FRANKLIN ELECTRIC CO INC
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
FELE$96.98+3.0%Stored close · as of Nov 9, 2026
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Condensed Consolidated Statements of Income for the First Quarters Ended March 31, 2024 and 2023 (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| First Quarter Ended | ||
|---|---|---|
| (In thousands, except per share amounts) | March 31, 2024 | March 31, 2023 |
| Net sales | $460,900 | $484,551 |
| Cost of sales | 297,320 | 322,286 |
| Gross profit | 163,580 | 162,265 |
| Selling, general, and administrative expenses | 115,644 | 109,535 |
| Restructuring expense | — | 124 |
| Operating income | 47,936 | 52,606 |
| Interest expense | (1,448) | (3,147) |
| Other income, net | 706 | 409 |
| Foreign exchange expense | (4,880) | (2,044) |
| Income before income taxes | 42,314 | 47,824 |
| Income tax expense | 9,222 | 10,248 |
| Net income | $33,092 | $37,576 |
| Less: Net income attributable to noncontrolling interests | (133) | (251) |
| Net income attributable to Franklin Electric Co., Inc. | $32,959 | $37,325 |
| Earnings per share: | ||
| Basic | $0.71 | $0.81 |
| Diluted | $0.70 | $0.79 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
| First Quarter Ended | ||
|---|---|---|
| (In thousands) | March 31, 2024 | March 31, 2023 |
| Net income | $33,092 | $37,576 |
| Other comprehensive income/(loss), before tax: | ||
| Foreign currency translation adjustments | (7,215) | 6,494 |
| Employee benefit plan activity | 576 | 555 |
| Other comprehensive income/(loss) | (6,639) | 7,049 |
| Income tax expense related to items of other comprehensive income/(loss) | (143) | (138) |
| Other comprehensive income/(loss), net of tax | (6,782) | 6,911 |
| Comprehensive income | 26,310 | 44,487 |
| Less: Comprehensive income attributable to noncontrolling interests | (92) | (274) |
| Comprehensive income attributable to Franklin Electric Co., Inc. | $26,218 | $44,213 |
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