Franklin Electric Reports Third Quarter 2023 Results

Fort Wayne, IN – October 24, 2023 – Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2023.

Third quarter 2023 net sales were $538.4 million, compared to third quarter 2022 net sales of $551.7 million. Third quarter 2023 operating income was $78.1 million, compared to third quarter 2022 operating income of $80.0 million. Third quarter 2023 EPS was $1.23, versus EPS in the third quarter 2022 of $1.24.

“The third quarter, which is seasonally one of our stronger periods, was a solid quarter but more challenging than anticipated and our results were below our expectations as additional commodity price pressure in our Distribution business and further destocking impacted sales. Nevertheless, Water Systems set a third-quarter record for revenue and operating income on strong global execution. While underlying demand in our core markets remains solid, we continued to see customers extend project timelines and right-size inventory levels in response to improved supplier lead times. In addition, unfavorable weather lasted longer than expected during our busiest months, negatively impacting what is historically a strong quarter,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

“Our team executed well and remained nimble as we delivered strong margins and robust cash flow generation with a focus on disciplined cost management. Year-to-date cash flows from operating activities increased about $190 million over the prior year as we progressed on our inventory reduction goals. Looking ahead, we remain focused on delivering for our customers while continuing to manage our costs and driving value for our shareholders.” 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 involve risks and uncertainties, including but not limited to, general economic and currency conditions, various conditions specific to the Company's business and industry, market demand, competitive factors, supply constraints, technology factors, government and regulatory actions, the Company's accounting policies, future trends, and other risks which are detailed in the Company's Securities and Exchange Commission filings. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. We do not assume any obligation to update any forward-looking information. While we may elect to update the forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.

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