Franklin Electric (FELE) Tops Q2 EPS by 3c; Maintains Outlook

Franklin Electric (NASDAQ: FELE) reported Q2 EPS of $0.83, $0.03 better than the analyst estimate of $0.80. Revenue for the quarter came in at $437.3 million versus the consensus estimate of $389.16 million.

“In the second quarter of 2021, we delivered the highest sales and operating income for any quarter in Franklin’s history, which included record revenue in Water Systems and Distribution, record operating income in Distribution and a strong performance in Fueling Systems, most notably in the U.S. This robust performance was propelled by a favorable demand environment and solid execution by our team. Further, our international businesses posted strong results across almost all regions, as we continued to carefully navigate a challenging operating environment. As a result, we posted year-over-year revenue and earnings per share growth of 42 percent and 60 percent, respectively. While supply chain constraints and inflation have presented challenges, we have remained agile and disciplined, positioning us to further capitalize on the opportunities in front of us,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.

Mr. Sengstack continued, “Our second quarter acquisitions have further established a meaningful Water Treatment platform in North America. We remain confident as we look to the remainder of the year, as we believe we have ample runway to execute on our strategic plan and drive continued growth across the business.”

GUIDANCE:

The Company is maintaining its most recent full year 2021 earnings per share before restructuring expenses to be in the range from $2.85 to $3.05. The Company’s 2021 guidance assumes there will not be any worsening impacts from supply chain disruptions and the global pandemic.

For earnings history and earnings-related data on Franklin Electric (FELE) click here.

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