0000038725-23-000002.txt : 20230214 0000038725-23-000002.hdr.sgml : 20230214 20230214080128 ACCESSION NUMBER: 0000038725-23-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230214 DATE AS OF CHANGE: 20230214 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: 23622628 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-20230214.htm 8-K fele-20230214
0000038725false00000387252023-02-142023-02-14

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 14, 2023

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 14, 2023, Franklin Electric Co., Inc. issued a press release announcing its earnings for the fourth quarter and full year of 2022. 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 14, 2023
By/s/ Jeffery L. Taylor
Jeffery L. Taylor
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)


 EX-99.1 2 a20230214ex991earningsrele.htm EX-99.1 Document


Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS RECORD FOURTH QUARTER 2022 AND FULL YEAR 2022 RESULTS

Fourth Quarter 2022 Highlights
•Sales of $489.4 million, an increase of 13% over the prior year, was a fourth quarter record
•Strong sales growth in all three Segments; Distribution up 27%, Water Systems up 9%, and Fueling Systems up 8%
•Operating income was a fourth quarter record at $56.2 million, an increase of 19% over the prior year
•GAAP fully diluted earnings per share (EPS) was $0.84, a decrease of $0.01 to prior year

Full Year 2022 Highlights
•Full Year record sales of $2.0 billion, an increase of 23% over the prior year
•Strong sales growth in all three Segments; Distribution up 34%, Water Systems up 20%, and Fueling Systems up 16%
•Operating income for 2022 was a record at $257.2 million, an increase of 36% over the prior year
•GAAP fully diluted EPS was a record at $3.97, an increase of 22% over the prior year

Fort Wayne, IN – February 14, 2023 – Franklin Electric Co. Inc. today announced fourth quarter and full year financial results for fiscal year 2022.

Fourth quarter 2022 sales were $489.4 million, compared to fourth quarter 2021 sales of $432.5 million. Fourth quarter 2022 operating income was $56.2 million, compared to fourth quarter operating income in 2021 of $47.2 million. Fourth quarter 2022 GAAP fully diluted EPS was $0.84, versus GAAP fully diluted EPS in the fourth quarter 2021 of $0.85. Worth noting, the Company’s fourth quarter 2021 results included a $6.5 million one-time gain on a bargain purchase price transaction.

Full year 2022 sales were $2.0 billion, compared to full year 2021 sales of $1.7 billion. Full year 2022 operating income was $257.2 million, compared to operating income in 2021 of $189.2 million. Full year 2022 GAAP fully diluted EPS was $3.97, versus GAAP fully diluted EPS in 2021 of $3.25.

“Franklin Electric delivered a solid fourth quarter finish to 2022 with our eighth consecutive quarter of double-digit sales and operating income growth over the prior-year quarter, which capped another record full year for sales, operating income and earnings per share. Once again, our global team rose to the occasion and delivered in a challenging, but improving, operating environment,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

“Demand remained strong across our business in the fourth quarter, demonstrated by sustained top-line growth and the elevated backlog at year-end which carries over into 2023. Looking forward, we are well positioned to continue our momentum based on the robust demand across our end markets, our diverse customer base, and the growing global need for clean water and safe, cost-effective fueling solutions.” Mr. Sengstack concluded.



Segment Summaries

Water Systems sales, a new fourth quarter record, were $281.3 million in the fourth quarter 2022, an increase of $23.3 million compared to the fourth quarter 2021. Sales increases were led by pricing actions and healthy end market demand across all major product lines in groundwater pumping, surface pumping and water treatment. Water Systems operating income in the fourth quarter was $44.6 million, a new fourth quarter record, driven by higher sales and operating leverage. Fourth quarter 2021 Water Systems operating income was $36.4 million.

Distribution sales, a new fourth quarter record, were $148.9 million in the fourth quarter 2022, an increase of $32.0 million compared to the fourth quarter 2021. The Distribution segment operating income was $2.9 million in the fourth quarter of 2022 compared to fourth quarter 2021 operating income of $5.6 million. Distribution segment sales and operating income were both negatively impacted by weather, seasonality and margin compression from unfavorable pricing of commodity-based products sold through the business.

Fueling Systems sales, a new fourth quarter record, were $85.5 million in the fourth quarter 2022, an increase of $6.5 million compared to the fourth quarter 2021. Fueling Systems sales increases in the U.S. and Canada were led by higher demand for Fuel Management Systems compared to the fourth quarter 2021. Outside the U.S. and Canada, Fueling Systems revenues were flat. Fueling Systems operating income, a new fourth quarter record, was $24.3 million in the fourth quarter of 2022, compared to $22.2 million in the fourth quarter 2021.

