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Franklin Electric Q3 2026 sales rise 9% to $634M

Franklin Electric raised full-year 2026 net sales guidance to $2.23 billion–$2.30 billion and adjusted diluted EPS to $4.62–$4.82.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Franklin Electric Co., Inc. reported third-quarter 2026 net sales of $633.6 million, up 9% from $581.7 million a year earlier. Sales rose 5% in Water Systems and 15% in each of Energy Systems and Distribution. Operating income was $86.5 million, up 2%, while operating margin was 13.7%, compared with 14.6%.

GAAP diluted EPS was $1.35 versus $0.37; adjusted diluted EPS, a non-GAAP measure, was $1.50 versus $1.31, up 15%. Energy Systems operating income was $23.7 million versus $25.4 million, while its adjusted operating income was $31.5 million, up 24%. The company cited higher material and freight costs as sources of margin pressure; recent acquisitions, pricing and customer activity contributed to sales.

Franklin Electric raised full-year 2026 guidance to net sales of $2.23 billion to $2.30 billion and adjusted diluted EPS of $4.62 to $4.82. It said Cat Pumps contributed early in the quarter.

3 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

  • Major point. Forward-looking: it has not happened yet and may not happen.2026 guidance increased to $2.23–$2.30 billion in sales and $4.62–$4.82 adjusted EPS.
  • Moderate pointNet sales rose 9% to $633.6 million in the third quarter.
  • Moderate pointGAAP diluted EPS reached $1.35, up 265% year over year.

Negative

  • Moderate pointEnergy Systems operating income was $23.7 million versus $25.4 million.

Filing Explained

Nine-month acquisition and investment outflows were $385,157 thousand, alongside a $394,090 thousand net increase in debt.

This Form 8-K furnishes Franklin Electric’s completed third-quarter 2026 results and reports a September 30, 2026 balance sheet: cash was $159,103 thousand, current maturities of debt and short-term borrowings were $127,181 thousand, and long-term debt was $433,463 thousand.

At December 31, 2025, cash was $99,662 thousand and long-term debt was $135,184 thousand; the filing reports the later balances above as of September 30, 2026.

For the nine months ended September 30, 2026, operating activities generated $139,198 thousand, acquisitions and investments were a $385,157 thousand cash outflow, and the net change in debt was $394,090 thousand.

The release reports a 265% increase in GAAP diluted EPS, while its reconciliation lists a $0.93 per-share pension-settlement adjustment for 2025; adjusted diluted EPS increased 15%.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net sales $633.6 million Third quarter 2026; up 9% from third quarter 2025
Operating income $86.5 million Third quarter 2026; up 2% from third quarter 2025
Operating margin 13.7% Third quarter 2026, compared with 14.6% in third quarter 2025
GAAP diluted EPS $1.35 Third quarter 2026; up 265% from third quarter 2025
Adjusted diluted EPS $1.50 Non-GAAP measure for third quarter 2026; up 15% from third quarter 2025
Energy Systems operating income $23.7 million Third quarter 2026, compared with $25.4 million in third quarter 2025
Full-year 2026 net sales guidance $2.23 billion to $2.30 billion Raised guidance
Full-year 2026 adjusted diluted EPS guidance $4.62 to $4.82 Raised guidance; non-GAAP measure
Adjusted diluted EPS financial
"Adjusted diluted EPS is a non-GAAP measure"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
Adjusted operating income financial
"Adjusted operating income is a non-GAAP measure"
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
acquisition accounting financial
"as part of acquisition accounting"
Accounting method used when one company obtains control of another (a business combination) that requires the acquirer to measure and record the acquired business’s identifiable assets, liabilities and any noncontrolling interest at their fair values on the acquisition date, recognize the consideration transferred, and record any excess of purchase price over fair value of net identifiable assets as goodwill. Acquisition accounting (governed by standards such as ASC 805 under U.S. GAAP and IFRS 3) also sets rules for measuring contingent consideration, allocating purchase price to acquired intangible assets, consolidating the target’s results from the acquisition date forward, and subsequent accounting (for example, goodwill is not amortized but tested for impairment under these standards).
foreign currency translation financial
"Foreign currency translation, net"
Foreign currency translation is the process of converting financial statements prepared in one currency into another currency so they can be combined or compared. Investors care because exchange rate swings can change reported revenue, profit and asset values even when a company’s underlying business hasn’t changed — like converting vacation spending back to your home money and seeing the total rise or fall depending on the day’s exchange rate.
pension settlement loss financial
"Pension settlement loss"
Net sales $633.6 million Up 9% year over year
Operating income $86.5 million Up 2% year over year
GAAP diluted EPS $1.35 Up 265% year over year
Adjusted diluted EPS $1.50 Up 15% year over year
Guidance

Raised full-year 2026 net sales guidance to $2.23 billion to $2.30 billion and adjusted diluted EPS guidance to $4.62 to $4.82.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did FELE report in Q3 2026 sales?
Franklin Electric reported consolidated net sales of $633.6 million, up 9% from $581.7 million in Q3 2025. Sales rose 5% in Water Systems and 15% in Energy Systems and Distribution.

