Franklin Electric Reports Record Full-Year Profit
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting record full-year net income of $155 million, compared to $101 million in 2020. Chief Executive Officer Gregg Sengstack says the company saw strong demand across all of its business segments.
Sengstack says the company’s distribution business posted year-over-year sales growth of 50%, and water systems and fueling systems had sales growth of 36% and 21%, respectively.
“2021 was a pivotal year for our business, as we delivered record-breaking results, further extended our geographic footprint and enhanced our product offerings,” said Sengstack. “While supply chain challenges have continued, we believe they have stabilized, and we enter 2022 on strong footing with robust demand across our end markets.”
The company is also reporting record fourth quarter net income of $41 million, compared to $27 million during the same period in 2020.
“Finishing the year on a high note, we once again delivered record fourth quarter sales and earnings results,” said Sengstack. “We also continued to execute our inorganic growth strategy through our acquisitions of a leading groundwater distribution company covering the Northeastern United States and a water treatment business based in the Southwest, which we believe have ample runway for growth.”
You can connect to the full earnings report by clicking here.