Business
Franklin Electric Reports Record Third Quarter 2021 Results
Third Quarter 2021 Highlights Record sales of $459.0 million, compared to third quarter 2020 sales of $351.2 million, an increase of 31%Strong organic sales
About this update from Franklin Electric Co., Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights Record sales of $459.0 million, compared to third quarter 2020 sales of $351.2 million, an increase of 31%Strong organic sales growth in all three Segments; Distribution 30%, Fueling Systems 18%, and Water Systems 11%Operating income was $56.6 million, compared to third quarter operating income in 2020 of $48.4 million, an increase of 17%GAAP fully diluted earnings per share (EPS) was $0.98, a record for any quarterWorking capital as a percent of trailing twelve months sales improved 150 basis points to 27.6% FORT WAYNE, Ind., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Franklin Electric Co. Inc. today announced third quarter 2021 financial results. Third quarter 2021 sales were $459.0 million, compared to third quarter 2020 sales of $351.2 million. Third quarter 2021 operating income was $56.6 million, compared to third quarter operating income in 2020 of $48.4 million, an increase of 17 percent. Third quarter 2021 GAAP fully diluted earnings per share (EPS) was $0.98, versus GAAP fully diluted EPS in the third quarter 2020 of $0.82. “We continued to break records in the third quarter of 2021, as we once again delivered the highest consolidated net sales, operating income, and EPS for any quarter in Franklin’s history. Demand remains strong across the business, with notably strong performance in our Distribution business, which posted impressive year-over-year sales growth of 43 percent. At the same time, our Water Systems and Fueling Systems segments maintained a remarkable pace with sales growing 28 and 18 percent, respectively,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer. “While supply chain challenges continue throughout the global economy, our team remains focused on managing these on-going challenges to meet our customers’ needs. The integration of recent acquisitions within Water Treatment continues to progress and offers a promising foundation to drive growth in our Global Water business. We look forward to capitalizing on sustained momentum in all of our business segments across the globe and drive value for our shareholders as we execute our strategic plan,” Mr. Sengstack concluded. Segment Summaries Water Systems sales, a new record for any quarter, were $260.7 million in the third quarter 2021, an increase of $57.8 million or 28 percent versus the third...