Franklin Electric Files Q3 2024 10-Q
Ticker: FELE · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 38725
Sentiment: neutral
Topics: 10-Q, quarterly-filing, financials
TL;DR
FELE Q3 10-Q is in. Check financials for the latest performance.
AI Summary
Franklin Electric Co. Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and business operations for this period are detailed within the report.
Why It Matters
This filing provides investors with a detailed look at Franklin Electric's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- FRANKLIN ELECTRIC CO INC (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241031 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 31, 2024.
What is the Standard Industrial Classification for Franklin Electric Co. Inc.?
The Standard Industrial Classification for Franklin Electric Co. Inc. is MOTORS & GENERATORS [3621].
What is the fiscal year end for Franklin Electric Co. Inc.?
The fiscal year end for Franklin Electric Co. Inc. is December 31.
Does the filing mention any specific acquisitions?
The filing references 'SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember' for various periods, including 2023 and 2024, and specifically mentions 'fele:HydropompeSrlMember' in relation to March 31, 2023.
Filing Stats: 4,669 words · 19 min read · ~16 pages · Grade level 10.4 · Accepted 2024-10-31 16:21:02
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-20240930.htm (10-Q) — 1079KB
- a2024q3form10qex311.htm (EX-31.1) — 11KB
- a2024q3form10qex312.htm (EX-31.2) — 11KB
- a2024q3form10qex321.htm (EX-32.1) — 5KB
- a2024q3form10qex322.htm (EX-32.2) — 5KB
- fele-20240930_g1.jpg (GRAPHIC) — 15KB
- 0000038725-24-000167.txt ( ) — 6798KB
- fele-20240930.xsd (EX-101.SCH) — 27KB
- fele-20240930_cal.xml (EX-101.CAL) — 73KB
- fele-20240930_def.xml (EX-101.DEF) — 142KB
- fele-20240930_lab.xml (EX-101.LAB) — 534KB
- fele-20240930_pre.xml (EX-101.PRE) — 349KB
- fele-20240930_htm.xml (XML) — 1261KB
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 Third Quarters and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Third Quarters and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 23
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 29
Controls and Procedures
Item 4. Controls and Procedures 29
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 30
Risk Factors
Item 1A. Risk Factors 30
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30
Other Information
Item 5. Other Information 30
Exhibits
Item 6. Exhibits 31
- 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) 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 See Notes to Condensed Consolidated Financial Statements. 4 FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) 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 ) Oth