Franklin Electric reports record sales, nearly flat profit
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Fort Wayne-based Franklin Electric Co. Inc. is reporting second quarter net income of $59.6 million, up slightly from $59.4 million during the same period last year. However, the company said in its quarterly earnings report that it hit record net sales of just over $569 million.
CEO Gregg Sengstack said the company hit its record sales despite being adversely impacted by weather and distributors right-sizing their inventory levels.
“Results were driven by a solid demand environment that continued into the busy season for our core markets,” Sengstack said. “Strong execution by our global teams enabled backlog and inventory levels to continue trending towards normalized levels, significantly improving our cash flow generation.”
Franklin Electric manufactures systems and components, including motors and pumps, designed for the movement of water and energy for residential, commercial, agricultural, industrial, municipal, and fueling applications.
Looking ahead, Sengstack said the company has an elevated backlog, “which gives us momentum and confidence in our outlook for the remainder of 2023.”
You can connect to the full earnings report by clicking here.