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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 the acquisition of Blake Group Holdings for $27.1 million in cash, finalized on December 31, 2021. Blake, a key player in the groundwater distribution sector with approximately $74 million in annual sales, operates 14 locations in the northeastern U.S. DeLancey Davis, President of Headwater Companies, emphasized that this acquisition enhances their presence in the New York and New England markets, aligning with their goal to lead in water systems distribution.
Franklin Electric reported record third quarter 2021 sales of $459.0 million, a 31% increase from $351.2 million in 2020. Operating income rose to $56.6 million, up 17% year-over-year. The GAAP EPS reached a record $0.98, compared to $0.82 in 2020. All three business segments showed strong organic growth: Distribution at 30%, Fueling Systems at 18%, and Water Systems at 11%. The company raised its full-year EPS guidance to $2.99 to $3.07. Despite ongoing supply chain challenges, Franklin Electric remains focused on growth across its global operations.
Franklin Electric Co., Inc. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.175 per share, payable on November 18, 2021, to shareholders recorded by November 4, 2021. As a leader in water and fuel movement systems, Franklin Electric serves diverse sectors globally, including residential and industrial applications. This move reflects the company's ongoing commitment to returning value to its shareholders while maintaining its leadership position in the market.
Franklin Electric Co. (NASDAQ: FELE) is set to release its third quarter 2021 earnings on October 26, 2021, at 8:00 am ET. A follow-up conference call will be hosted at 9:00 am ET to discuss the earnings and business developments. The call will be accessible via live webcast. Those wishing to ask questions can dial in with specific contact numbers provided for domestic and international callers. A replay of the call will be available shortly after, extending through November 2, 2021. Franklin Electric is recognized as a global leader in water and fuel systems.
Franklin Electric Co. announced impressive financial results for Q2 2021, reporting sales of $437.3 million, a 42% increase from Q2 2020. Operating income soared by 52% to $51.6 million, with GAAP diluted EPS reaching a record $0.83. All segments saw strong organic sales growth: Distribution up 41%, Fueling Systems 27%, and Water Systems 23%. The company maintains its full-year EPS guidance of $2.85 to $3.05. Despite ongoing supply chain challenges, Franklin Electric is confident in its future growth prospects.
Franklin Electric Co. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.175 per share, set for payment on August 19, 2021, to shareholders of record by August 5, 2021. The company is a global leader in the production of systems and components for water and fuel management, catering to various markets including residential, commercial, and agricultural sectors.
Franklin Electric emphasizes its commitment to innovation and technical expertise in its product offerings.
Franklin Electric Co. (NASDAQ: FELE) will announce its Q2 2021 earnings on July 27, 2021, at 8:00 am ET. Following this, a conference call is scheduled at 9:00 am ET to discuss earnings and business developments. The call will be accessible via a live webcast. A replay will be available from July 27 at noon ET until August 3, 2021. Franklin Electric is a leading provider of water and fuel movement solutions, serving various industries globally.
Franklin Electric (NASDAQ: FELE) appointed Jeffery L. Taylor as Vice President and Chief Financial Officer, effective June 14, 2021. Taylor, previously CFO of Blue Bird Corporation, brings over 20 years of finance leadership experience. John J. Haines, who served as CFO for 13 years, will assist in the transition. CEO Gregg C. Sengstack praised Taylor's operational expertise and ability to drive long-term value. Haines notably guided the finance team through significant growth since joining during the financial crisis in 2008.
Franklin Electric Co. (NASDAQ: FELE) has acquired New Aqua, LLC for $150 million in cash, enhancing its position in the water treatment market. The acquisition is expected to be accretive to 2021 earnings per share (EPS) by $0.04 to $0.06. New Aqua, with over 60 years of experience and approximately $68 million in annual sales, strengthens Franklin Electric's product offerings while expanding its dealer channel access. The transaction aligns with Franklin Electric's strategy to invest in key water treatment assets, supporting growth in both residential and commercial categories.
Franklin Electric Co., Inc. (NASDAQ: FELE) announces significant changes to its Board of Directors effective May 7, 2021. David T. Brown has retired after serving since 2008, with gratitude expressed for his contributions. Alok Maskara has been elected as a new director, bringing nearly 30 years of experience in manufacturing and technology, previously serving as CEO of Luxfer Holdings PLC. Thomas R. VerHage will now serve as Lead Independent Director, succeeding Mr. Brown.
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