Cash Flow

Net cash flows from operating activities for 2022 were $101.7 million versus $129.8 million in the same period in 2021. The decrease was primarily due to higher working capital requirements in support of higher revenues.

2023 Guidance

The Company expects its full year 2023 sales to be in the range of $2.1 billion to $2.2 billion and full year 2023 EPS to be in the range of $4.10 to $4.30.

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 2022 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/usehvppx
For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.
https://register.vevent.com/register/BI060baf2deda443b988b32fb943569249
All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, February 14, 2023, through 9AM ET on Tuesday, February 21, 2023, by visiting the listen-only webcast link above.



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, 2021, 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, 2022December 31, 2021December 31, 2022December 31, 2021
Net sales$489,431 $432,520 $2,043,711 $1,661,865 
Cost of sales323,213 287,332 1,352,276 1,085,776 
Gross profit166,218 145,188 691,435 576,089 
Selling, general, and administrative expenses109,724 97,741 432,076 386,275 
Restructuring expense272 240 2,170 621 
Operating income56,222 47,207 257,189 189,193 
Interest expense(4,033)(1,356)(11,525)(5,196)
Other income/(expense), net(414)6,447 (3,201)7,978 
Foreign exchange income/(expense)(2,946)(615)(7,236)(2,269)
Income before income taxes48,829 51,683 235,227 189,706 
Income tax expense8,872 10,688 46,416 34,731 
Net income$39,957 $40,995 $188,811 $154,975 
Less: Net (income)/loss attributable to noncontrolling interests(378)(328)(1,479)(1,115)
Net income attributable to Franklin Electric Co., Inc.$39,579 $40,667 $187,332 $153,860 
Earnings per share:
Basic$0.85 $0.87 $4.02 $3.29 
Diluted$0.84 $0.85 $3.97 $3.25 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31, 2022December 31, 2021
ASSETS
Cash and equivalents$45,790 $40,536 
Receivables (net)230,404 196,173 
Inventories544,980 449,975 
Other current assets36,916 37,963 
Total current assets858,090 724,647 
Property, plant, and equipment, net215,154 210,654 
Lease right-of-use assets, net48,948 48,379 
Goodwill and other assets572,009 591,485 
Total assets$1,694,201 $1,575,165 
LIABILITIES AND EQUITY
Accounts payable$139,266 $164,758 
Accrued expenses and other current liabilities123,788 117,955 
Current lease liability15,959 15,320 
Current maturities of long-term debt and short-term borrowings126,756 97,981 
Total current liabilities405,769 396,014 
Long-term debt89,271 90,535 
Long-term lease liability32,858 32,937 
Income taxes payable non-current8,707 11,610 
Deferred income taxes29,744 28,162 
Employee benefit plans31,889 40,696 
Other long-term liabilities25,209 26,568 
Redeemable noncontrolling interest620 (19)
Total equity1,070,134 948,662 
Total liabilities and equity$1,694,201 $1,575,165 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
20222021
Cash flows from operating activities:
Net income$188,811 $154,975 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization50,374 44,572 
Non-cash lease expense17,406 13,808 
Share-based compensation10,973 11,731 
Gain from bargain purchase of business— (6,482)
Other7,291 2,126 
Changes in assets and liabilities:
Receivables(44,800)(31,925)
Inventory(101,080)(123,076)
Accounts payable and accrued expenses(12,283)89,038 
Operating leases(17,406)(13,808)
Income taxes-U.S. Tax Cuts and Jobs Act(355)—
Other2,743 (11,196)
Net cash flows from operating activities101,674 129,763 
Cash flows from investing activities:
Additions to property, plant, and equipment(41,903)(30,116)
Proceeds from sale of property, plant, and equipment6 979 
Acquisitions and investments(1,186)(235,701)
Other investing activities9 33 
Net cash flows from investing activities(43,074)(264,805)
Cash flows from financing activities:
Net change in debt28,936 94,716 
Proceeds from issuance of common stock3,859 15,524 
Purchases of common stock(40,490)(25,949)
Dividends paid(36,991)(33,398)
Deferred payments for acquisitions(3,786)— 
Net cash flows from financing activities(48,472)50,893 
Effect of exchange rate changes on cash and equivalents(4,874)(6,102)
Net change in cash and equivalents5,254 (90,251)
Cash and equivalents at beginning of period40,536 130,787 
Cash and equivalents at end of period$45,790 $40,536 




