Franklin Electric Q3 EPS $1.17, sales down 1%; cuts FY2024 guidance

FRANKLIN ELECTRIC CO INC

2024-Q3 EPS reported $3.14 revenue$1,535,596,000

Q3 net sales $531.4M (-1% YoY); GAAP EPS $1.17 vs $1.23; operating income $73.5M vs $78.1M.
Water Systems segment posted record Q3 sales $302.2M (+2%) and record operating income $52.8M.
Fueling Systems sales declined 10% to $69.7M on lower volumes; operating income $24.1M vs $25.8M.
FY2024 sales guidance lowered to ~$2.00B; EPS guidance reduced to $3.75-$3.85.
CEO cites macro pressure from lower home sales/starts and wet weather for softer quarter.

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