0000038725-24-000074.txt : 20240430 0000038725-24-000074.hdr.sgml : 20240430 20240430080128 ACCESSION NUMBER: 0000038725-24-000074 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240430 DATE AS OF CHANGE: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN ELECTRIC CO INC CENTRAL INDEX KEY: 0000038725 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [3621] ORGANIZATION NAME: 04 Manufacturing 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: 24894097 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-20240430.htm 8-K fele-20240430
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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): April 30, 2024

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 April 30, 2024, Franklin Electric Co., Inc. issued a press release announcing its earnings for the first quarter of 2024. 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: April 30, 2024
By/s/ Jeffery L. Taylor
Jeffery L. Taylor
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)


 EX-99.1 2 a20240430ex991earningsrele.htm EX-99.1 Document


Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS FIRST QUARTER 2024 RESULTS

First Quarter 2024 Highlights
•Consolidated net sales of $460.9 million, a decrease of 5% to the prior year
•Distribution net sales increased 3%, while Water Systems and Fueling Systems net sales decreased 7% and 15%, respectively
•Operating income was $47.9 million with operating margin of 10.4%
•GAAP fully diluted earnings per share (EPS) was $0.70

Fort Wayne, IN – April 30, 2024 – Franklin Electric Co., Inc. today announced its first quarter financial results for fiscal year 2024.

First quarter 2024 net sales were $460.9 million, compared to first quarter 2023 net sales of $484.6 million. First quarter 2024 operating income was $47.9 million, compared to first quarter 2023 operating income of $52.6 million. First quarter 2024 EPS was $0.70, versus EPS in the first quarter 2023 of $0.79.

“Our first quarter started slower than expected but improved as we moved through the quarter and demand seasonally increased. While results were slightly below our expectations due to the impact from unfavorable weather patterns and lingering commodity price headwinds in our Distribution business, underlying demand in our core markets remains healthy. Strong execution by our global teams drove improved margins on lower sales in our Water Systems and Fueling Systems segments,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

“Our disciplined management of working capital delivered an improvement in cash flow from operations. Open orders increased sequentially, as expected, which combined with our further strengthening balance sheet, leaves us well-positioned to build momentum as we move into the busier summer months,” concluded Mr. Sengstack.

Segment Summaries

Water Systems net sales were $286.6 million in the first quarter, a decrease of $20.0 million or 7 percent compared to the record first quarter sales of 2023. Sales decreases were driven by lower sales of large dewatering pumps, which had a record quarter last year. Additionally, sales increases in Water Treatment products were partially offset by lower sales of groundwater products. Water Systems operating income in the first quarter 2024 was $47.1 million. First quarter 2023 Water Systems operating income was $49.0 million.

Distribution net sales were $147.0 million, an increase of $4.0 million or 3 percent compared to the first quarter 2023. Sales increases were driven by higher volumes and the sales from a recent acquisition, partially offset by unfavorable pricing of commodity-based products sold through the business. The Distribution segment operating income decreased to $1.8 million in the first quarter 2024 compared to first quarter 2023 operating income of $4.7 million primarily due to continued margin compression from unfavorable pricing of commodity-based products.

Fueling Systems net sales were $62.1 million in the first quarter 2024, a decrease of $10.6 million or 15 percent compared to the record sales of the first quarter 2023. Sales decreases were driven by lower


volumes as demand and order patterns have normalized. Fueling Systems operating income in the first quarter 2024 was $18.8 million. First quarter 2023 Fueling Systems operating income was $20.8 million.

2024 Guidance

The Company is maintaining its guidance for full year 2024 sales to be in the range of $2.10 billion to $2.17 billion and full year 2024 EPS to be in the range of $4.22 to $4.40.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2024 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/np8yrgn4

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/BI69e000919c5c4cc4ab5f19c089297b7b

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 start of the event (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, April 30, 2024, through 9:00 am ET on Tuesday, May 7, 2024, 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, 2023, 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 energy. 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 is proud to be named in Newsweek’s lists of America’s Most


Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

Franklin Electric Contact:

