0000038725-23-000177.txt : 20231024 0000038725-23-000177.hdr.sgml : 20231024 20231024080057 ACCESSION NUMBER: 0000038725-23-000177 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20231024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231024 DATE AS OF CHANGE: 20231024 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: 231341199 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-20231024.htm 8-K fele-20231024
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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): October 24, 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 October 24, 2023, Franklin Electric Co., Inc. issued a press release announcing its earnings for the third quarter of 2023. 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: October 24, 2023
By/s/ Jeffery L. Taylor
Jeffery L. Taylor
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)


 EX-99.1 2 a20231024ex991earningsrele.htm EX-99.1 Document


Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS THIRD QUARTER 2023 RESULTS

Third Quarter 2023 Highlights
•Consolidated net sales of $538.4 million, a decrease of 2% to the prior year
•Water Systems sales increased by 1%, while Fueling Systems and Distribution’s net sales decreased 14% and 2%, respectively
•Operating income was $78.1 million with solid operating margin of 14.5%
•GAAP fully diluted earnings per share (EPS) was $1.23
•Year-to-date cash flows from operating activities of $198.6 million increased $191.5 million over the prior year

Fort Wayne, IN – October 24, 2023 – Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2023.

Third quarter 2023 net sales were $538.4 million, compared to third quarter 2022 net sales of $551.7 million. Third quarter 2023 operating income was $78.1 million, compared to third quarter 2022 operating income of $80.0 million. Third quarter 2023 EPS was $1.23, versus EPS in the third quarter 2022 of $1.24.

“The third quarter, which is seasonally one of our stronger periods, was a solid quarter but more challenging than anticipated and our results were below our expectations as additional commodity price pressure in our Distribution business and further destocking impacted sales. Nevertheless, Water Systems set a third-quarter record for revenue and operating income on strong global execution. While underlying demand in our core markets remains solid, we continued to see customers extend project timelines and right-size inventory levels in response to improved supplier lead times. In addition, unfavorable weather lasted longer than expected during our busiest months, negatively impacting what is historically a strong quarter,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

“Our team executed well and remained nimble as we delivered strong margins and robust cash flow generation with a focus on disciplined cost management. Year-to-date cash flows from operating activities increased about $190 million over the prior year as we progressed on our inventory reduction goals. Looking ahead, we remain focused on delivering for our customers while continuing to manage our costs and driving value for our shareholders.” concluded Mr. Sengstack.

Segment Summaries

Water Systems net sales were $295.8 million, a new third quarter record, an increase of $2.7 million compared to the third quarter 2022. Sales increases were led by continued strong end market demand for large pumps. Water Systems operating income in the third quarter 2023 was $52.7 million, a new quarterly record, driven by higher sales and disciplined cost management. Third quarter 2022 Water Systems operating income was $45.5 million.

Distribution net sales were $189.2 million in the third quarter 2023, a decrease of $4.0 million compared to the third quarter 2022. The Distribution segment operating income was $10.7 million in the third quarter


2023 compared to third quarter 2022 operating income of $19.0 million. Distribution segment sales and operating income were negatively impacted by wet weather across much of the US, margin compression from declining pricing of commodity-based products sold through the business, and some channel inventory destocking as supply chains normalize.

Fueling Systems net sales were $77.7 million in the third quarter 2023, a decrease of $12.5 million compared to the third quarter 2022 when the Company realized an all-time quarterly sales record and reduced its backlog significantly. Sales decreased in the U.S. and Canada by 14 percent and outside the U.S. and Canada by 20 percent. Fueling Systems operating income in the third quarter 2023 was $25.8 million. Third quarter 2022 Fueling Systems operating income was $28.6 million.

