Franklin Electric Reports Record Second Quarter 2022 Results
Fort Wayne, IN – July 26, 2022 – Franklin Electric Co. Inc. today announced second quarter financial results for fiscal year 2022.
Second quarter 2022 sales were $551.1 million, compared to second quarter 2021 sales of $437.3 million. Second quarter 2022 operating income was $81.0 million, compared to second quarter operating income in 2021 of $51.6 million. Second quarter 2022 GAAP fully diluted earnings per share was $1.26, versus GAAP fully diluted EPS in the second quarter 2021 of $0.83.
“We are pleased to report another quarter of record performance for the Company. Our second quarter performance was strong with year over year double digit top-line growth overall and by all three business segments. Sequential margin improvement was driven by robust demand in our core markets, continuing price realization to offset inflationary cost pressures and solid execution by our team to manage costs all while navigating in an uncertain environment,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“We remain focused on executing in the short-term while delivering long-term growth and value creation for our stakeholders. While it remains a challenging business environment with inflation persisting and supply issues continuing in the near-term, I am confident in our ability to continue to manage these challenges. Based on our second quarter performance and current outlook for the second half of the year, we are revising our full-year 2022 guidance, increasing consolidated net sales to between $2.00 billion and $2.15 billion. Furthermore, we are revising and increasing our 2022 full-year earnings per share excluding restructuring to between $4.00 and $4.20.” concluded Mr. Sengstack.
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