Business
Franklin Electric Reports Record Second Quarter 2023 Results
Second Quarter 2023 Highlights Consolidated net sales of $569.1 million, a new all-time quarterly record, was an increase of 3% over the prior yearWater
About this update from Franklin Electric Co., Inc.
[{"type":"text","content":"Second Quarter 2023 Highlights Consolidated net sales of $569.1 million, a new all-time quarterly record, was an increase of 3% over the prior yearWater Systems and Distribution sales increased by 4% and 1%, respectively, while Fueling Systems sales decreased 7%Operating income was $80.9 million with healthy operating margin of 14.2%GAAP fully diluted earnings per share (EPS) was $1.27, a new record for any quarter FORT WAYNE, Ind., July 25, 2023 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. today announced its second quarter financial results for fiscal year 2023. Second quarter 2023 net sales were $569.1 million, compared to second quarter 2022 net sales of $551.1 million. Second quarter 2023 operating income was $80.9 million, compared to second quarter 2022 operating income of $81.0 million. Second quarter 2023 EPS was $1.27, versus EPS in the second quarter 2022 of $1.26. “We delivered another quarter of record sales and EPS performance for Franklin Electric. Results were driven by a solid demand environment that continued into the busy season for our core markets. Strong execution by our global teams enabled backlog and inventory levels to continue trending towards normalized levels, significantly improving our cash flow generation,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer. “Even though our second quarter sales were adversely impacted by weather and distributors right-sizing inventory levels, our end-market demand remains healthy. As we enter the third quarter, we have an elevated backlog which gives us momentum and confidence in our outlook for the remainder of 2023,” concluded Mr. Sengstack. Segment Summaries Water Systems net sales, a new all-time quarterly record, were $321.7 million in the second quarter 2023, an increase of $11.2 million compared to the second quarter 2022. Sales increases were led by pricing actions and continued strong end market demand for large pumps. Water Systems operating income in the second quarter 2023 was $50.8 million, a new quarterly record, driven by higher sales. Second quarter 2022 Water Systems operating income was $49.0 million. Distribution net sales, a new second quarter record, were $193.1 million in the second quarter 2023, an increase of $2.0 million compared to the second quarter 2022. Sales increases were led by end market dema...