0000038725-22-000007.txt : 20220215 0000038725-22-000007.hdr.sgml : 20220215 20220215080413 ACCESSION NUMBER: 0000038725-22-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220215 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220215 DATE AS OF CHANGE: 20220215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN ELECTRIC CO INC CENTRAL INDEX KEY: 0000038725 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [3621] IRS NUMBER: 350827455 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00362 FILM NUMBER: 22637080 BUSINESS ADDRESS: STREET 1: 9255 COVERDALE ROAD CITY: FORT WAYNE STATE: IN ZIP: 46809 BUSINESS PHONE: 2608242900 MAIL ADDRESS: STREET 1: 9255 COVERDALE ROAD CITY: FORT WAYNE STATE: IN ZIP: 46809 8-K 1 fele-20220215.htm 8-K fele-20220215
0000038725false00000387252022-02-152022-02-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 15, 2022

FRANKLIN ELECTRIC CO., INC.
(Exact name of registrant as specified in its charter)
Indiana 0-362 35-0827455
(State of incorporation) (Commission File Number) (IRS employer identification no.)
9255 Coverdale Road
Fort Wayne,Indiana46809
(Address of principal executive offices)(Zip code)

(260) 824-2900
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.10 par valueFELENASDAQGlobal Select Market
(Title of each class)(Trading symbol)(Name of each exchange on which registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition

On February 15, 2022, Franklin Electric Co., Inc. issued a press release announcing its earnings for the fourth quarter and full year of 2021. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. This Current Report on Form 8-K and the press release attached hereto are being furnished pursuant to Item 2.02 of Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits:
Exhibit NumberDescription
99.1
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FRANKLIN ELECTRIC CO., INC.
(Registrant)
Date: February 15, 2022
By/s/ Jeffery L. Taylor
Jeffery L. Taylor
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)


 EX-99.1 2 a202202158-kexhibit991.htm EX-99.1 Document


Exhibit 99.1

NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS RECORD FOURTH QUARTER 2021 AND RECORD FULL YEAR 2021 RESULTS


Fourth Quarter 2021 Highlights
•Record sales of $432.5 million, compared to fourth quarter 2020 sales of $321.1 million, an increase of 35%
•Strong organic sales growth in all three Segments; Distribution 39%, Water Systems 23%, and Fueling Systems 21%
•Operating income was a record at $47.2 million, compared to fourth quarter operating income in 2020 of $34.4 million, an increase of 37%
•GAAP fully diluted earnings per share (EPS) was $0.85, a new record for any fourth quarter
•Working capital as a percentage of trailing twelve months sales improved 70 basis points to 26.9%

Full Year 2021 Highlights
•Full Year 2021 sales of $1,661.9 million, a record compared to 2020 sales of $1,247.3 million, an increase of 33%
•Operating income for 2021 was a record at $189.2 million, compared to operating income in 2020 of $130.5 million, an increase of 45%
•GAAP fully diluted earnings per share (EPS) of $3.25, an increase of 52% from prior year


Fort Wayne, IN – February 15, 2021 – Franklin Electric Co. Inc. today announced fourth quarter and full year financial results for fiscal year 2021.

Fourth quarter 2021 sales were $432.5 million, compared to fourth quarter 2020 sales of $321.1 million. Fourth quarter 2021 operating income was $47.2 million, compared to fourth quarter operating income in 2020 of $34.4 million, an increase of 37 percent.

Fourth quarter 2021 GAAP fully diluted earnings per share (EPS) was $0.85, versus GAAP fully diluted EPS in the fourth quarter 2020 of $0.57. The Company’s fourth quarter 2021 results included a $6.5 million one-time income gain on a bargain purchase price transaction on the income statement in the ‘Other Income/Expense’ section. Although it is not the Company’s practice to note items as non-GAAP adjustments in reported results, we are mentioning this gain due to its size and since the Company does not consider it to be operational in nature.

Full year 2021 sales were $1,661.9 million, compared to full year 2020 sales of $1,247.3 million. Full year 2021 operating income was $189.2 million, compared to full year operating income in 2020 of $130.5 million, an increase of 45 percent.

Full year 2021 GAAP fully diluted earnings per share (EPS) was $3.25, versus GAAP fully diluted EPS in 2020 of $2.14.

