0000038725-23-000065.txt : 20230502 0000038725-23-000065.hdr.sgml : 20230502 20230502080133 ACCESSION NUMBER: 0000038725-23-000065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230502 DATE AS OF CHANGE: 20230502 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: 23876671 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-20230502.htm 8-K fele-20230502
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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): May 2, 2023

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 May 2, 2023, Franklin Electric Co., Inc. issued a press release announcing its earnings for the first quarter of 2023. 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: May 2, 2023
By/s/ Jeffery L. Taylor
Jeffery L. Taylor
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)


 EX-99.1 2 a20230502ex991earningsrele.htm EX-99.1 Document


Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE DISTRIBUTION


FRANKLIN ELECTRIC REPORTS RECORD FIRST QUARTER 2023 RESULTS


First Quarter 2023 Highlights
•Sales of $484.6 million, an increase of 7% over the prior year, a first quarter record
•Record first quarter sales in all three segments; Water Systems increased 12%, Distribution increased 6%, and Fueling Systems increased less than 1%
•Operating income was a first quarter record at $52.6 million, an increase of 32% over the prior year
•GAAP fully diluted earnings per share (EPS) was $0.79, an increase of $0.16 over the prior year

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.

Segment Summaries

Water Systems sales, a new first quarter record, were $306.6 million in the first quarter 2023, an increase of $34.0 million compared to the first quarter 2022. Sales increases were led by pricing actions and strong end market demand across most major product lines led by surface pumping, especially in large dewatering pumps, and groundwater. Water Systems operating income in the first quarter was $49.0 million, a new first quarter record, driven by higher sales and operating leverage. First quarter 2022 Water Systems operating income was $33.2 million.

Distribution sales, a new first quarter record, were $143.0 million in the first quarter 2023, an increase of $8.1 million compared to the first quarter 2022. The Distribution segment operating income was $4.7 million in the first quarter of 2023 compared to first quarter 2022 operating income of $9.4 million.


Distribution segment sales and operating income were negatively impacted by weather, seasonality, and margin compression from unfavorable pricing of commodity-based products sold through the business.

Fueling Systems sales, a new first quarter record, were $72.7 million in the first quarter 2023, an increase of $0.2 million compared to the first quarter 2022. Sales increases in the U.S. and Canada of 4 percent were offset by sales declines outside the U.S. and Canada. Fueling Systems operating income in the first quarter was $20.8 million, a new first quarter record, driven by a favorable product and geographic mix of sales. First quarter 2022 Fueling Systems operating income was $17.7 million.


2023 Guidance

The Company is updating and raising its guidance for full year 2023 sales to be in the range of $2.15 billion to $2.25 billion and full year 2023 EPS to be in the range of $4.25 to $4.45.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2023 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/p6ddvija

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/BI23ed60aedc6f4b01aabdd0f5a51dbaba

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 start of the event (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, May 2, 2023, through 9AM ET on Tuesday, May 9, 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, 2022, 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)
First Quarter Ended
March 31, 2023March 31, 2022
Net sales$484,551 $451,470 
Cost of sales322,286 306,136 
Gross profit162,265 145,334 
Selling, general, and administrative expenses109,535 104,673 
Restructuring expense124 720 
Operating income52,606 39,941 
Interest expense(3,147)(1,494)
Other income/(expense), net409 (378)
Foreign exchange income/(expense)(2,044)(585)
Income before income taxes47,824 37,484 
Income tax expense10,248 7,365 
Net income$37,576 $30,119 
Less: Net (income)/loss attributable to noncontrolling interests(251)(354)
Net income attributable to Franklin Electric Co., Inc.$37,325 $29,765 
Earnings per share:
Basic$0.81 $0.64 
Diluted$0.79 $0.63 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, 2023December 31, 2022
ASSETS
Cash and equivalents$51,873 $45,790 
Receivables (net)276,503 230,404 
Inventories600,651 544,980 
Other current assets39,018 36,916 
Total current assets968,045 858,090 
Property, plant, and equipment, net220,592 215,154 
Lease right-of-use assets, net45,622 48,948 
Goodwill and other assets569,187 572,009 
Total assets$1,803,446 $1,694,201 
LIABILITIES AND EQUITY
Accounts payable$187,985 $139,266 
Accrued expenses and other current liabilities98,452 123,788 
Current lease liability15,144 15,959 
Current maturities of long-term debt and short-term borrowings185,280 126,756 
Total current liabilities486,861 405,769 
Long-term debt88,766 89,271 
Long-term lease liability30,346 32,858 
Income taxes payable non-current8,707 8,707 
Deferred income taxes30,893 29,744 
Employee benefit plans32,303 31,889 
Other long-term liabilities29,969 25,209 
Redeemable noncontrolling interest633 620 
Total equity1,094,968 1,070,134 
Total liabilities and equity$1,803,446 $1,694,201 



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
(In thousands)
March 31, 2023March 31, 2022
Cash flows from operating activities:
Net income$37,576 $30,119 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization12,837 12,078 
Non-cash lease expense4,239 4,181 
Share-based compensation3,912 3,985 
Other3,250 2,473 
Changes in assets and liabilities:
Receivables(43,408)(34,119)
Inventory(50,725)(74,690)
Accounts payable and accrued expenses13,163 (2,753)
Operating leases(4,239)(4,181)
Other11,376 1,596 
Net cash flows from operating activities(12,019)(61,311)
Cash flows from investing activities:
Additions to property, plant, and equipment(9,563)(9,456)
Acquisitions and investments(4,990)553 
Net cash flows from investing activities(14,553)(8,903)
Cash flows from financing activities:
Net change in debt57,733 96,851 
Proceeds from issuance of common stock2,938 343 
Purchases of common stock(17,133)(19,319)
Dividends paid(10,440)(9,130)
Net cash flows from financing activities33,098 68,745 
Effect of exchange rate changes on cash and cash equivalents(443)(486)
Net change in cash and cash equivalents6,083 (1,955)
Cash and cash equivalents at beginning of period45,790 40,536 
Cash and cash equivalents at end of period$51,873 $38,581 









Key Performance Indicators: Net Sales Summary

Net Sales
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
Q1 2022$163.2 $37.9 $51.0 $20.5 $272.6 $72.5 $134.9 $(28.5)$451.5 
Q1 2023$197.1 $40.3 $50.4 $18.8 $306.6 $72.7 $143.0 $(37.7)$484.6 
Change$33.9 $2.4 $(0.6)$(1.7)$34.0 $0.2 $8.1 $(9.2)$33.1 
% Change21 %6 %(1)%(8)%12 %— %6 %7 %
Foreign currency translation$(1.4)$(4.2)$(7.1)$(1.5)$(14.2)$(0.8)$— $(15.0)
% Change(1)%(11)%(14)%(7)%(5)%(1)%— %(3)%
Volume/Price$35.3 $6.6 $6.5 $(0.2)$48.2 $1.0 $8.1 $(9.2)48.1
% Change22 %17 %13 %(1)%18 %1 %6 %32 %11 %

Key Performance Indicators: Operating Income and Margin Summary
Operating Income and Margins
(in millions)
For the First Quarter 2023
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$49.0 $20.8 $4.7 $(21.9)$52.6 
% Operating Income To Net Sales16.0 %28.6 %3.3 %10.9 %
Operating Income and Margins
(in millions)
For the First Quarter 2022
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$33.2 $17.7 $9.4 $(20.4)$39.9 
% Operating Income To Net Sales12.2 %24.4 %7.0 %8.8 %


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