Franklin Electric Reports Record First Quarter 2022 Results
Fort Wayne, IN – April 26, 2022 – Franklin Electric Co. Inc. today announced first quarter financial results for fiscal year 2022.
First quarter 2022 sales were $451.5 million, compared to first quarter 2021 sales of $333.0 million. First quarter 2022 operating income was $39.9 million, compared to first quarter operating income in 2021 of $33.8 million.
First quarter 2022 GAAP fully diluted earnings per share was $0.63, versus GAAP fully diluted EPS in the first quarter 2021 of $0.59.
“Overall, the first quarter was a strong start to the year as we delivered another record first quarter for revenue, operating income and earnings per share. We maintained our momentum with continued strong demand across all our businesses. Our Distribution business posted year-over-year sales growth of 41 percent while our Water Systems and Fueling Systems businesses delivered sales growth of 38 and 28 percent, respectively with all business units benefitting from strong price and volume performance to drive profitable growth,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“We achieved record top line results on strong year-over-year organic and acquisition growth, while supply chain and inflationary challenges persisted during the first quarter constraining our margins, and our open order balance increased during the first quarter which is indicative of the current demand environment. Our team remains focused on managing these impacts while meeting our customers’ needs, and we will remain agile in response to the evolving landscape,” concluded Mr. Sengstack.
