Franklin Electric Reports Record Fourth Quarter 2021 and Record Full Year 2021 Results
Fort Wayne, IN – February 15, 2022 – Franklin Electric Co. Inc. today announced fourth quarter and full year financial results for fiscal year 2021.
Fourth quarter 2021 sales were $432.5 million, compared to fourth quarter 2020 sales of $321.1 million. Fourth quarter 2021 operating income was $47.2 million, compared to fourth quarter operating income in 2020 of $34.4 million, an increase of 37 percent.
Fourth quarter 2021 GAAP fully diluted earnings per share (EPS) was $0.85, versus GAAP fully diluted EPS in the fourth quarter 2020 of $0.57. The Company’s fourth quarter 2021 results included a $6.5 million one-time income gain on a bargain purchase price transaction on the income statement in the ‘Other Income/Expense’ section. Although it is not the Company’s practice to note items as non-GAAP adjustments in reported results, we are mentioning this gain due to its size and since the Company does not consider it to be operational in nature.
Full year 2021 sales were $1,661.9 million, compared to full year 2020 sales of $1,247.3 million. Full year 2021 operating income was $189.2 million, compared to full year operating income in 2020 of $130.5 million, an increase of 45 percent.
Full year 2021 GAAP fully diluted earnings per share (EPS) was $3.25, versus GAAP fully diluted EPS in 2020 of $2.14.
“Finishing the year on a high note, we once again delivered record fourth quarter sales and earnings results. We saw strong demand across all business segments, with exceptional performance in our Distribution business which posted year-over-year sales growth of 50 percent, and Water Systems and Fueling Systems delivering sales growth of 36 percent and 21 percent, respectively. We also continued to execute our inorganic growth strategy through our acquisitions of a leading groundwater distribution company covering the Northeastern United States and a water treatment business based in the Southwest, which we believe have ample runway for growth,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“2021 was a pivotal year for our business, as we delivered record-breaking results, further extended our geographic footprint and enhanced our product offerings. While supply chain challenges have continued, we believe they have stabilized, and we enter 2022 on strong footing with robust demand across our end markets. As the innovation leader in water systems, distribution, and fueling, Franklin is positioned for growth to meet rapidly accelerating clean water demand worldwide, as well as to address increasing environmental and sustainability concerns around both water and fueling,” concluded Mr. Sengstack.
