Franklin Electric Reports Fourth Quarter 2023 and Full Year 2023 Results
Fort Wayne, IN – February 13, 2024 – Franklin Electric Co., Inc. today announced its fourth quarter and full year financial results for fiscal year 2023.
Fourth quarter 2023 net sales were $473.0 million, compared to fourth quarter 2022 net sales of $489.4 million. Fourth quarter 2023 operating income was $50.8 million, compared to fourth quarter 2022 operating income of $56.2 million. Fourth quarter 2023 EPS was $0.82, versus EPS in the fourth quarter 2022 of $0.84.
Full Year 2023 net sales were $2.1 billion, compared to full year 2022 net sales of $2.0 billion. Full year 2023 operating income was $262.4 million, compared to full year 2022 operating income of $257.2 million. Full year 2023 EPS was $4.11, versus EPS in 2022 of $3.97.
“The Franklin Electric team delivered another solid quarter to end a record year overall for the Company with new full year records for net sales, operating income, earnings per share, and operating cash flows. Strong execution drove healthy margins for both the quarter and year, led by record full-year operating income in our Water Systems segment while commodity price headwinds in our Distribution business and destocking activity in Fueling continued to weigh on our results,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“The breadth and durability of our global portfolio has proven resilient and positions us well entering 2024 where we expect demand to gain momentum as we move further into the year. I’m confident our healthy financial position and commitment to remain focused on meeting our customers’ growing requirements for water and energy solutions provides a solid foundation to enhance shareholder value”, concluded Mr. Sengstack.