“Finishing the year on a high note, we once again delivered record fourth quarter sales and earnings results. We saw strong demand across all business segments, with exceptional performance in our Distribution business which posted year-over-year sales growth of 50 percent, and Water Systems and


Fueling Systems delivering sales growth of 36 percent and 21 percent, respectively. We also continued to execute our inorganic growth strategy through our acquisitions of a leading groundwater distribution company covering the Northeastern United States and a water treatment business based in the Southwest, which we believe have ample runway for growth,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

“2021 was a pivotal year for our business, as we delivered record-breaking results, further extended our geographic footprint and enhanced our product offerings. While supply chain challenges have continued, we believe they have stabilized, and we enter 2022 on strong footing with robust demand across our end markets. As the innovation leader in water systems, distribution, and fueling, Franklin is positioned for growth to meet rapidly accelerating clean water demand worldwide, as well as to address increasing environmental and sustainability concerns around both water and fueling,” concluded Mr. Sengstack.

Segment Summaries

Water Systems sales, a new record for any fourth quarter, were $258.0 million in the fourth quarter 2021, an increase of $68.7 million or 36 percent versus the fourth quarter 2020. Water Systems sales, excluding acquisitions and the impact of foreign currency translation, were up about 23 percent compared to the fourth quarter 2020. Sales of groundwater pumping equipment and sales of both surface pumping and dewatering equipment increased due to strong end market demand. Water Systems operating income in the fourth quarter was $36.4 million driven by higher sales. Fourth quarter 2020 Water Systems operating income was $30.4 million.

Distribution sales, a new record for any fourth quarter, were $116.9 million in the fourth quarter 2021. The Distribution segment organic sales increased 39 percent compared to the fourth quarter of 2020. Revenue growth was driven by broad-based demand in all regions and product categories in addition to the growth from acquisition. The Distribution segment operating income was $5.6 million in the fourth quarter of 2021 compared to fourth quarter 2020 operating income of $0.5 million.

Fueling Systems sales, a new record for any fourth quarter, were $79.0 million in the fourth quarter 2021, an increase of $13.5 million versus the fourth quarter 2020. Fueling Systems sales in the U.S. and Canada increased by about 30 percent compared to the fourth quarter 2020. The increase was due to higher demand for Fuel Management and Pumping Systems and Piping. Outside the U.S. and Canada, Fueling Systems revenues were flat, as sales increases of 2 percent in the rest of the world outside of China were offset by lower sales in China. Fueling Systems operating income in the fourth quarter was $22.2 million, compared to $18.8 million in the fourth quarter of 2020.

Cash Flow

Net cash flows from operating activities for 2021 were $129.8 million versus $211.9 million in the same period in 2020. The decrease was primarily due to higher working capital requirements in support of higher revenues.

2022 Guidance

The Company expects its full year 2022 sales to be in the range of $1.90 billion to $2.05 billion and full year 2022 earnings per share before restructuring expenses to be in the range from $3.50 to $3.75.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The fourth quarter and fiscal year 2021 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/zo5q3gcj



If you intend to ask questions during the call, please dial in using 877.643.7158 for domestic calls and 914.495.8565 for international calls. The conference ID is 6963617.

A replay of the conference call will be available Tuesday, February 15, 2022, at 12:00 noon ET through noon ET on Tuesday, February 22, 2022, by dialing 855.859.2056 for domestic calls and 404.537.3406 for international calls. The replay passcode is 6963617.

Forward Looking Statements

"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2020, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.



Franklin Electric Contact:

Jeffery L. Taylor
Franklin Electric Co., Inc.
260-824-2900
Email: jeffery.taylor@fele.com


