Franklin Electric Reports Record Third Quarter 2022 Results
Fort Wayne, IN – October 25, 2022 – Franklin Electric Co. Inc. today announced third quarter financial results for fiscal year 2022.
Third quarter 2022 sales were $551.7 million, compared to third quarter 2021 sales of $459.0 million. Third quarter 2022 operating income was $80.0 million, compared to third quarter operating income in 2021 of $56.6 million. Third quarter 2022 GAAP fully diluted earnings per share was $1.24, versus GAAP fully diluted EPS in the third quarter 2021 of $0.98.
“We are pleased with the strong performance of our global business during the quarter and particularly the resilience demonstrated as we delivered our ninth straight quarter of record results. We continue to see strong demand in our core markets as evidenced by our double-digit top line growth on a consolidated basis and all three operating segments,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer. “Furthermore, our open order backlog remains at an elevated level of $250 million indicating on-going strong demand for the remainder of this year and into 2023.”
“Similar to the second quarter, the operating environment remained choppy. Supply issues improved, but at a slower pace than we anticipated. In this strong inflationary environment, our global team performed exceptionally well with focused cost management, particularly in SG&A expense, where we continue to realize increased operating leverage. This strong performance more than offset the higher than anticipated headwind to earnings from foreign translation and exchange losses in the quarter. As a result, we are revising our guidance for full-year 2022 net sales to between $2.0 billion and $2.1 billion with our 2022 full-year earnings per share excluding restructuring to the range of $4.08 and $4.18, reflecting an increase in our earnings per share guidance midpoint to $4.13.” concluded Mr. Sengstack.
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