Franklin Electric (NASDAQ: FELE) reported Q4 EPS of $0.59, $0.23 better than the analyst estimate of $0.36. Revenue for the quarter came in at $333 million versus the consensus estimate of $301.23 million.

First Quarter 2021 Highlights

• Record sales of $333.0 million, compared to first quarter 2020 sales of $266.8 million, an increase of 25%
• Strong organic sales growth for Distribution of 31% and Water Systems of 18%
• Operating income was $33.8 million, compared to first quarter operating income in 2020 of $13.8 million, an increase of a 144%
• GAAP fully diluted earnings per share (EPS) was $0.59, versus GAAP fully diluted EPS in the first quarter 2020 of $0.23, an increase of 157%
• Working capital as a percent of trailing twelve months sales improved 220 basis points to 27.7%

Building off a strong fourth quarter, our Water Systems and Distribution businesses maintained their momentum, delivering record sales and earnings for the first quarter. At the same time, our Fueling Systems business hit an inflection point, and appears to have turned the post-pandemic corner, producing solid revenue growth alongside 23 percent operating income growth versus the first quarter last year,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer. “While 2021 is off to a great start with significant momentum at our heels and a strong strategy for growth, we remain vigilant in adapting to the ongoing impacts of the global pandemic, which continues to cause disruption across the globe.”

Mr. Sengstack concluded, “We are confident that our approach to grow as a global provider of water and fuel systems positions us well to meet the needs of our customers and generate value for our shareholders. As a result, we are increasing our full year earnings per share before restructuring expense guidance to be in the range of $2.80 to $3.00, given the demand environment we see in most of the end markets we serve.”

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