Key Performance Indicators: Earnings Per Share Calculations

Earnings Before and After Restructuring
For the Fourth Quarter
(in millions)20222021Change
Net Income attributable to FE Co., Inc. Reported$39.6 $40.7 (3)%
Allocated Earnings$(0.2)$(0.2)
Earnings for EPS Calculations$39.4 $40.5 (3)%
Restructuring (before tax):$0.3 $0.2 
Restructuring, net of tax:$0.2 $0.2 
Earnings Before Restructuring$39.6 $40.7 (3)%
Earnings Per ShareFor the Fourth Quarter
Before and After Restructuring20222021Change
(in millions except Earnings Per Share)
Average Fully Diluted Shares Outstanding47.0 47.0 — %
Fully Diluted Earnings Per Share (“EPS”) Reported$0.84 $0.85 (1)%
Restructuring Per Share, net of tax$— $0.01 
Fully Diluted EPS Before Restructuring$0.84 $0.86 (2)%
























Earnings Before and After RestructuringFor the Full Year of
(in millions)20222021Change
Net Income attributable to FE Co., Inc. Reported$187.3 $153.9 22 %
Allocated Earnings$(0.7)$(0.9)
Earnings for EPS Calculations$186.6 $153.0 22 %
Restructuring (before tax):$2.2 $0.6 
Restructuring, net of tax:$1.8 $0.5 
Earnings Before Restructuring$188.4 $153.5 23 %
Earnings Per ShareFor the Full Year of
Before and After Restructuring20222021Change
(in millions except Earnings Per Share)
Average Fully Diluted Shares Outstanding47.0 47.0 — %
Fully Diluted Earnings Per Share (“EPS”) Reported$3.97 $3.25 22 %
Restructuring Per Share, net of tax$0.03 $0.01 
Fully Diluted EPS Before Restructuring$4.00 $3.26 23 %

























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 2021$148.9 $36.6 $47.3 $25.2 $258.0 $79.0 $116.9 $(21.4)$432.5 
Q4 2022$171.0 $38.4 $46.0 $25.9 $281.3 $85.5 $148.9 $(26.3)$489.4 
Change$22.1 $1.8 $(1.3)$0.7 $23.3 $6.5 $32.0 $(4.9)$56.9 
% Change15 %5 %(3)%3 %9 %8 %27 %13 %
Foreign currency translation$(1.4)$(2.8)$(12.2)$(1.8)$(18.2)$(1.5)$— 
% Change(1)%(8)%(26)%(7)%(7)%(2)%— %
Acquisitions$3.5 $— $— $— $3.5 $— $17.5 
Volume/Price$20.0 $4.6 $10.9 $2.5 $38.0 $8.0 $14.5 
% Change13 %13 %23 %10 %15 %10 %12 %
Net Sales For the Full Year
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
FY 2021
$549.2 $139.5 $189.8 $85.1 $963.6 $289.1 $497.6 $(88.4)$1,661.9 
FY 2022
$712.9 $159.3 $192.8 $92.5 $1,157.5 $334.1 $668.1 $(116.0)$2,043.7 
Change$163.7 $19.8 $3.0 $7.4 $193.9 $45.0 $170.5 $(27.6)$381.8 
% Change30 %14 %2 %9 %20 %16 %34 %23 %
Foreign currency translation$(3.0)$(5.7)$(58.3)$(4.7)$(71.7)$(5.4)$— 
% Change(1)%(4)%(31)%(6)%(7)%(2)%— %
Acquisitions$54.1 $— $— $4.7 $58.8 $— $73.1 
Volume/Price$112.6 $25.5 $61.3 $7.4 $206.8 $50.4 $97.4 
% Change21 %18 %32 %9 %21 %17 %20 %






Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)
For the Fourth Quarter 2022
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$44.6 $24.3 $2.9 $(15.6)$56.2 
% Operating Income To Net Sales15.9 %28.4 %1.9 %11.5 %
Restructuring$0.2 $0.1 $— $— $0.3 
Operating Income/(Loss) Before Restructuring$44.8 $24.4 $2.9 $(15.6)$56.5 
% Operating Income to Net Sales Before Restructuring15.9 %28.5 %1.9 %11.5 %
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 Full Year 2022
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$172.3 $96.8 $54.5 $(66.4)$257.2 
% Operating Income To Net Sales14.9 %29.0 %8.2 %12.6 %
Restructuring$1.3 $0.7 $0.2 $— $2.2 
Operating Income/(Loss) Before Restructuring$173.6 $97.5 $54.7 $(66.4)$259.4 
% Operating Income to Net Sales Before Restructuring15.0 %29.2 %8.2 %12.7 %
Operating Income and Margins
(in millions)
For the Full Year 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 %


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