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Fourth Quarter EndedFiscal Year End
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Net sales$432,520 $321,106 $1,661,865 $1,247,331 
Cost of sales287,332 209,703 1,085,776 814,192 
Gross profit145,188 111,403 576,089 433,139 
Selling, general, and administrative expenses97,741 76,713 386,275 300,122 
Restructuring expense240 317 621 2,506 
Operating income47,207 34,373 189,193 130,511 
Interest expense(1,356)(1,131)(5,196)(4,627)
Other income/(expense), net6,447 267 7,978 (795)
Foreign exchange income/(expense)(615)(1,308)(2,269)(1,392)
Income before income taxes51,683 32,201 189,706 123,697 
Income tax (benefit)/ expense10,688 5,213 34,731 22,540 
Net income$40,995 $26,988 $154,975 $101,157 
Less: Net (income)/loss attributable to noncontrolling interests(328)(194)(1,115)(697)
Net income attributable to Franklin Electric Co., Inc.$40,667 $26,794 $153,860 $100,460 
Income per share:
Basic$0.87 $0.58 $3.29 $2.16 
Diluted$0.85 $0.57 $3.25 $2.14 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31, 2021December 31, 2020
ASSETS
Cash and equivalents$40,536 $130,787 
Receivables (net)196,173 159,827 
Inventories449,975 300,932 
Other current assets37,963 27,708 
Total current assets724,647 619,254 
Property, plant, and equipment, net210,654 209,021 
Right-of-use asset, net48,379 31,954 
Goodwill and other assets591,485 412,078 
Total assets$1,575,165 $1,272,307 
LIABILITIES AND EQUITY
Accounts payable$164,758 $95,903 
Accrued expenses and other current liabilities117,955 94,160 
Current lease liability15,320 11,090 
Current maturities of long-term debt and short-term borrowings97,981 2,551 
Total current liabilities396,014 203,704 
Long-term debt90,535 91,966 
Long-term lease liability32,937 20,866 
Income taxes payable non-current11,610 11,965 
Deferred income taxes28,162 25,671 
Employee benefit plans40,696 44,443 
Other long-term liabilities26,568 23,988 
Redeemable noncontrolling interest(19)(245)
Total equity948,662 849,949 
Total liabilities and equity$1,575,165 $1,272,307 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twelve Months Ended
(In thousands)
December 31, 2021December 31, 2020
Cash flows from operating activities:
Net income$154,975 $101,157 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization44,572 36,488 
Non-cash lease expense13,808 11,699 
Share-based compensation11,731 10,066 
Gain from bargain purchase of business(6,482)— 
Other2,126 (1,635)
Changes in assets and liabilities:
Receivables(31,925)22,053 
Inventory(123,076)13,144 
Accounts payable and accrued expenses89,038 20,519 
Operating leases(13,808)(11,698)
Other(11,196)10,061 
Net cash flows from operating activities129,763 211,854 
Cash flows from investing activities:
Additions to property, plant, and equipment(30,116)(22,856)
Proceeds from sale of property, plant, and equipment979 34 
Acquisitions and investments(235,701)(55,915)
Other investing activities33 (74)
Net cash flows from investing activities(264,805)(78,811)
Cash flows from financing activities:
Net change in debt94,716 (21,073)
Proceeds from issuance of common stock15,524 3,721 
Purchases of common stock(25,949)(19,553)
Dividends paid(33,398)(29,675)
Purchase of redeemable non-controlling shares— — 
Net cash flows from financing activities50,893 (66,580)
Effect of exchange rate changes on cash(6,102)(81)
Net change in cash and equivalents(90,251)66,382 
Cash and equivalents at beginning of period130,787 64,405 
Cash and equivalents at end of period$40,536 $130,787 







Key Performance Indicators: Earnings Per Share Calculations

Earnings Before and After Restructuring
For the Fourth Quarter
For the Full Year of
(in millions)20212020Change20212020Change
Net Income attributable to FE Co., Inc. Reported$40.7 $26.8 52 %$153.9 $100.5 53 %
Allocated Earnings$(0.2)$(0.2)$(0.9)$(0.7)
Earnings for EPS Calculations$40.5 $26.6 52 %$153.0 $99.8 53 %
Restructuring (before tax):$0.2 $0.3 $0.6 $2.5 
Restructuring, net of tax:$0.2 $0.2 $0.5 $2.0 
Earnings Before Restructuring$40.7 $26.8 52 %$153.5 $101.8 51 %
Earnings Per ShareFor the Fourth QuarterFor the Full Year of
Before and After Restructuring20212020Change20212020Change
(in millions except Earnings Per Share)
Average Fully Diluted Shares Outstanding47.0 46.8 — %47.0 46.7 1 %
Fully Diluted Earnings Per Share (“EPS”) Reported$0.85 $0.57 49 %$3.25 $2.14 52 %
Restructuring Per Share, net of tax$0.01 $— $0.01 $0.04 
Fully Diluted EPS Before Restructuring$0.86 $0.57 51 %$3.26 $2.18 50 %
















