FRANKLIN ELECTRIC CO INC

For the period ended Jun 30, 2024. Filed Jul 26, 2024.

About this filing

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.

Jun 30, 2024 · Filed Jul 26, 2024

FELE$96.98+3.0%Stored close · as of Nov 9, 2026

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Contents

Item 1. Condensed Consolidated Financial Statements (Unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Second Quarter Ended		Six Months Ended
(In thousands, except per share amounts)	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Net sales	$543,258	$569,181	$1,004,158	$1,053,732
Cost of sales	343,461	380,700	640,781	702,986
Gross profit	199,797	188,481	363,377	350,746
Selling, general, and administrative expenses	120,648	107,429	236,292	216,964
Restructuring expense	—	149	—	273
Operating income	79,149	80,903	127,085	133,509
Interest expense	(1,976)	(4,178)	(3,424)	(7,325)
Other income, net	184	1,179	890	1,588
Foreign exchange expense	(436)	(3,571)	(5,316)	(5,615)
Income before income taxes	76,921	74,333	119,235	122,157
Income tax expense	17,590	14,173	26,812	24,421
Net income	$59,331	$60,160	$92,423	$97,736
Less: Net income attributable to noncontrolling interests	(232)	(560)	(365)	(811)
Net income attributable to Franklin Electric Co., Inc.	$59,099	$59,600	$92,058	$96,925
Earnings per share:
Basic	$1.28	$1.29	$1.99	$2.09
Diluted	$1.26	$1.27	$1.97	$2.06

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

	Second Quarter Ended		Six Months Ended
(In thousands)	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Net income	$59,331	$60,160	$92,423	$97,736
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	(10,299)	4,495	(17,514)	10,989
Employee benefit plan activity	577	555	1,153	1,110
Other comprehensive income/(loss)	(9,722)	5,050	(16,361)	12,099
Income tax expense related to items of other comprehensive income/(loss)	(143)	(139)	(286)	(277)
Other comprehensive income/(loss), net of tax	(9,865)	4,911	(16,647)	11,822
Comprehensive income	49,466	65,071	75,776	109,558
Less: Comprehensive income attributable to noncontrolling interests	(217)	(573)	(309)	(847)
Comprehensive income attributable to Franklin Electric Co., Inc.	$49,249	$64,498	$75,467	$108,711

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.