Franklin Electric Q3 EPS $1.23, sales down 2% YoY; lowers full-year guidance

FRANKLIN ELECTRIC CO INC

2023-Q3 EPS reported $3.29 revenue$1,592,163,000

GAAP EPS of $1.23 vs $1.24; revenue $538.4M, down 2%; operating margin 14.5%.
Water Systems set Q3 records: sales $295.8M (+1%), op income $52.7M (+16%).
Distribution sales $189.2M (-2%), op income $10.7M vs $19.0M; Fueling sales $77.7M (-14%), op income $25.8M vs $28.6M.
Year-to-date operating cash flow $198.6M, up $191.5M from prior year.
FY2023 guidance updated: sales $2.05-2.15B, EPS $4.07-4.17; lowered from prior expectations.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FRANKLIN ELECTRIC CO INC reported the third quarter of 2023 results: revenue $538.4 million, EPS $1.23. Guidance lowered.

Period: the third quarter of 2023
Revenue: $538.4 million
EPS: $1.23
Guidance: lowered
Result: reported results

Exact text from the filing

EX-99.1 (EX-99.1) --- NEWS RELEASE FOR IMMEDIATE DISTRIBUTION FRANKLIN ELECTRIC REPORTS THIRD QUARTER 2023 RESULTS Third Quarter 2023 Highlights • Consolidated net sales of $538.4 million, a decrease of 2% to the prior year • Water Systems sales increased by 1%, while Fueling Systems and Distribution’s net sales decreased 14% and 2%, respectively • Operating

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Source: SEC EDGAR

accession 0000038725-23-000177

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