Franklin Electric Reports Record First Quarter 2023 Results

Fort Wayne, IN – May 2, 2023 – Franklin Electric Co. Inc. today announced first quarter financial results for fiscal year 2023.

First quarter 2023 sales were $484.6 million, compared to first quarter 2022 sales of $451.5 million. First quarter 2023 operating income was $52.6 million, compared to first quarter operating income in 2022 of $39.9 million. First quarter 2023 GAAP fully diluted EPS was $0.79, versus GAAP fully diluted EPS in the first quarter 2022 of $0.63.

“The Franklin Electric team delivered a strong start to 2023 with records for first quarter sales, operating income and earnings per share. Overall, demand remains seasonally robust, and we continue to make progress with managing and improving our supply chain. Strong shipments during the quarter drove top-line sales and operating leverage resulting in year-over-year operating margin expansion and a more normal backlog which decreased sequentially by $30 million.” Commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

“While the demand environment remains healthy across each of our businesses, we are mindful of the ongoing macroeconomic and geopolitical pressures that are expected to persist throughout 2023. Our strong first quarter results give us confidence as we move to the busy season for our business.” Concluded Mr. Sengstack.


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"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.