Inside INdiana Business

Fort Wayne’s Franklin Electric reports a strong finish to 2020

(image courtesy Franklin Electric)

FORT WAYNE, Ind. (Inside INdiana Business) — Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) says it finished 2020 strong as it rebounded from a pandemic-related slowdown earlier in the year. The manufacturer of pumps, motors and drives says full-year net income was $101 million, compared to $96 million the previous year.

The company reports fourth-quarter net income of $27 million, compared to nearly $20 million during the same period a year ago.

“We ended 2020 strong, delivering record fourth quarter 2020 sales and earnings,” said Gregg Sengstack, Franklin Electric chief executive officer. “We gained momentum towards the end of 2020 and are poised to capitalize on the strong tailwinds that have materialized in the water end markets we serve.”

During the fourth quarter, Franklin completed the $28 million acquisition of Texas-based Gicon Pumps & Equipment Inc., a professional groundwater distributor.

To view the full earnings report, click here.