Franklin Electric Co., Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 25, 2023 at 08:13 am EDT
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Franklin Electric Co., Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 569.18 million compared to USD 551.14 million a year ago. Net income was USD 59.6 million compared to USD 59.36 million a year ago. Basic earnings per share from continuing operations was USD 1.29 compared to USD 1.27 a year ago. Diluted earnings per share from continuing operations was USD 1.27 compared to USD 1.26 a year ago.
For the six months, sales was USD 1,053.73 million compared to USD 1,002.61 million a year ago. Net income was USD 96.93 million compared to USD 89.13 million a year ago. Basic earnings per share from continuing operations was USD 2.09 compared to USD 1.91 a year ago. Diluted earnings per share from continuing operations was USD 2.06 compared to USD 1.89 a year ago.
Franklin Electric Co., Inc. designs, manufactures and distributes water and fuel pumping systems, composed primarily of submersible motors, pumps, electronic controls, water treatment systems, and related parts and equipment. The Companyâs water pumping systems move fresh and wastewater to the residential, agricultural and other industrial end markets. The Company's segments include Water Systems, Fueling Systems, and Distribution. Water Systems produces and markets water pumping systems and is a technical service for submersible motors, pumps, drives, electronic controls, water treatment systems, and monitoring devices. The Fueling Systems segment designs, manufactures and sells pumps, motors, pipe, sumps, fittings, vapor recovery components, electronic controls, monitoring devices and related parts and equipment primarily for use in fueling system applications. The Distribution segment operates as a collection of wholly owned groundwater distributors known as the Headwater Companies.
FRANKLIN ELECTRIC CO., INC. 
