Read 2022 Chairperson's Letter 
Financial Highlights
(in millions, except per share amounts and ratios)
Net Sales
($ millions)
Net Income *
($ millions)
Earnings per Share
($)
- * Represents Net Income Attributable to Franklin Electric Co., Inc.
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Operations: | ||||||
| Net sales | $ | 2,043.7 | 1,661.9 | 1,247.3 | 1,314.6 | 1,298.1 |
| Operating income | $ | 257.2 | 189.2 | 130.5 | 127.1 | 132 |
| Operating income as a percent of sales | % | 12.6 | 11.4 | 10.5 | 9.7 | 10.2 |
| Balance Sheet: | ||||||
| Debt net of cash, equivalents and investments (1) | $ | 170.2 | 148.0 | (36.3) | 50.6 | 147.2 |
| Shareholders' equity | $ | 1,067.9 | 946.5 | 847.8 | 796.5 | 733.9 |
| Net debt as a percent of equity | % | 15.9 | 15.6 | (4.3) | 6.4 | 20.1 |
| Cash Flow: | ||||||
| Net cash flow from operating activities | $ | 101.7 | 129.8 | 211.8 | 177.7 | 128.4 |
| Capital expenditures, net (2) | $ | 41.9 | 29.1 | 22.8 | 21.0 | 21.7 |
| Acquisitions (3) | $ | 5.0 | 235.7 | 55.9 | 20.8 | 45.0 |
| Investment Data: | ||||||
| Return on invested capital (4) | % | 16.4 | 13.8 | 12.6 | 12.0 | 12.2 |
| Weighted average common shares outstanding | 47.0 | 47.0 | 46.7 | 46.8 | 47.0 | |
| Income Per Share: | ||||||
| Per weighted average common share, assuming dilution | $ | 3.97 | 3.25 | 2.14 | 2.03 | 2.23 |
| Dividends per common share | $ | 0.7800 | 0.7000 | 0.6200 | 0.5800 | 0.4675 |
- (1) Debt, net of cash, equivalents and investments is comprised of total debt of $216.0, $188.5, $94.5, $115.0 and $206.4 less cash and cash equivalents of $45.8, $40.5, $130.8, $64.4 and $59.2 in 2022, 2021, 2020, 2019 and 2018, respectively
- (2) Capital expenditures, net is comprised of additions to property, plant, and equipment of $41.9, $30.1, $22.8, $21.9 and $22.4 less proceeds from sale of property, plant, and equipment of $0, $1.0, $0, $0.9 and $0.7 in 2022, 2021, 2020, 2019 and 2018, respectively
- (3) Acquisitions is comprised of cash paid for acquisitions, net of cash acquired of $1.2, $235.7, $55.9, $20.8 and $45.0 plus deferred payments for acquisitions of $3.8, $0, $0, $0 and $0 in 2022, 2021, 2020, 2019 and 2018, respectively
- (4) ROIC based on after-tax calculation
- “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, 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, 2022, 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.