Key Performance Indicators: Net Sales Summary

Net Sales For the Fourth Quarter
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
Q4 2020$94.1 $36.0 $41.3 $17.9 $189.3 $65.5 $77.9 $(11.6)$321.1 
Q4 2021$148.9 $36.6 $47.3 $25.2 $258.0 $79.0 $116.9 $(21.4)$432.5 
Change$54.8 $0.6 $6.0 $7.3 $68.7 $13.5 $39.0 $(9.8)$111.4 
% Change58 %2 %15 %41 %36 %21 %50 %35 %
Foreign currency translation$0.6 $(2.3)$(4.5)$(0.1)$(6.3)$(0.3)$— 
% Change1 %(6)%(11)%(1)%(3)%— %— %
Acquisitions$29.6 $— $— $1.9 $31.5 $— $8.5 
Volume/Price$24.6 $2.9 $10.5 $5.5 $43.5 $13.8 $30.5 
% Change26 %8 %25 %31 %23 %21 %39 %
Net Sales For the Full Year
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
FY 2020
$388.5 $118.5 $156.8 $70.9 $734.7 $245.1 $328.4 $(60.9)$1,247.3 
FY 2021
$549.2 $139.5 $189.8 $85.1 $963.6 $289.1 $497.6 $(88.4)$1,661.9 
Change$160.7 $21.0 $33.0 $14.2 $228.9 $44.0 $169.2 $(27.5)$414.6 
% Change41 %18 %21 %20 %31 %18 %52 %33 %
Foreign currency translation$4 $(8.5)$(1.7)$1.7 $(4.5)$2.2 $— 
% Change1 %(7)%(1)%2 %(1)%1 %— %
Acquisitions$94.3 $— $— $2.4 $96.7 $— $53.1 
Volume/Price$62.4 $29.5 $34.7 $10.1 $136.7 $41.8 $116.1 
% Change16 %25 %22 %14 %19 %17 %35 %










Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)
For the Fourth Quarter 2021
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$36.4 $22.2 $5.6 $(17.0)$47.2 
% Operating Income To Net Sales14.1 %28.1 %4.8 %10.9 %
Restructuring$0.2 $— $— $— $0.2 
Operating Income/(Loss) Before Restructuring$36.6 $22.2 $5.6 $(17.0)$47.4 
% Operating Income to Net Sales Before Restructuring14.2 %28.1 %4.8 %11.0 %
Operating Income and Margins
(in millions)
For the Fourth Quarter 2020
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$30.4 $18.8 $0.5 $(15.3)$34.4 
% Operating Income To Net Sales16.1 %28.7 %0.6 %10.7 %
Restructuring$0.3 $— $— $— $0.3 
Operating Income/(Loss) Before Restructuring$30.7 $18.8 $0.5 $(15.3)$34.7 
% Operating Income to Net Sales Before Restructuring16.2 %28.7 %0.6 %10.8 %



Operating Income and Margins
(in millions)
For the Full Year of 2021
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$139.1 $79.5 $35.9 $(65.3)$189.2 
% Operating Income To Net Sales14.4 %27.5 %7.2 %11.4 %
Restructuring$0.5 $— $0.1 $— $0.6 
Operating Income/(Loss) Before Restructuring$139.6 $79.5 $36.0 $(65.3)$189.8 
% Operating Income to Net Sales Before Restructuring14.5 %27.5 %7.2 %11.4 %
Operating Income and Margins
(in millions)
For the Full Year of 2020
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$114.4 $63.4 $11.5 $(58.8)$130.5 
% Operating Income To Net Sales15.6 %25.9 %3.5 %10.5 %
Restructuring$2.3 $0.1 $0.1 $— $2.5 
Operating Income/(Loss) Before Restructuring$116.7 $63.5 $11.6 $(58.8)$133.0 
% Operating Income to Net Sales Before Restructuring15.9 %25.9 %3.5 %10.7 %


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