What were FELE's Q3 2026 earnings per share?
GAAP diluted EPS was $1.35, up 265% from $0.37 in Q3 2025. Adjusted diluted EPS, a non-GAAP measure, was $1.50, up 15% from $1.31.

How did FELE change its 2026 guidance?
Franklin Electric raised full-year 2026 net sales guidance to $2.23 billion to $2.30 billion and adjusted diluted EPS guidance to $4.62 to $4.82.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
0000038725false00000387252026-10-282026-10-28

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 28, 2026

FRANKLIN ELECTRIC CO., INC.
(Exact name of registrant as specified in its charter)
Indiana0-36235-0827455
(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 28, 2026, Franklin Electric Co., Inc. issued a press release announcing its earnings for the third quarter of 2026. 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
Press release - "Franklin Electric Reports Third Quarter 2026 Results"
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 28, 2026
By/s/ Jennifer A. Wolfenbarger
Jennifer A. Wolfenbarger
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)




Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS THIRD QUARTER 2026 RESULTS

Third Quarter 2026 Highlights
•Consolidated net sales of $633.6 million, an increase of 9% to the prior year
•Net sales increased across all three segments: 5% in Water Systems, 15% in Energy Systems, and 15% in Distribution
•Operating income was $86.5 million, an increase of 2% to the prior year, with operating margin of 13.7%; Adjusted operating income2 was $95.4 million
•GAAP fully diluted earnings per share (EPS) was $1.35, an increase of 265%; Adjusted diluted EPS1 was $1.50, an increase of 15%

Fort Wayne, IN – October 28, 2026 – Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2026.

Third quarter 2026 net sales were $633.6 million compared to third quarter 2025 net sales of $581.7 million. Third quarter 2026 operating income was $86.5 million, compared to third quarter 2025 operating income of $85.1 million. Third quarter 2026 diluted EPS was $1.35, compared to third quarter 2025 EPS of $0.37. Third quarter adjusted diluted EPS1 was $1.50, compared to 2025 third quarter adjusted diluted EPS1 of $1.31.

1 – Adjusted diluted EPS is a non-GAAP measure. Please refer to our Note Regarding Non-GAAP Financial Measures below for further explanation as well as the final page of this release for a reconciliation of non-GAAP measures to the appropriate GAAP measure.

“Our team delivered strong third quarter revenue growth through a combination of favorable pricing, contributions from recent acquisitions, and healthy customer activity across much of the portfolio. We were pleased with the early contribution from Cat Pumps as our teams remain focused on executing our integration playbook while serving customers at a high level,” commented Joe Ruzynski, Franklin Electric’s CEO.

“Although we experienced margin pressure from higher material and freight costs, we continue to see encouraging order trends and strong customer engagement across many of our businesses. We remain focused on disciplined pricing, productivity initiatives, and operational execution throughout our global manufacturing and distribution network. With a diversified portfolio, strong balance sheet, and multiple opportunities to drive growth, we believe Franklin Electric is well positioned to continue creating long-term value for shareholders.”


Segment Summaries

Water Systems net sales were $352.5 million in the third quarter, an increase of $15.9 million or 5 percent compared to the third quarter of 2025. The incremental sales were driven by the sales impact of recent acquisitions, favorable foreign exchange, and price realization. Water Systems operating income in the third quarter of 2026 was $58.9 million, a decrease of 2 percent over third quarter 2025 operating income of $60.2 million. Water Systems had $0.3 million of restructuring expenses and $0.8 million in acquisition-related costs and impact of selling acquired inventory after markup to fair value as part of acquisition accounting in the third quarter with adjusted operating income2 of $60.0 million, a decrease of 2 percent over the third quarter of 2025 adjusted operating income2 of $61.3 million.




Distribution net sales were $226.1 million, an increase of $28.8 million or 15 percent compared to the third quarter of 2025. Sales increases were driven by higher volumes, the incremental sales impact of recent acquisitions, and price realization. The Distribution segment operating income in the third quarter 2026 was $20.6 million, an increase of 26 percent over third quarter 2025 operating income of $16.3 million.