Jeffery L. Taylor
Franklin Electric Co., Inc.
InvestorRelations@fele.com


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
First Quarter Ended
March 31, 2024March 31, 2023
Net sales$460,900 $484,551 
Cost of sales297,320 322,286 
Gross profit163,580 162,265 
Selling, general, and administrative expenses115,644 109,535 
Restructuring expense— 124 
Operating income47,936 52,606 
Interest expense(1,448)(3,147)
Other income, net706 409 
Foreign exchange expense(4,880)(2,044)
Income before income taxes42,314 47,824 
Income tax expense9,222 10,248 
Net income$33,092 $37,576 
Less: Net income attributable to noncontrolling interests(133)(251)
Net income attributable to Franklin Electric Co., Inc.$32,959 $37,325 
Earnings per share:
Basic$0.71 $0.81 
Diluted$0.70 $0.79 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, 2024December 31, 2023
ASSETS
Cash and cash equivalents$65,314 $84,963 
Receivables (net)262,632 222,418 
Inventories532,242 508,696 
Other current assets41,175 37,718 
Total current assets901,363 853,795 
Property, plant, and equipment, net227,206 229,739 
Lease right-of-use assets, net60,916 57,014 
Goodwill and other assets583,622 587,574 
Total assets$1,773,107 $1,728,122 
LIABILITIES AND EQUITY
Accounts payable$185,504 $152,419 
Accrued expenses and other current liabilities88,312 104,949 
Current lease liability18,018 17,316 
Current maturities of long-term debt and short-term borrowings24,414 12,355 
Total current liabilities316,248 287,039 
Long-term debt87,406 88,056 
Long-term lease liability41,638 38,549 
Income taxes payable non-current4,837 4,837 
Deferred income taxes29,514 29,461 
Employee benefit plans35,785 35,973 
Other long-term liabilities33,591 33,914 
Redeemable noncontrolling interest1,109 1,145 
Total equity1,222,979 1,209,148 
Total liabilities and equity$1,773,107 $1,728,122 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
(In thousands)
March 31, 2024March 31, 2023
Cash flows from operating activities:
Net income$33,092 $37,576 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization13,792 12,837 
Non-cash lease expense5,194 4,239 
Share-based compensation4,042 3,912 
Other4,036 3,250 
Changes in assets and liabilities:
Receivables(43,365)(43,408)
Inventory(28,105)(50,725)
Accounts payable and accrued expenses8,576 13,163 
Operating leases(5,305)(4,239)
Other6,681 11,376 
Net cash flows from operating activities(1,362)(12,019)
Cash flows from investing activities:
Additions to property, plant, and equipment(9,184)(9,563)
Proceeds from sale of property, plant, and equipment102 — 
Acquisitions and investments(1,151)(4,990)
Other investing activities17 — 
Net cash flows from investing activities(10,216)(14,553)
Cash flows from financing activities:
Net change in debt11,397 57,733 
Proceeds from issuance of common stock4,050 2,938 
Purchases of common stock(9,047)(17,133)
Dividends paid(12,395)(10,440)
Deferred payments for acquisitions(348)— 
Net cash flows from financing activities(6,343)33,098 
Effect of exchange rate changes on cash and cash equivalents(1,728)(443)
Net change in cash and cash equivalents(19,649)6,083 
Cash and cash equivalents at beginning of period84,963 45,790 
Cash and cash equivalents at end of period$65,314 $51,873 






Key Performance Indicators: Net Sales Summary

Net Sales
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
Q1 2023$197.1 $40.3 $50.4 $18.8 $306.6 $72.7 $143.0 $(37.7)$484.6 
Q1 2024$172.7 $41.3 $52.3 $20.3 $286.6 $62.1 $147.0 $(34.8)$460.9 
Change$(24.4)$1.0 $1.9 $1.5 $(20.0)$(10.6)$4.0 $2.9 $(23.7)
% Change(12)%2 %4 %8 %(7)%(15)%3 %(5)%
Foreign currency translation, net*$0.1 $1.4 $(2.6)$(0.8)$(1.9)$— $— $(1.9)
% Change— %3 %(5)%(4)%(1)%— %— %— %
Acquisitions$5.1 $— $— $— $5.1 $— $3.7 $8.8 
% Change3 %— %— %— %2 %— %3 %2 %
Volume/Price$(29.6)$(0.4)$4.5 $2.3 $(23.2)$(10.6)$0.3 $2.9 $(30.6)
% Change(15)%(1)%9 %12 %(8)%(15)%— %8 %(6)%

*Beginning in 2024, the Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.

Key Performance Indicators: Operating Income and Margin Summary
Operating Income and Margins
(in millions)
For the First Quarter 2024
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$47.1 $18.8 $1.8 $(19.8)$47.9 
% Operating Income To Net Sales16.4 %30.3 %1.2 %10.4 %
Operating Income and Margins
(in millions)
For the First Quarter 2023
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$49.0 $20.8 $4.7 $(21.9)$52.6 
% Operating Income To Net Sales16.0 %28.6 %3.3 %10.9 %

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