 of $189.2 million. Full year 2022 GAAP fully diluted EPS was $3.97, versus GAAP fully diluted EPS in 2021 of $3.25. “Franklin Electric delivered a solid fourth quarter finish to 2022 with our eighth consecutive quarter of double-digit sales and operating income growth over the prior-year quarter, which capped another record full year for sales, operating income and earnings per share. Once again, our global team rose to the occasion and delivered in a challenging, but improving, operating environment,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer. “Demand remained strong across our business in the fourth quarter, demonstrated by sustained top-line growth and the elevated...