Energy Systems net sales were $91.7 million in the third quarter 2026, an increase of $11.7 million or 15 percent compared to the third quarter 2025. Sales increases were driven by the sales impact of recent acquisitions, higher price realization and volumes. Energy Systems operating income in the third quarter of 2026 was $23.7 million compared to the third quarter of 2025 operating income of $25.4 million. Energy Systems operating income in the third quarter of 2026 included $4.7 million acquisition-related costs and $3.1 million impact of marking up acquired inventory to fair value as part of acquisition accounting compared to $0.0 million in the third quarter of 2025. Energy Systems adjusted operating income2 was $31.5 million, an increase of 24 percent over the third quarter of 2025 adjusted operating income2 of $25.4 million.


2 – Adjusted operating income is a non-GAAP measure. Please refer to our Note Regarding Non-GAAP Financial Measures below for further explanation as well as the final page of this release for a reconciliation of non-GAAP measures to the appropriate GAAP measure.

2026 Guidance

The Company is raising its guidance for full year 2026 net sales to be in the range of $2.23 billion to $2.30 billion and full year 2026 Adjusted Diluted EPS to be in the range of $4.62 to $4.82.


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 2026 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/2cri4qog

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-conf.media-server.com/register/BI65124cd28e0e48ae8f14b2d2dacabc1c

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 Wednesday, October 28, 2026, through 9:00 am ET on Wednesday, November 4, 2026, 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, changes in tariffs or the impact of any such changes on the Company’s financial results, 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, 2025, 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.



Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measure Adjusted Diluted EPS and Adjusted Operating Income provide additional meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company’s reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for Adjusted Diluted EPS and Adjusted Operating Income; therefore, Adjusted Diluted EPS and Adjusted Operating Income included in this release may not be comparable to similarly titled measures of other companies. Adjusted Diluted EPS and Adjusted Operating Income are defined and reconciled to what management believes to be the most comparable GAAP measures in a schedule at the end of this release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the items that are excluded from the non-GAAP outlook measure.

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 worldwide in residential, commercial, agricultural, industrial, municipal and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2025, Most Trustworthy Companies 2025, and Greenest Companies 2025.

Franklin Electric Contact:
Jennifer Wolfenbarger / Dean Cantrell
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)
Third Quarter EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Net sales$633,615 $581,714 $1,756,932 $1,624,395 
Cost of sales409,582 373,010 1,127,325 1,039,962 
Gross profit224,033 208,704 629,607 584,433 
Selling, general, and administrative expenses137,249 123,474 392,349 366,638 
Restructuring expense270 112 4,548 435 
Legal settlement loss— — 4,512 — 
Operating income86,514 85,118 228,198 217,360 
Interest expense(4,687)(3,496)(10,522)(8,100)
Other income (expense), net1,231 (165)2,202 514 
Foreign exchange expense, net(2,266)(2,673)(4,388)(8,514)
Pension settlement loss— (55,251)— (55,251)
Income before income taxes80,792 23,533 215,490 146,009 
Income tax expense19,745 6,329 53,647 36,868 
Net income$61,047 $17,204 $161,843 $109,141 
Less: Net income attributable to noncontrolling interests(398)(466)(1,122)(1,301)
Net income attributable to Franklin Electric Co., Inc.$60,649 $16,738 $160,721 $107,840 
Earnings per share:
Basic$1.37 $0.37 $3.62 $2.38 
Diluted$1.35 $0.37 $3.58 $2.35 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
September 30, 2026December 31, 2025
ASSETS
Cash and cash equivalents$159,103 $99,662 
Receivables (net)356,081 247,511 
Inventories625,208 552,981 
Other current assets68,452 58,472 
Total current assets1,208,844 958,626 
Property, plant, and equipment, net279,875 252,164 
Lease right-of-use assets, net74,730 67,867 
Goodwill and other assets1,075,282 665,728 
Total assets$2,638,731 $1,944,385 
LIABILITIES AND EQUITY
Accounts payable$215,165 $174,954 
Accrued expenses and other current liabilities156,536 116,747 
Current lease liability20,425 20,518 
Current maturities of long-term debt and short-term borrowings127,181 31,827 
Total current liabilities519,307 344,046 
Long-term debt433,463 135,184 
Long-term lease liability53,061 46,481 
Deferred income taxes88,848 39,275 
Employee benefit plans18,410 22,833 
Other long-term liabilities75,454 29,541 
Redeemable noncontrolling interest1,875 1,657 
Total equity1,448,313 1,325,368 
Total liabilities and equity$2,638,731 $1,944,385 











FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
(In thousands)
September 30, 2026September 30, 2025
Cash flows from operating activities:
Net income$161,843 $109,141 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization53,112 46,258 
Pension settlement loss, net of tax— 41,693 
Non-cash lease expense17,197 16,279 
Share-based compensation10,935 10,341 
Other171 4,188 
Changes in assets and liabilities:
Receivables(95,089)(34,660)
Inventory(15,578)(45,036)
Accounts payable and accrued expenses36,053 873 
Operating leases(17,571)(16,300)
Income taxes-U.S. Tax Cuts and Jobs Act—(4,837)
Payment related to a supplier agreement(29,300)— 
Other17,425 6,747 
Net cash flows from operating activities139,198 134,687 
Cash flows from investing activities:
Additions to property, plant, and equipment(34,385)(29,820)
Proceeds from sale of property, plant, and equipment1,561 2,578 
Acquisitions and investments(385,157)(109,948)
Other investing activities39 73 
Net cash flows from investing activities(417,942)(137,117)
Cash flows from financing activities:
Net change in debt394,090 55,721 
Payment of debt issuance costs(155)(974)
Proceeds from issuance of common stock6,156 3,991 
Purchases of common stock(24,894)(129,415)
Dividends paid(37,287)(37,184)
Deferred payments for acquisitions(1,696)(4,300)
Net cash flows from financing activities336,214 (112,161)
Effect of exchange rate changes on cash and cash equivalents1,971 (3,022)
Net change in cash and cash equivalents59,441 (117,613)
Cash and cash equivalents at beginning of period99,662 220,540 
Cash and cash equivalents at end of period$159,103 $102,927 






Key Performance Indicators: Net Sales Summary

Net Sales For the Second Quarter
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterEnergyDistributionOther/ElimsConsolidated
Q3 2025$200.6 $55.4 $57.5 $23.1 $336.6 $80.0 $197.3 $(32.2)$581.7 
Q3 2026$214.0 $56.1 $55.0 $27.4 $352.5 $91.7 $226.1 $(36.7)$633.6 
Change$13.4 $0.7 $(2.5)$4.3 $15.9 $11.7 $28.8 $(4.5)$51.9 
% Change7 %1 %(4)%19 %5 %15 %15 %9 %
Foreign currency translation *$(0.4)$3.8 $0.3 $0.8 $4.5 $(0.3)$— $4.2 
% Change— %7 %1 %3 %1 %— %— %1 %
Acquisitions$8.3 $— $1.4 $— $9.7 $7.7 $7.4 $24.8 
% Change4 %— %2 %— %3 %10 %4 %4 %
Volume/Price$5.5 $(3.1)$(4.3)$3.5 $1.6 $4.3 $21.4 $(4.5)$22.8 
% Change3 %(6)%(7)%15 %— %5 %11 %14 %4 %


*The Company has presented local currency price increases used to offset currency devaluation in the highly inflationary economies of Argentina and Turkey within the foreign currency translation, net row above.

Key Performance Indicators: Operating Income and Margin Summary
Operating Income and Margins
(in millions)
For the Third Quarter 2026
WaterEnergyDistributionOther/ElimsConsolidated
Operating Income/(Loss)$58.9 $23.7 $20.6 $(16.7)$86.5 
% Operating Income To Net Sales16.7 %25.8 %9.1 %13.7 %
Operating Income and Margins
(in millions)
For the Third Quarter 2025
WaterEnergyDistributionOther/ElimsConsolidated
Operating Income/(Loss)$60.2 $25.4 $16.3 $(16.8)$85.1 
% Operating Income To Net Sales17.9 %31.8 %8.3 %14.6 %







Reconciliation of Non-GAAP Financial Measure: Adjusted Diluted EPS
For the Third Quarter
2026
2025
Change
Diluted Earnings per Share "EPS" (as reported - US GAAP)$1.35 $0.37 265 %
Restructuring$0.01 $— 
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting$0.07 $0.01 
Acquisition Related Expense$0.07 $— 
Pension Settlement Loss$— $0.93 
Adjusted Diluted EPS (non-GAAP)$1.50 $1.31 15 %


Reconciliation of Non-GAAP Financial Measure: Adjusted Operating Income

Operating Income and Adjusted
(in millions)
For the Third Quarter 2026
WaterEnergyDistributionOther/ElimsConsolidated
GAAP Operating Income / (Loss)$58.9 $23.7 $20.6 $(16.7)$86.5 
Restructuring$0.3 $— $— $— $0.3 
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting$0.5 $3.1 $— $— $3.6 
Acquisition Related Expense$0.3 $4.7 $— $— $5.0 
Non-GAAP Adjusted Operating Income / (Loss)$60.0 $31.5 $20.6 $(16.7)$95.4 
Operating Income and Adjusted
(in millions)
For the Third Quarter 2025
WaterEnergyDistributionOther/ElimsConsolidated
GAAP Operating Income / (Loss)$60.2 $25.4 $16.3 $(16.8)$85.1 
Restructuring$0.1 $— $— $— $0.1 
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting$1.0 $— $— $— $1.0 
Acquisition Related Expense$— $— $— $— $— 
Non-GAAP Adjusted Operating Income / (Loss)$61.3 $25.4 $16.3 $(16.8)$86.2 






Source: View Original Filing on SEC EDGAR

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