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 Co., Inc. (FELE) reported its second quarter 2024 financial results with consolidated net sales of $543.3 million, a 5% decrease from the prior year. The company achieved an operating income of $79.1 million with a 14.6% operating margin. GAAP fully diluted earnings per share (EPS) was $1.26, slightly down from $1.27 in Q2 2023.
Despite lower sales across all three segments due to unfavorable weather conditions, Franklin Electric demonstrated resilience through strong operational performance in Water Systems and Fueling Systems. The company maintained its full-year 2024 sales guidance of $2.10 billion to $2.17 billion but reduced its EPS guidance to a range of $4.16 to $4.34.
Franklin Electric (NASDAQ: FELE) has declared a quarterly cash dividend of $0.25 per share, payable on August 15, 2024, to shareholders of record as of August 1, 2024. This announcement demonstrates the company's commitment to providing consistent returns to its shareholders.
Franklin Electric is a global leader in systems and components for water and energy movement, serving diverse sectors including residential, commercial, agricultural, industrial, municipal, and fueling applications. The company has been recognized for its corporate responsibility, trustworthiness, and climate leadership by reputable publications such as Newsweek and USA Today.
Franklin Electric (NASDAQ: FELE) is set to release its second quarter 2024 earnings on July 23, 2024, at 8:00 am ET. The company will follow this with a conference call at 9:00 am ET to discuss the earnings and other business developments. The call will be accessible via a live webcast, with a replay available until July 30, 2024. Interested participants can register online for the call to receive dial-in information. Franklin Electric is a global leader in water and energy systems, serving multiple sectors and has been recognized for its corporate responsibility and trustworthiness.
Franklin Electric (NASDAQ: FELE) announced the appointment of Joe Ruzynski as the new CEO, effective July 1, 2024. Ruzynski, who joins from nVent Electric plc (NYSE: NVT), has over 25 years of experience in the industrial and electrical sectors. He previously held leadership roles at Pentair plc. Gregg Sengstack, the outgoing CEO since 2014, will remain as Executive Chairperson. The Board expressed confidence in Ruzynski's ability to lead the company into its next growth phase. Franklin Electric has seen significant growth under Sengstack's leadership, transforming into a global leader in water and energy systems.
Franklin Electric Co., Inc. reported first quarter 2024 financial results, with net sales at $460.9 million, a 5% decrease from the prior year. While Distribution net sales increased by 3%, Water Systems and Fueling Systems net sales dropped by 7% and 15%, respectively. Operating income stood at $47.9 million with an operating margin of 10.4%. GAAP fully diluted EPS was $0.70.
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