FRANKLIN ELECTRIC CO INC
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 2024
FELE$96.98+3.0%Stored close · as of Nov 9, 2026
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Item 1. Condensed Consolidated Financial Statements (Unaudited)
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| Third Quarter Ended | Nine Months Ended | |||
|---|---|---|---|---|
| (In thousands, except per share amounts) | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 |
| Net sales | $531,438 | $538,431 | $1,535,596 | $1,592,163 |
| Cost of sales | 341,775 | 352,178 | 982,556 | 1,055,164 |
| Gross profit | 189,663 | 186,253 | 553,040 | 536,999 |
| Selling, general, and administrative expenses | 115,998 | 107,687 | 352,290 | 324,651 |
| Restructuring expense | 139 | 462 | 139 | 735 |
| Operating income | 73,526 | 78,104 | 200,611 | 211,613 |
| Interest expense | (1,556) | (2,984) | (4,980) | (10,309) |
| Other (expense) income, net | (181) | 277 | 709 | 1,865 |
| Foreign exchange income (expense), net | 88 | (2,483) | (5,228) | (8,098) |
| Income before income taxes | 71,877 | 72,914 | 191,112 | 195,071 |
| Income tax expense | 16,983 | 14,746 | 43,795 | 39,167 |
| Net income | $54,894 | $58,168 | $147,317 | $155,904 |
| Less: Net income attributable to noncontrolling interests | (298) | (370) | (663) | (1,181) |
| Net income attributable to Franklin Electric Co., Inc. | $54,596 | $57,798 | $146,654 | $154,723 |
| Earnings per share: | ||||
| Basic | $1.19 | $1.25 | $3.18 | $3.34 |
| Diluted | $1.17 | $1.23 | $3.14 | $3.29 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
| Third Quarter Ended | Nine Months Ended | |||
|---|---|---|---|---|
| (In thousands) | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 |
| Net income | $54,894 | $58,168 | $147,317 | $155,904 |
| Other comprehensive income/(loss), before tax: | ||||
| Foreign currency translation adjustments | 8,706 | (10,851) | (8,808) | 138 |
| Employee benefit plan activity | 553 | 513 | 1,706 | 1,623 |
| Other comprehensive income/(loss) | 9,259 | (10,338) | (7,102) | 1,761 |
| Income tax expense related to items of other comprehensive income/(loss) | (137) | (128) | (423) | (405) |
| Other comprehensive income/(loss), net of tax | 9,122 | (10,466) | (7,525) | 1,356 |
| Comprehensive income | 64,016 | 47,702 | 139,792 | 157,260 |
| Less: Comprehensive income attributable to noncontrolling interests | (383) | (294) | (692) | (1,141) |
| Comprehensive income attributable to Franklin Electric Co., Inc. | $63,633 | $47,408 | $139,100 | $156,119 |
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