Franklin Electric Reports Second Quarter 2024 Results
Fort Wayne, IN – July 23, 2024 – Franklin Electric Co., Inc. today announced its second quarter financial results for fiscal year 2024.
Second quarter 2024 net sales were $543.3 million, compared to second quarter 2023 net sales of $569.1 million. Second quarter 2024 operating income was $79.1 million, compared to second quarter 2023 operating income of $80.9 million. Second quarter 2024 EPS was $1.26, versus EPS in the second quarter 2023 of $1.27.
“The Franklin team achieved solid results in the second quarter, marking one of the strongest quarters from an earnings perspective in Franklin’s history. We continue to deliver margin expansion on sales below the record levels reached in the prior year period. While unfavorable weather continued to adversely impact sales, strong operational performance in the Water Systems and Fueling Systems segments helped offset this headwind,” commented Gregg Sengstack, Franklin Electric’s Executive Chairperson.
“Franklin Electric’s diverse product line, customer base, and geographic exposure continue to prove resilient despite macroeconomic, geopolitical, and weather-related pressures. These factors, along with our great people and strong working capital position, give us confidence as we look towards the back half of the year.”
“It has been an incredible journey working with the exceptional team here at Franklin Electric. I look forward to continuing to support our mission and our new CEO, Joe Ruzynski, in my position as Executive Chairperson.” concluded Mr. Sengstack.
