Franklin Electric Files Q2 2024 10-Q
Ticker: FELE · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 38725
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
**FELE Q2 10-Q FILED: Check financials for latest performance.**
AI Summary
Franklin Electric Co. Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Specific financial figures and operational highlights are detailed within the report, which is a standard quarterly disclosure for publicly traded companies.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Franklin Electric, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the financial quarter covered by the report.)
- 2024-06-30 — End of Fiscal Period (Marks the end date for the financial data presented.)
Key Players & Entities
- FRANKLIN ELECTRIC CO INC (company) — Filer
- 0000038725 (company) — Central Index Key
- 20240630 (date) — Period of Report
- 20240726 (date) — Filing Date
FAQ
What is the primary business of Franklin Electric Co. Inc.?
Franklin Electric Co. Inc. is primarily involved in the manufacturing of motors and generators, as indicated by its Standard Industrial Classification code [3621].
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024, specifically the second quarter of fiscal year 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on July 26, 2024.
What is the company's state of incorporation?
Franklin Electric Co. Inc. is incorporated in Indiana (IN).
Does the filing mention any specific acquisitions?
The filing references 'SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember' for various periods in 2023 and 2024, and specifically 'fele:HydropompeSrlMember' for the period ending March 31, 2023, suggesting a history of smaller acquisitions.
Filing Stats: 4,723 words · 19 min read · ~16 pages · Grade level 10.3 · Accepted 2024-07-26 16:10:51
Key Financial Figures
- $0.10 — ection 12(b) of the Act: Common Stock, $0.10 par value FELE NASDAQ Global Select Mar
Filing Documents
- fele-20240630.htm (10-Q) — 1082KB
- a2024q2form10qex101.htm (EX-10.1) — 17KB
- a2024q2form10qex102.htm (EX-10.2) — 62KB
- a2024q2form10qex103.htm (EX-10.3) — 28KB
- a2024q2form10qex104.htm (EX-10.4) — 27KB
- a2024q2form10qex311.htm (EX-31.1) — 11KB
- a2024q2form10qex312.htm (EX-31.2) — 11KB
- a2024q2form10qex321.htm (EX-32.1) — 5KB
- a2024q2form10qex322.htm (EX-32.2) — 5KB
- fele-20240630_g1.jpg (GRAPHIC) — 15KB
- 0000038725-24-000143.txt ( ) — 7000KB
- fele-20240630.xsd (EX-101.SCH) — 27KB
- fele-20240630_cal.xml (EX-101.CAL) — 75KB
- fele-20240630_def.xml (EX-101.DEF) — 143KB
- fele-20240630_lab.xml (EX-101.LAB) — 535KB
- fele-20240630_pre.xml (EX-101.PRE) — 349KB
- fele-20240630_htm.xml (XML) — 1272KB
FINANCIAL INFORMATION Number
PART I. FINANCIAL INFORMATION Number
Condensed Consolidated Financial Statements (Unaudited)
Item 1. Condensed Consolidated Financial Statements (Unaudited) 4 Condensed Consolidated Statements of Income for the Second Quarters and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Second Quarters and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 10
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 27
Controls and Procedures
Item 4. Controls and Procedures 27
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 28
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28
Other Information
Item 5. Other Information 28
Exhibits
Item 6. Exhibits 29
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) 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 See Notes to Condensed Consolidated Financial Statements. 4 FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) 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 ) 1