Franklin Elec Inc Stock Price, News & Analysis

Franklin Electric Co. (NASDAQ: FELE) will announce its Q2 2021 earnings on July 27, 2021, at 8:00 am ET. Following this, a conference call is scheduled at 9:00 am ET to discuss earnings and business developments. The call will be accessible via a live webcast. A replay will be available from July 27 at noon ET until August 3, 2021. Franklin Electric is a leading provider of water and fuel movement solutions, serving various industries globally.

Franklin Electric (NASDAQ: FELE) appointed Jeffery L. Taylor as Vice President and Chief Financial Officer, effective June 14, 2021. Taylor, previously CFO of Blue Bird Corporation, brings over 20 years of finance leadership experience. John J. Haines, who served as CFO for 13 years, will assist in the transition. CEO Gregg C. Sengstack praised Taylor's operational expertise and ability to drive long-term value. Haines notably guided the finance team through significant growth since joining during the financial crisis in 2008.

Franklin Electric Co. (NASDAQ: FELE) has acquired New Aqua, LLC for $150 million in cash, enhancing its position in the water treatment market. The acquisition is expected to be accretive to 2021 earnings per share (EPS) by $0.04 to $0.06. New Aqua, with over 60 years of experience and approximately $68 million in annual sales, strengthens Franklin Electric's product offerings while expanding its dealer channel access. The transaction aligns with Franklin Electric's strategy to invest in key water treatment assets, supporting growth in both residential and commercial categories.

Franklin Electric Co., Inc. (NASDAQ: FELE) announces significant changes to its Board of Directors effective May 7, 2021. David T. Brown has retired after serving since 2008, with gratitude expressed for his contributions. Alok Maskara has been elected as a new director, bringing nearly 30 years of experience in manufacturing and technology, previously serving as CEO of Luxfer Holdings PLC. Thomas R. VerHage will now serve as Lead Independent Director, succeeding Mr. Brown.

Franklin Electric reported record first quarter 2021 sales of $333.0 million, a 25% increase from $266.8 million in Q1 2020. Operating income surged 144% to $33.8 million, with GAAP EPS also rising 157% to $0.59. The Water Systems segment saw 18% organic sales growth, while Distribution experienced a record 31% growth. Fueling Systems continued to recover, with sales improving by 7% outside North America. The company raised its 2021 EPS guidance to $2.80-$3.00 due to favorable demand and recent acquisitions.

Franklin Electric Co. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.175 per share, payable on May 20, 2021, to shareholders on record as of May 6, 2021. This announcement underscores the company's commitment to returning value to its shareholders. Franklin Electric is a prominent player in the production and marketing of systems for the movement of water and fuel, serving various sectors globally, including residential and commercial.

Franklin Electric Co., Inc. (NASDAQ: FELE) will report its Q1 2021 earnings on April 27, 2021, at 8:00 am ET, followed by a conference call at 9:00 am ET. The call will be accessible via a live webcast. Participants can ask questions by calling 877.643.7158 domestically or 914.495.8565 internationally, using conference ID 9894751. The replay will be available from April 27, 2021, at 12:00 noon ET until May 4, 2021. Franklin Electric specializes in systems for the movement of water and fuel, serving various sectors globally.

Franklin Electric Co. (NASDAQ: FELE) announced the acquisition of Puronics, Inc. for an all-cash transaction. Puronics provides residential and commercial water treatment products and services, with annual sales of approximately USD $24 million. The acquisition aims to enhance Franklin Electric's market position in the water treatment sector, expanding its product offerings and geographic reach. President Don Kenney highlighted the strategic importance of water treatment in relation to Franklin Electric's core business in groundwater pumping, emphasizing the strong market presence and quality focus of Puronics.

Franklin Electric reported record fourth quarter 2020 sales of $321.1 million, a slight increase from $320.1 million in Q4 2019. Operating income rose 20% to $34.4 million, while EPS grew to $0.57 from $0.42 a year prior. For the full year, sales declined to $1,247.3 million, with GAAP EPS increasing by 5% to $2.14. Noteworthy achievements included successful acquisitions and strong organic growth of 21% in Distribution. The company projects 2021 sales between $1.365 billion and $1.395 billion and EPS reaching $2.50 to $2.75.