Welcome to our dedicated page for Franklin Elec news (Ticker: FELE), a resource for investors and traders seeking the latest updates and insights on Franklin Elec stock.
Franklin Electric Co., Inc. reports company developments tied to its water, energy and distribution businesses. The company manufactures and distributes systems and components for the movement and management of water, fuel and electricity, including pumps, motors, drives, electronic controls, monitoring devices, water treatment equipment and fueling-system components.
Recurring news for FELE includes quarterly and annual earnings, segment sales and operating performance across Water Systems, Energy Systems and Distribution, dividend declarations, investor conference participation and updates on business operations. Company updates also reference end markets such as residential, commercial, agricultural, industrial, municipal and fueling applications.
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.
Franklin Electric Co., Inc. (NASDAQ: FELE) has declared a quarterly cash dividend of $0.175 per share. This dividend is payable on February 18, 2021, to shareholders on record as of February 4, 2021. The company continues to establish itself as a leader in the water and fuel movement systems industry, serving various sectors globally. Franklin Electric emphasizes its commitment to delivering quality products and services in residential, commercial, agricultural, industrial, and municipal applications.
Franklin Electric Co. (NASDAQ: FELE) announced the acquisition of Gicon Pumps & Equipment Inc. for $27.9 million on December 31, 2020. Gicon, based in Lubbock, Texas, is recognized for its quality service in the groundwater distribution sector, with annual sales of approximately $68 million. This acquisition enhances Franklin Electric's geographic presence in Texas and strengthens its commitment to groundwater markets, positioning it as a leading distributor of water systems solutions in the U.S.
Franklin Electric Co. (NASDAQ: FELE) announced the acquisition of Waterite Inc. and Waterite America Inc. in an all-cash transaction. Based in Winnipeg, Canada, Waterite specializes in residential and commercial water treatment products and services, boasting approximately USD $22 million in annual sales. The acquisition aligns with Franklin Electric's strategic focus on expanding its water treatment capabilities, leveraging Waterite's expertise in both Canadian and U.S. markets. This move aims to enhance Franklin Electric's existing water systems business.
Franklin Electric Co. (NASDAQ: FELE) reported Q3 2020 GAAP EPS of $0.82, up from $0.72 in Q3 2019. Sales rose to $351.2 million, compared to $348.4 million in the prior year. EPS before restructuring expenses was $0.83, a 14% increase year-over-year. Water businesses outside the U.S. grew 15%, while U.S. and Canada water business rose 12%. Fueling Systems sales declined 12%. The company raised its full-year EPS guidance to between $2.10 and $2.15, citing strong cash flow performance, with free cash flow expected to exceed 170% of net income for 2020.