Quarterly profit nearly flat for Franklin Electric
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Fort Wayne-based Franklin Electric Inc. is reporting third quarter net income of $57.8 million, down from $58.6 million during the same period last year. CEO Gregg Sengstack said Tuesday the company’s earnings are the result of a quarter that was more challenging than anticipated.
The company is also reporting net sales totaled $538.4 million, down from $551.7 million in the third quarter of 2022.
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.
Despite the challenges during the quarter, Sengstack called the company’s performance “solid” in what is seasonally one of its stronger period. He cited unfavorable weather that lasted longer than expected during the company’s busiest months.
“Our team executed well and remained nimble as we delivered strong margins and robust cash flow generation with a focus on disciplined cost management,” Sengstack said in a news release. “Year-to-date cash flows from operating activities increased about $190 million over the prior year as we progressed on our inventory reduction goals.”
You can view the full earnings report by clicking here.