0000038725-22-000142.txt : 20220726 0000038725-22-000142.hdr.sgml : 20220726 20220726080233 ACCESSION NUMBER: 0000038725-22-000142 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220726 DATE AS OF CHANGE: 20220726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN ELECTRIC CO INC CENTRAL INDEX KEY: 0000038725 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [3621] IRS NUMBER: 350827455 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00362 FILM NUMBER: 221104942 BUSINESS ADDRESS: STREET 1: 9255 COVERDALE ROAD CITY: FORT WAYNE STATE: IN ZIP: 46809 BUSINESS PHONE: 2608242900 MAIL ADDRESS: STREET 1: 9255 COVERDALE ROAD CITY: FORT WAYNE STATE: IN ZIP: 46809 8-K 1 fele-20220726.htm 8-K fele-20220726
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2022

FRANKLIN ELECTRIC CO., INC.
(Exact name of registrant as specified in its charter)
Indiana 0-362 35-0827455
(State of incorporation) (Commission File Number) (IRS employer identification no.)
9255 Coverdale Road
Fort Wayne,Indiana46809
(Address of principal executive offices)(Zip code)

(260) 824-2900
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.10 par valueFELENASDAQGlobal Select Market
(Title of each class)(Trading symbol)(Name of each exchange on which registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition

On July 26, 2022, Franklin Electric Co., Inc. issued a press release announcing its earnings for the second quarter of 2022. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. This Current Report on Form 8-K and the press release attached hereto are being furnished pursuant to Item 2.02 of Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits:
Exhibit NumberDescription
99.1
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FRANKLIN ELECTRIC CO., INC.
(Registrant)
Date: July 26, 2022
By/s/ Jeffery L. Taylor
Jeffery L. Taylor
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)


 EX-99.1 2 a20220726ex991earningsrele.htm EX-99.1 Document


Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2022 RESULTS

Second Quarter 2022 Highlights
•Record sales of $551.1 million, compared to second quarter 2021 sales of $437.3 million, an increase of 26%
•Strong organic sales growth in all three Segments; Water Systems 27%, Fueling Systems 21%, and Distribution 18%
•Operating income was a record at $81.0 million, compared to second quarter operating income in 2021 of $51.6 million, an increase of 57%
•GAAP fully diluted earnings per share (EPS) was $1.26, a new record for any quarter
•2022 FY net sales guidance is updated to $2.00 billion to $2.15 billion and 2022 FY earnings per share excluding restructuring to $4.00 to $4.20

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.

Segment Summaries

Water Systems sales, a new record for any quarter, were $310.5 million in the second quarter 2022, an increase of $63.3 million or 26 percent versus the second quarter 2021. Water Systems sales, excluding acquisitions and the impact of foreign currency translation, were up about 27 percent compared to the second quarter 2021. Sales increases were led by pricing actions and strong end market demand across all major product lines in groundwater pumping, surface pumping, dewatering equipment and water


treatment. Water Systems operating income in the second quarter was $49.0 million, a new record, driven by higher sales. Second quarter 2021 Water Systems operating income was $34.6 million.

Distribution sales, a new record for any quarter, were $191.1 million in the second quarter 2022. The Distribution segment organic sales increased 18 percent compared to the second quarter of 2021. Revenue growth was driven by solid demand primarily in the U.S. groundwater market due to strong price realization in addition to the growth from acquisition. The Distribution segment operating income, a new record, was $23.3 million in the second quarter of 2022 compared to second quarter 2021 operating income of $16.0 million.

Fueling Systems sales, a new record for any quarter, were $86.0 million in the second quarter 2022, an increase of $13.8 million versus the second quarter 2021. Fueling Systems sales in the U.S. and Canada increased by about 20 percent compared to the second quarter 2021. Outside the U.S. and Canada, Fueling Systems revenues decreased by about 6 percent, as sales increases of 3 percent in the rest of the world outside of China were not enough to offset lower sales in China. Fueling Systems operating income, a new record, in the second quarter was $26.1 million, compared to $18.5 million in the second quarter of 2021.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The second quarter 2022 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/c7wvmk7z

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register.vevent.com/register/BId45560b9b02245829b416ac32b4847ae

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, July 26, 2022 through Tuesday, July 25, 2023, by visiting the listen-only webcast link above.

Forward Looking Statements

"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, 2021, 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.


About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.


Franklin Electric Contact:

Jeffery L. Taylor
Franklin Electric Co., Inc.
260-824-2900
Email: jeffery.taylor@fele.com



