Franklin Electric sees Q2 profit
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Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting second quarter net income of $59.8 million, up from $39.4 million during the same period last year. Chief Executive Officer Gregg Sengstack says the company saw growth and strong demand across its three business segments, which include water systems, distribution, and fueling systems.
“Our second quarter performance was strong with year over year double digit top-line growth overall and by all three business segments,” said Sengstack. “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.”
Franklin is also reporting sales of $551 million, compared to second quarter 2021 sales of $437 million.
“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,” said Sengstack. “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.”
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