2023 Guidance

The Company is updating its guidance for full year 2023 sales to be in the range of $2.05 billion to $2.15 billion and full year 2023 EPS to be in the range of $4.07 to $4.17.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2023 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/r99z8p6f
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/BIa2d593e01bb14f88810bce354d7ace04
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, October 24, 2023, through 9:00 am ET on Tuesday, October 31, 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, 2022, 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)
Third Quarter EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Net sales$538,431 $551,672 $1,592,163 $1,554,280 
Cost of sales352,178 361,077 1,055,164 1,029,063 
Gross profit186,253 190,595 536,999 525,217 
Selling, general, and administrative expenses107,687 109,366 324,651 322,352 
Restructuring expense462 1,185 735 1,898 
Operating income78,104 80,044 211,613 200,967 
Interest expense(2,984)(3,066)(10,309)(7,492)
Other income/(expense), net277 (1,250)1,865 (2,787)
Foreign exchange expense(2,483)(3,376)(8,098)(4,290)
Income before income taxes72,914 72,352 195,071 186,398 
Income tax expense14,746 13,380 39,167 37,544 
Net income$58,168 $58,972 $155,904 $148,854 
Less: Net income attributable to noncontrolling interests(370)(348)(1,181)(1,101)
Net income attributable to Franklin Electric Co., Inc.$57,798 $58,624 $154,723 $147,753 
Earnings per share:
Basic$1.25 $1.26 $3.34 $3.17 
Diluted$1.23 $1.24 $3.29 $3.13 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
September 30, 2023December 31, 2022
ASSETS
Cash and equivalents$62,507 $45,790 
Receivables (net)252,315 230,404 
Inventories543,540 544,980 
Other current assets41,136 36,916 
Total current assets899,498 858,090 
Property, plant, and equipment, net222,395 215,154 
Lease right-of-use assets, net42,307 48,948 
Goodwill and other assets561,096 572,009 
Total assets$1,725,296 $1,694,201 
LIABILITIES AND EQUITY
Accounts payable$170,862 $139,266 
Accrued expenses and other current liabilities103,396 123,788 
Current lease liability13,311 15,959 
Current maturities of long-term debt and short-term borrowings40,351 126,756 
Total current liabilities327,920 405,769 
Long-term debt88,036 89,271 
Long-term lease liability27,877 32,858 
Income taxes payable non-current4,837 8,707 
Deferred income taxes32,252 29,744 
Employee benefit plans31,897 31,889 
Other long-term liabilities28,835 25,209 
Redeemable noncontrolling interest1,035 620 
Total equity1,182,607 1,070,134 
Total liabilities and equity$1,725,296 $1,694,201 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
(In thousands)
September 30, 2023September 30, 2022
Cash flows from operating activities:
Net income$155,904 $148,854 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization39,582 37,067 
Non-cash lease expense12,664 12,939 
Share-based compensation8,449 8,940 
Other10,894 9,160 
Changes in assets and liabilities:
Receivables(20,427)(73,995)
Inventory2,537 (122,150)
Accounts payable and accrued expenses4,376 1,881 
Operating leases(12,847)(12,939)
Income taxes-U.S. Tax Cuts and Jobs Act(2,902)(355)
Other399 (2,242)
Net cash flows from operating activities198,629 7,160 
Cash flows from investing activities:
Additions to property, plant, and equipment(30,155)(29,327)
Proceeds from sale of property, plant, and equipment— 6 
Acquisitions and investments(6,641)(1,576)
Other investing activities26 9 
Net cash flows from investing activities(36,770)(30,888)
Cash flows from financing activities:
Net change in debt(87,653)83,679 
Proceeds from issuance of common stock9,010 3,584 
Purchases of common stock(29,888)(30,731)
Dividends paid(31,315)(27,293)
Deferred payments for acquisitions(448)— 
Net cash flows from financing activities(140,294)29,239 
Effect of exchange rate changes on cash and cash equivalents(4,848)(6,524)
Net change in cash and cash equivalents16,717 (1,013)
Cash and cash equivalents at beginning of period45,790 40,536 
Cash and cash equivalents at end of period$62,507 $39,523 









Key Performance Indicators: Net Sales Summary

Net Sales
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
Q3 2022$183.7 $41.3 $46.0 $22.1 $293.1 $90.2 $193.2 $(24.8)$551.7 
Q3 2023$182.0 $45.5 $48.7 $19.6 $295.8 $77.7 $189.2 $(24.3)$538.4 
Change$(1.7)$4.2 $2.7 $(2.5)$2.7 $(12.5)$(4.0)$0.5 $(13.3)
% Change(1)%10 %6 %(11)%1 %(14)%(2)%(2)%
Foreign currency translation$(0.6)$(6.1)$(5.4)$(0.5)$(12.6)$— $— $(12.6)
% Change— %(15)%(12)%(2)%(4)%— %— %(2)%
Volume/Price$(1.1)$10.3 $8.1 $(2.0)$15.3 $(12.5)$(4.0)$0.5 $(0.7)
% Change(1)%25 %18 %(9)%5 %(14)%(2)%(2)%— %

Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)
For the Third Quarter 2023
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$52.7 $25.8 $10.7 $(11.1)$78.1 
% Operating Income To Net Sales17.8 %33.2 %5.7 %14.5 %
Operating Income and Margins
(in millions)
For the Third Quarter 2022
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$45.5 $28.6 $19.0 $(13.1)$80.0 
% Operating Income To Net Sales15.5 %31.7 %9.8 %14.5 %


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