Franklin Electric Reports Full Year 2020 Results and Record Fourth Quarter 2020 Results
Fort Wayne, IN – February 16, 2021 – Franklin Electric Co. Inc. today announced fourth quarter and full year financial results for fiscal year 2020.
Fourth quarter 2020 sales were $321.1 million, compared to fourth quarter 2019 sales of $320.1 million. Fourth quarter 2020 operating income was $34.4 million, compared to fourth quarter operating income in 2019 of $28.6 million.
Fourth quarter 2020 GAAP fully diluted earnings per share (EPS) was $0.57, versus GAAP fully diluted EPS in the fourth quarter 2019 of $0.42. Fourth quarter 2020 EPS before the impact of restructuring expenses was $0.57 compared to fourth quarter 2019 EPS before restructuring of $0.43 (see table below for a reconciliation of GAAP EPS to EPS before restructuring).
Full year 2020 sales were $1,247.3 million, compared to full year 2019 sales of $1,314.6 million. Full year 2020 operating income was $130.5 million, compared to full year 2019 operating income of $127.1 million.
Full year 2020 GAAP fully diluted earnings per share (EPS) was $2.14, versus a GAAP fully diluted EPS in 2019 of $2.03. Full year 2020 EPS before the impact of restructuring expenses was $2.18 compared to 2019 EPS before restructuring of $2.07 (see table below for a reconciliation of GAAP EPS to EPS before restructuring).
“We ended 2020 strong, delivering record fourth quarter 2020 sales and earnings. Our Water Systems business continued to rebound from the slowdown driven by the pandemic earlier in the year to post 4 percent organic sales growth in the fourth quarter, alongside record operating income and operating income margin. Further, our Distribution business achieved profitability in the fourth quarter for the first time in its history supported by organic sales growth of 21 percent. We also continued to advance our acquisition strategy with the completion of two strategic acquisitions in the fourth quarter, one in the Water Treatment space in Canada and another with a critical groundwater distribution entity in central Texas. We are confident that each offers a great new growth platform for 2021,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“Given the incredible challenges we faced in 2020, I am extremely proud of the dedication and execution of our global team. We gained momentum towards the end of 2020 and are poised to capitalize on the strong tailwinds that have materialized in the Water end markets we serve. Our strategy to grow as a global provider of water and fuel systems, through geographic expansion and product line extensions, leveraging our global platform and competency in system design, is working. We see many growth opportunities ahead of us and look forward to continuing to drive strong performance in the years ahead,” concluded Sengstack.
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