Welcome to our dedicated page for Franklin Electric Co news (Ticker: FELE), a resource for investors and traders seeking the latest updates and insights on Franklin Electric Co stock.
Franklin Electric Co Inc (NASDAQ: FELE) is a global leader in the design, manufacture, and distribution of water and fuel pumping systems. Established in 1944 and headquartered in Fort Wayne, Indiana, Franklin Electric has expanded its reach to serve customers worldwide, providing essential solutions for a variety of applications including residential, commercial, agricultural, industrial, municipal, and fueling systems.
The company operates through three primary segments:
- Water Systems: This segment is dedicated to the design, manufacture, and sale of motors, pumps, drives, electronic controls, and monitoring devices. Its primary focus areas include groundwater, water transfer, and wastewater management. Recent achievements include the integration of Action Manufacturing & Supply, which strengthens its water treatment capabilities.
- Fueling Systems: The fueling systems segment designs and manufactures components essential for fueling applications. This includes pumps, pipes, sumps, fittings, vapor recovery components, and electronic controls. Despite market challenges, this segment continues to be a critical part of Franklin Electric’s operations, providing sophisticated solutions for fuel management.
- Distribution: This segment focuses on sales and pre-sale support to installing contractors. It has experienced some fluctuations due to weather conditions and market dynamics but continues to show resilience through strategic acquisitions like Water Works Pump, LLC, aimed at expanding their footprint in the Midwest.
Franklin Electric is also recognized for its commitment to corporate responsibility. It has earned accolades such as being listed in Newsweek’s America’s Most Responsible Companies and Most Trustworthy Companies for 2023, and USA Today’s America’s Climate Leaders 2023.
The company's financial health remains solid, with substantial cash flow improvements noted in their recent earnings reports. They have shown a consistent ability to adapt to market conditions, as evidenced by their recent acquisition strategies and technological advancements. Franklin Electric remains a steadfast provider of innovative and reliable solutions in water and fueling system industries, demonstrating a robust growth trajectory and a commitment to quality and customer satisfaction.
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.
Franklin Electric Co. (NASDAQ: FELE) will release its third quarter 2020 earnings on October 27, 2020, at 8:00 am ET. The earnings call will follow at 9:00 am ET, accessible via a live webcast. The company is recognized globally for its systems and components in water and fuel movement across various sectors including residential and industrial applications. Forward-looking statements in the release highlight potential risks such as economic conditions, supply chain issues, and changes in market demand, which may affect financial results.
Franklin Electric Co. (NASDAQ: FELE) declared a quarterly cash dividend of $0.155 per share, payable on August 20, 2020, to shareholders of record by August 6, 2020. The company is recognized as a technical leader in producing systems and components for the movement of water and fuel, serving various customer segments globally, including residential, commercial, and agricultural sectors.
Franklin Electric Co. (NASDAQ: FELE) will release its Q2 2020 earnings on July 28, 2020, at 8:00 am ET, followed by a conference call at 9:00 am ET. The call will provide insights into earnings and business developments and be accessible via a live webcast. A replay will be available from July 28 at 12:00 noon ET until August 4, 2020. Franklin Electric is a leading producer of systems and components for water and fuel movement, serving various sectors globally.
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