Franklin Electric sees annual profit
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Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting full-year net income of $189 million, compared to $155 million during 2021. CEO Gregg Sengstack said the company saw another record full year for sales, operating income and earnings per share.
The company is also reporting a fourth quarter net loss of $378 million, compared to a loss of $328 million during the same period the previous year.
Despite the drop, Sengstack said the company delivered a “solid fourth quarter finish to 2022” with its eighth consecutive quarter of double digit sales and operating income growth.
“Demand remained strong across our business in the fourth quarter, demonstrated by sustained top-line growth and the elevated backlog at year-end which carries over into 2023,” said Sengstack. “Looking forward, we are well positioned to continue our momentum based on the robust demand across our end markets, our diverse customer base, and the growing global need for clean water and safe, cost-effective fueling solutions.”
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