Franklin Electric Reports First Quarter 2024 Results
Fort Wayne, IN – April 30, 2024 – Franklin Electric Co., Inc. today announced its first quarter financial results for fiscal year 2024.
First quarter 2024 net sales were $460.9 million, compared to first quarter 2023 net sales of $484.6 million. First quarter 2024 operating income was $47.9 million, compared to first quarter 2023 operating income of $52.6 million. First quarter 2024 EPS was $0.70, versus EPS in the first quarter 2023 of $0.79.
“Our first quarter started slower than expected but improved as we moved through the quarter and demand seasonally increased. While results were slightly below our expectations due to the impact from unfavorable weather patterns and lingering commodity price headwinds in our Distribution business, underlying demand in our core markets remains healthy. Strong execution by our global teams drove improved margins on lower sales in our Water Systems and Fueling Systems segments,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“Our disciplined management of working capital delivered an improvement in cash flow from operations. Open orders increased sequentially, as expected, which combined with our further strengthening balance sheet, leaves us well-positioned to build momentum as we move into the busier summer months,” concluded Mr. Sengstack.