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Second Quarter EndedSix Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Net sales$551,138 $437,280 $1,002,608 $770,326 
Cost of sales361,850 285,041 667,986 502,541 
Gross profit189,288 152,239 334,622 267,785 
Selling, general, and administrative expenses108,313 100,485 212,986 182,088 
Restructuring (income)/expense(7)153 713 305 
Operating income80,982 51,601 120,923 85,392 
Interest expense(2,932)(1,366)(4,426)(2,456)
Other income/(expense), net(1,159)(430)(1,537)(530)
Foreign exchange income/(expense)(329)(1,189)(914)(1,246)
Income before income taxes76,562 48,616 114,046 81,160 
Income tax expense16,799 9,253 24,164 13,634 
Net income$59,763 $39,363 $89,882 $67,526 
Less: Net (income)/loss attributable to noncontrolling interests(399)(222)(753)(505)
Net income attributable to Franklin Electric Co., Inc.$59,364 $39,141 $89,129 $67,021 
Earnings per share:
Basic$1.27 $0.84 $1.91 $1.44 
Diluted$1.26 $0.83 $1.89 $1.42 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, 2022December 31, 2021
ASSETS
Cash and equivalents$33,225 $40,536 
Receivables (net)278,924 196,173 
Inventories567,143 449,975 
Other current assets33,891 37,963 
Total current assets913,183 724,647 
Property, plant, and equipment, net210,639 210,654 
Right-of-use asset, net47,683 48,379 
Goodwill and other assets580,035 591,485 
Total assets$1,751,540 $1,575,165 
LIABILITIES AND EQUITY
Accounts payable$195,614 $164,758 
Accrued expenses and other current liabilities105,546 117,955 
Current lease liability15,313 15,320 
Current maturities of long-term debt and short-term borrowings223,054 97,981 
Total current liabilities539,527 396,014 
Long-term debt89,846 90,535 
Long-term lease liability32,240 32,937 
Income taxes payable non-current8,707 11,610 
Deferred income taxes30,139 28,162 
Employee benefit plans38,817 40,696 
Other long-term liabilities23,407 26,568 
Redeemable noncontrolling interest284 (19)
Total equity988,573 948,662 
Total liabilities and equity$1,751,540 $1,575,165 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
(In thousands)
June 30, 2022June 30, 2021
Cash flows from operating activities:
Net income$89,882 $67,526 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization24,521 20,535 
Non-cash lease expense8,526 6,471 
Share-based compensation6,322 6,573 
Other3,639 1,753 
Changes in assets and liabilities:
Receivables(93,063)(62,860)
Inventory(123,817)(41,848)
Accounts payable and accrued expenses29,969 50,262 
Operating leases(8,526)(6,471)
Income taxes-U.S. Tax Cuts and Jobs Act(355)(355)
Other361 (6,056)
Net cash flows from operating activities(62,541)35,530 
Cash flows from investing activities:
Additions to property, plant, and equipment(20,084)(12,777)
Proceeds from sale of property, plant, and equipment6 8 
Acquisitions and investments(1,365)(180,917)
Other investing activities(8)27 
Net cash flows from investing activities(21,451)(193,659)
Cash flows from financing activities:
Net change in debt126,272 129,264 
Proceeds from issuance of common stock1,916 8,989 
Purchases of common stock(30,644)(11,231)
Dividends paid(18,205)(16,320)
Net cash flows from financing activities79,339 110,702 
Effect of exchange rate changes on cash(2,658)(1,763)
Net change in cash and equivalents(7,311)(49,190)
Cash and equivalents at beginning of period40,536 130,787 
Cash and equivalents at end of period$33,225 $81,597 





Key Performance Indicators: Earnings Per Share Calculations

Earnings Before and After Restructuring
For the Second Quarter
(in millions)20222021Change
Net Income attributable to FE Co., Inc. Reported$59.4 $39.1 52 %
Allocated Earnings$(0.2)$(0.2)
Earnings for EPS Calculations$59.2 $38.9 52 %
Restructuring (before tax):$— $0.2 
Restructuring, net of tax:$— $0.2 
Earnings Before Restructuring$59.2 $39.1 51 %
Earnings Per ShareFor the Second Quarter
Before and After Restructuring20222021Change
(in millions except Earnings Per Share)
Average Fully Diluted Shares Outstanding46.9 47.1 — %
Fully Diluted Earnings Per Share (“EPS”) Reported$1.26 $0.83 52 %
Restructuring Per Share, net of tax$— $— 
Fully Diluted EPS Before Restructuring$1.26 $0.83 52 %
























Key Performance Indicators: Net Sales Summary

Net Sales
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
Q2 2021
$141.0 $34.7 $51.4 $20.1 $247.2 $72.2 $144.8 $(26.9)$437.3 
Q2 2022
$194.9 $41.7 $49.7 $24.2 $310.5 $86.0 $191.1 $(36.5)$551.1 
Change$53.9 $7.0 $(1.7)$4.1 $63.3 $13.8 $46.3 $(9.6)$113.8 
% Change38 %20 %(3)%20 %26 %19 %32 %26 %
Foreign currency translation$(0.8)$0.1 $(16.2)$(1.0)$(17.9)$(1.5)$— 
% Change-1 %— %-32 %-5 %-7 %-2 %— %
Acquisitions$12.9 $— $— $1.9 $14.8 $— $19.6 
Volume/Price$41.8 $6.9 $14.5 $3.2 $66.4 $15.3 $26.7 
% Change30 %20 %28 %16 %27 %21 %18 %



























Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)
For the Second Quarter 2022
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$49.0 $26.1 $23.3 $(17.4)$81.0 
% Operating Income To Net Sales15.8 %30.3 %12.2 %14.7 %
Restructuring$— $— $— $— $— 
Operating Income/(Loss) Before Restructuring$49.0 $26.1 $23.3 $(17.4)$81.0 
% Operating Income to Net Sales Before Restructuring15.8 %30.3 %12.2 %14.7 %
Operating Income and Margins
(in millions)
For the Second Quarter 2021
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$34.6 $18.5 $16.0 $(17.5)$51.6 
% Operating Income To Net Sales14.0 %25.6 %11.0 %11.8 %
Restructuring$0.1 $— $— $— $0.1 
Operating Income/(Loss) Before Restructuring$34.7 $18.5 $16.0 $(17.5)$51.7 
% Operating Income to Net Sales Before Restructuring14.0 %25.6 %11.0 %11.8 %



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