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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 reported record first quarter 2021 sales of $333.0 million, a 25% increase from $266.8 million in Q1 2020. Operating income surged 144% to $33.8 million, with GAAP EPS also rising 157% to $0.59. The Water Systems segment saw 18% organic sales growth, while Distribution experienced a record 31% growth. Fueling Systems continued to recover, with sales improving by 7% outside North America. The company raised its 2021 EPS guidance to $2.80-$3.00 due to favorable demand and recent acquisitions.
Franklin Electric Co. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.175 per share, payable on May 20, 2021, to shareholders on record as of May 6, 2021. This announcement underscores the company's commitment to returning value to its shareholders. Franklin Electric is a prominent player in the production and marketing of systems for the movement of water and fuel, serving various sectors globally, including residential and commercial.
Franklin Electric Co., Inc. (NASDAQ: FELE) will report its Q1 2021 earnings on April 27, 2021, at 8:00 am ET, followed by a conference call at 9:00 am ET. The call will be accessible via a live webcast. Participants can ask questions by calling 877.643.7158 domestically or 914.495.8565 internationally, using conference ID 9894751. The replay will be available from April 27, 2021, at 12:00 noon ET until May 4, 2021. Franklin Electric specializes in systems for the movement of water and fuel, serving various sectors globally.
Franklin Electric Co. (NASDAQ: FELE) announced the acquisition of Puronics, Inc. for an all-cash transaction. Puronics provides residential and commercial water treatment products and services, with annual sales of approximately USD $24 million. The acquisition aims to enhance Franklin Electric's market position in the water treatment sector, expanding its product offerings and geographic reach. President Don Kenney highlighted the strategic importance of water treatment in relation to Franklin Electric's core business in groundwater pumping, emphasizing the strong market presence and quality focus of Puronics.
Franklin Electric reported record fourth quarter 2020 sales of $321.1 million, a slight increase from $320.1 million in Q4 2019. Operating income rose 20% to $34.4 million, while EPS grew to $0.57 from $0.42 a year prior. For the full year, sales declined to $1,247.3 million, with GAAP EPS increasing by 5% to $2.14. Noteworthy achievements included successful acquisitions and strong organic growth of 21% in Distribution. The company projects 2021 sales between $1.365 billion and $1.395 billion and EPS reaching $2.50 to $2.75.
Franklin Electric Co., Inc. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.175 per share. This dividend is payable on February 18, 2021, to shareholders on record as of February 4, 2021. The company continues to establish itself as a leader in the water and fuel movement systems industry, serving various sectors globally. Franklin Electric emphasizes its commitment to delivering quality products and services in residential, commercial, agricultural, industrial, and municipal applications.
Franklin Electric Co. (NASDAQ: FELE) announced the acquisition of Gicon Pumps & Equipment Inc. for $27.9 million on December 31, 2020. Gicon, based in Lubbock, Texas, is recognized for its quality service in the groundwater distribution sector, with annual sales of approximately $68 million. This acquisition enhances Franklin Electric's geographic presence in Texas and strengthens its commitment to groundwater markets, positioning it as a leading distributor of water systems solutions in the U.S.
Franklin Electric Co. (NASDAQ: FELE) announced the acquisition of Waterite Inc. and Waterite America Inc. in an all-cash transaction. Based in Winnipeg, Canada, Waterite specializes in residential and commercial water treatment products and services, boasting approximately USD $22 million in annual sales. The acquisition aligns with Franklin Electric's strategic focus on expanding its water treatment capabilities, leveraging Waterite's expertise in both Canadian and U.S. markets. This move aims to enhance Franklin Electric's existing water systems business.
Franklin Electric Co. (NASDAQ: FELE) reported Q3 2020 GAAP EPS of $0.82, up from $0.72 in Q3 2019. Sales rose to $351.2 million, compared to $348.4 million in the prior year. EPS before restructuring expenses was $0.83, a 14% increase year-over-year. Water businesses outside the U.S. grew 15%, while U.S. and Canada water business rose 12%. Fueling Systems sales declined 12%. The company raised its full-year EPS guidance to between $2.10 and $2.15, citing strong cash flow performance, with free cash flow expected to exceed 170% of net income for 2020.
Franklin Electric Co., Inc. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.155 per share, scheduled for payment on November 19, 2020, to shareholders on record as of November 5, 2020. The company, a global leader in water and fuel movement systems, emphasizes its technical leadership in serving diverse markets, including residential and industrial sectors. This dividend reflects Franklin Electric's commitment to shareholder value amidst ongoing operational activities in various global markets.
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