Franklin Electric Reports Quarterly Profit Increase
(image courtesy Franklin Electric)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting second quarter net income of $39.4 million, up from $24.8 million during the same period last year. Chief Executive Officer Gregg Sengstack says the company delivered the highest sales and operating income for any quarter in Franklin’s history.
The company says it also saw net sales of $437.3 million, an increase of 42% from last year.
“This robust performance was propelled by a favorable demand environment and solid execution by our team,” said Sengstack. “Further, our international businesses posted strong results across almost all regions, as we continued to carefully navigate a challenging operating environment. As a result, we posted year-over-year revenue and earnings per share growth of 42 percent and 60 percent, respectively. While supply chain constraints and inflation have presented challenges, we have remained agile and disciplined, positioning us to further capitalize on the opportunities in front of us.”
“Our second quarter acquisitions have further established a meaningful Water Treatment platform in North America. We remain confident as we look to the remainder of the year, as we believe we have ample runway to execute on our strategic plan and drive continued growth across the business.”
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