Core Insights - Franklin Electric Co., Inc. has appointed Joe Ruzynski as the new Chief Executive Officer, effective July 1, 2024, succeeding Gregg Sengstack, who will remain as Executive Chairperson [1][3]. Leadership Transition - Joe Ruzynski brings over 25 years of experience in the industrial and electrical sectors, previously serving as President of the Enclosures Segment at nVent Electric plc and holding various leadership roles at Pentair plc [2]. - Gregg Sengstack has led Franklin Electric since 2014 and has been pivotal in transforming the company into a global leader in water and energy systems, achieving record revenues and expanding its global footprint [4]. Company Overview - Franklin Electric is recognized as a global leader in the production and marketing of systems and components for the movement of water and energy, serving various sectors including residential, commercial, agricultural, industrial, municipal, and fueling applications [5]. - The company has received accolades such as being listed in Newsweek's America's Most Responsible Companies and Most Trustworthy Companies for 2024, as well as being recognized as one of the Best Places to Work in Indiana 2024 [5].

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 0-362 FRANKLIN ELECTRIC CO., INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q _________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR (Exact name of registrant as specified in its charter) Indiana 35-0827455 (State or oth ...

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE DISTRIBUTION Distribution net sales were $147.0 million, an increase of $4.0 million or 3 percent compared to the first quarter 2023. Sales increases were driven by higher volumes and the sales from a recent acquisition, partially offset by unfavorable pricing of commodity-based products sold through the business. The Distribution segment operating income decreased to $1.8 million in the first quarter 2024 compared to first quarter 2023 operating income of $4.7 millio ...

First Quarter 2024 Highlights Consolidated net sales of $460.9 million, a decrease of 5% to the prior yearDistribution net sales increased 3%, while Water Systems and Fueling Systems net sales decreased 7% and 15%, respectivelyOperating income was $47.9 million with operating margin of 10.4%GAAP fully diluted earnings per share (EPS) was $0.70 FORT WAYNE, Ind., April 30, 2024 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. today announced its first quarter financial results for fiscal year 2024. First quart ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Franklin Electric (FELE) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 30. ...

FORT WAYNE, Ind., April 16, 2024 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ:FELE) will release its first quarter 2024 earnings at 8:00 am ET on Tuesday, April 30, 2024. A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to: https://edge.media-server.com/mmc/p/np8yrgn4 For those interested in participating in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K _________ ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Indiana 35-0827455 (State or other jurisdiction of incorporation or organization) 9255 Coverdale Road Fort Wayne, Indiana 46809 (Address of principal executive offices) (Zip Code) OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transit ...

Fourth Quarter 2023 Highlights Consolidated net sales of $473.0 million, a decrease of 3% to the prior yearWater Systems and Distribution net sales decreased by 1% each, while Fueling Systems net sales decreased 23%Operating income was $50.8 million with operating margin of 10.7%GAAP fully diluted earnings per share (EPS) was $0.82 Full Year 2023 Highlights Full Year record net sales of $2.1 billion, an increase of 1% over the prior yearWater Systems and Distribution both set new net sales records with incr ...

