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Overview of Franklin Electric Co. Inc. (FELE)
Founded in 1944 and headquartered in Fort Wayne, Indiana, Franklin Electric Co. Inc. has evolved from a small motor manufacturing company into a globally recognized provider of advanced water and energy systems. With a robust presence in over 100 countries, Franklin Electric addresses a broad spectrum of applications across residential, commercial, agricultural, industrial, municipal, and fueling markets. Its operations are structured into three key segments: Water Systems, Energy Systems (formerly Fueling Systems), and Distribution, each contributing to the company's comprehensive product and service portfolio.
Core Business Segments
1. Water Systems
The Water Systems segment is at the heart of Franklin Electric's business, encompassing the design, manufacturing, and sale of submersible motors, pumps, drives, electronic controls, monitoring devices, and related components. These products are essential for applications such as groundwater extraction, water transfer, and wastewater management. By addressing critical water needs, Franklin Electric plays a pivotal role in ensuring access to clean water and efficient water management worldwide.
2. Energy Systems
Previously known as Fueling Systems, the Energy Systems segment reflects Franklin Electric's diversification into broader energy markets. This segment focuses on pumps, piping systems, sumps, fittings, vapor recovery components, electronic controls, and monitoring devices used in fueling applications. With a strong emphasis on innovation and technical expertise, this segment caters to industries requiring reliable energy transfer and storage solutions, including gas stations and industrial fueling systems.
3. Distribution
The Distribution segment provides critical presale support, specifications, and logistics to contractors and installers, ensuring seamless delivery of Franklin Electric's products. This segment strengthens the company's market presence by facilitating customer access to its extensive product portfolio and offering tailored solutions for diverse project requirements.
Global Reach and Strategic Growth
Franklin Electric's global footprint is supported by manufacturing facilities, assembly plants, and distribution centers strategically located in key regions. Recent acquisitions, such as Barnes de Colombia S.A., highlight the company's commitment to expanding its market presence in high-growth regions like Latin America. These strategic moves not only enhance Franklin Electric's product offerings but also strengthen its supply chain resilience and customer relationships.
Competitive Advantages
- Technical Expertise: Recognized as a leader in water and energy systems, Franklin Electric leverages decades of innovation to deliver high-quality, reliable solutions.
- Diverse Product Portfolio: With products ranging from submersible motors to advanced electronic controls, the company addresses a wide array of customer needs.
- Global Presence: Operating in over 100 countries, Franklin Electric serves a diverse customer base across multiple industries and geographies.
- Strategic Acquisitions: The company's targeted acquisitions enhance its market position and product offerings, driving growth and diversification.
- Customer-Centric Approach: Through its Distribution segment, Franklin Electric ensures tailored support and efficient delivery of its products.
Market Significance
Franklin Electric's solutions address critical challenges in water and energy management, making it a key player in industries that prioritize sustainability and efficiency. Its ability to innovate and adapt to changing market demands ensures its relevance in a competitive landscape. By focusing on quality, availability, service, innovation, and cost, the company continues to deliver exceptional value to its customers and stakeholders.
Conclusion
Franklin Electric Co. Inc. stands out as a global leader in water and energy systems, driven by its technical expertise, diverse product portfolio, and strategic growth initiatives. With a strong commitment to addressing global water and energy challenges, the company remains a trusted partner for customers across residential, commercial, agricultural, industrial, and municipal sectors.
Franklin Electric Co. (NASDAQ: FELE) has announced an additional 1,000,000 shares to its stock repurchase program, supplementing the 216,000 shares already authorized. This decision reflects the company's strong operational performance and robust financial standing, signaling the Board’s confidence in its business strategy and growth opportunities.
Franklin Electric is a leader in water and fuel systems, emphasizing its commitment to both profitable growth and returning capital to shareholders through dividends and share repurchases.
Franklin Electric reported fourth quarter 2022 sales of $489.4 million, a 13% increase from the previous year, achieving record operating income of $56.2 million (+19%). For the full year, sales reached $2.0 billion (+23%), with operating income at $257.2 million (+36%). Despite strong performance, GAAP EPS decreased slightly to $0.84 in Q4 and increased to a record $3.97 for the year (+22%). The Water Systems segment saw record sales of $281.3 million, while Distribution faced challenges with lower operating income due to weather impacts. Full year 2023 guidance anticipates sales between $2.1 billion and $2.2 billion.
Franklin Electric Co. (NASDAQ: FELE) will announce its fourth quarter and fiscal year 2022 earnings on February 14, 2023, at 8:00 AM ET. A conference call to discuss the results will follow at 9:00 AM ET, available via a live webcast. Registration is required for participants wishing to ask questions during the call. The event is set to provide insights into the company's business developments. Franklin Electric specializes in systems and components for water and fuel movement, serving various sectors globally. It holds a strong reputation for technical leadership in its offerings.
Franklin Electric Co. (NASDAQ: FELE) has announced a quarterly cash dividend of $0.225 per share, payable on February 16, 2023, to shareholders of record on February 2, 2023. This marks a significant 15% increase from the previous quarterly dividend and highlights the company's commitment to returning cash to shareholders. This increase will be the 31st consecutive year of dividend growth for Franklin Electric, reflecting confidence in its business outlook, according to CEO Gregg Sengstack.
Franklin Electric is recognized globally for its water and fuel movement systems and components.
Franklin Electric reported record third quarter sales of $551.7 million, a 20% increase from $459.0 million in Q3 2021. Operating income reached a record $80.0 million, growing 41% year-over-year. The company also announced a GAAP fully diluted EPS of $1.24, up from $0.98 in Q3 2021. Amid ongoing strong demand, they revised net sales guidance for FY 2022 to between $2.0 billion and $2.1 billion, with EPS guidance adjusted to $4.08 to $4.18.
Franklin Electric Co. (NASDAQ: FELE) declared a quarterly cash dividend of $0.195 per share, set for payment on November 17, 2022. Shareholders of record on November 3, 2022 will be eligible. Franklin Electric is recognized globally for its expertise in systems and components for moving water and fuel, serving various sectors including residential and industrial. The company's commitment to quality and innovation enhances its market leadership.
Franklin Electric Co. (NASDAQ: FELE) will announce its third quarter 2022 earnings on October 25, 2022, at 8:00 am ET, followed by a conference call at 9:00 am ET. The call will be accessible via a live webcast, offering detailed insights into the company’s performance and strategies.
Franklin Electric is renowned for its systems and components for water and fuel movement, catering to a diverse customer base including residential, commercial, and industrial sectors.
Franklin Electric Co., Inc. announced record second quarter 2022 results, with sales reaching $551.1 million, a 26% increase from the previous year. Operating income also hit a record at $81.0 million, up 57% year-over-year. GAAP fully diluted EPS reached $1.26, surpassing $0.83 from Q2 2021. The company updated its FY 2022 net sales guidance to between $2.00 billion and $2.15 billion and EPS expectations to $4.00 - $4.20.
The Water Systems, Distribution, and Fueling Systems segments all demonstrated strong organic sales growth.
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