Franklin Electric Reports Record Second Quarter 2023 Results
Fort Wayne, IN – July 25, 2023 – Franklin Electric Co., Inc. today announced its second quarter financial results for fiscal year 2023.
Second quarter 2023 net sales were $569.1 million, compared to second quarter 2022 net sales of $551.1 million. Second quarter 2023 operating income was $80.9 million, compared to second quarter 2022 operating income of $81.0 million. Second quarter 2023 EPS was $1.27, versus EPS in the second quarter 2022 of $1.26.
“We delivered another quarter of record sales and EPS performance for Franklin Electric. Results were driven by a solid demand environment that continued into the busy season for our core markets. Strong execution by our global teams enabled backlog and inventory levels to continue trending towards normalized levels, significantly improving our cash flow generation,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“Even though our second quarter sales were adversely impacted by weather and distributors right-sizing inventory levels, our end-market demand remains healthy. As we enter the third quarter, we have an elevated backlog which gives us momentum and confidence in our outlook for the remainder of 2023,” concluded Mr. Sengstack.
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