FORT WAYNE, Ind., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ:FELE) will release its fourth quarter and fiscal year 2023 earnings at 8:00 am ET on Tuesday, February 13, 2024. A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The fourth quarter and fiscal year 2023 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to: https://edge.media-server.com/mmc/p/y88zfrpv For ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements present the company's financial position and results of operations for the third quarter and nine months ended September 30, 2023 [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the nine months ended September 30, 2023, net sales grew by 2.4% to $1.59 million, and net income increased by 4.7% to $154.7 million Consolidated Income Statement Highlights (In thousands, except per share amounts) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $538,431 | $551,672 | $1,592,163 | $1,554,280 | | **Gross profit** | $186,253 | $190,595 | $536,999 | $525,217 | | **Operating income** | $78,104 | $80,044 | $211,613 | $200,967 | | **Net income attributable to Franklin Electric** | $57,798 | $58,624 | $154,723 | $147,753 | | **Diluted EPS** | $1.23 | $1.24 | $3.29 | $3.13 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets stood at $1.725 billion, with total equity increasing to $1.183 billion Consolidated Balance Sheet Highlights (In thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $899,498 | $858,090 | | **Total inventories** | $543,540 | $544,980 | | **Total assets** | $1,725,296 | $1,694,201 | | **Total current liabilities** | $327,920 | $405,769 | | **Long-term debt** | $88,036 | $89,271 | | **Total equity** | $1,182,607 | $1,070,134 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash from operating activities surged to $198.6 million, a significant improvement from the prior year Cash Flow Summary (In thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash flows from operating activities** | $198,629 | $7,160 | | **Net cash flows from investing activities** | ($36,770) | ($30,888) | | **Net cash flows from financing activities** | ($140,294) | $29,239 | | **Net change in cash and cash equivalents** | $16,717 | ($1,013) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, acquisitions, financial instruments, segment performance, and contingencies - In Q1 2023, the company acquired Phil-Good Products, Inc. and Hydropompe S.r.l. for a combined all-cash price of **$8.7 million**[34](index=34&type=chunk) - As of September 30, 2023, the company had **$39.0 million** in borrowings outstanding under its credit agreement, with **$307.4 million** of available capacity[51](index=51&type=chunk) - A legal matter in France concerning alleged issues with underground piping connections has a potential damage estimate of **9.5 million Euro**, but the company's exposure is considered neither probable nor estimable at this time[66](index=66&type=chunk) Segment Operating Income (In millions) | Segment | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Water Systems | $52.7 | $45.5 | $152.5 | $127.7 | | Distribution | $10.7 | $19.0 | $33.2 | $51.7 | | Fueling Systems | $25.8 | $28.6 | $73.3 | $72.4 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 2% decrease in Q3 2023 net sales to lower volumes and negative currency effects, with strong liquidity maintained - Net sales decreased **2% in Q3 2023** primarily due to lower volumes and negative foreign currency translation, but increased **2% in the first nine months of 2023** due to price realization[70](index=70&type=chunk) - Operating cash flow for the first nine months of 2023 was **$198.6 million**, a substantial increase from **$7.2 million** in the prior-year period, mainly due to decreased working capital requirements[101](index=101&type=chunk) - The change in financing cash flow from a **$29.2 million source in 2022** to a **$140.3 million use in 2023** was primarily due to net repayments under the company's revolving credit facility, compared to net borrowings in the prior year[103](index=103&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) In Q3 2023, Water Systems sales grew 1% while Fueling Systems and Distribution sales declined, with gross profit margin remaining stable Net Sales by Segment (In millions) | Segment | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Water Systems | $295.8 | $293.1 | $924.1 | $876.2 | | Fueling Systems | $77.7 | $90.2 | $230.8 | $248.7 | | Distribution | $189.2 | $193.2 | $525.3 | $519.2 | - Water Systems operating income increased by **$7.2 million in Q3** and **$24.8 million YTD**, with margins expanding due to price realization and cost management[85](index=85&type=chunk) - Distribution operating income decreased by **$8.3 million in Q3** and **$18.5 million YTD**, with margins contracting significantly due to wet weather, customer destocking, and unfavorable pricing of commodity-based products[87](index=87&type=chunk) [Capital Resources and Liquidity](index=25&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains a strong liquidity position with primary sources being cash on hand, operating cash flows, and available credit facilities - The company's primary liquidity sources are cash, operating cash flow, and revolving credit agreements[94](index=94&type=chunk) - As of September 30, 2023, the company had a **$350.0 million** revolving credit facility maturing in May 2026, with **$307.4 million** of borrowing capacity available[95](index=95&type=chunk) - An uncommitted private shelf agreement with New York Life provides an additional remaining borrowing capacity of **$125.0 million**[96](index=96&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no significant changes in its exposure to market risk during the third quarter ended September 30, 2023 - There have been no significant changes in the Company's exposure to market risk during the third quarter ended September 30, 2023[105](index=105&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023 - Based on an evaluation as of September 30, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[106](index=106&type=chunk) - No changes in internal control over financial reporting were identified during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[107](index=107&type=chunk) [PART II. OTHER INFORMATION](index=28&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions arising from the ordinary course of business, with a material proceeding detailed in Note 15 - The company's material legal proceedings are described in Note 15, which details a matter in France with Esso S.A.F[110](index=110&type=chunk)[66](index=66&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 - No material changes to the Company's risk factors have occurred since the fiscal year ended December 31, 2022[111](index=111&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2023, the company repurchased 55,600 shares for approximately $5.0 million, with over 1 million shares remaining for repurchase - In February 2023, the Board of Directors authorized an additional **1,000,000 shares** for repurchase[112](index=112&type=chunk) Q3 2023 Share Repurchases | Metric | Value | | :--- | :--- | | Total Shares Repurchased | 55,600 | | Average Price Paid per Share | $90.34 | | Total Cost | ~$5.0 million | | Shares Remaining for Repurchase (as of Sep 30, 2023) | 1,060,792 | [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the third quarter of 2023 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the fiscal quarter ended September 30, 2023[114](index=114&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate documents, compensatory plans, and certifications