Inside INdiana Business

Franklin Electric touts profit jump, record sales

(image courtesy Franklin Electric)

FORT WAYNE, Ind. (Inside INdiana Business) — Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting third quarter net income of $46.5 million, up from $38.6 million during the same period last year. The company says it also hit record sales numbers for the quarter totaling $459 million.

Franklin Electric manufactures and distributes products and systems used for the movement and management of water and fuel. Chief Executive Officer Gregg Sengstack says the company’s distribution, water systems and fueling systems divisions each saw double-digit sales growth in the third quarter.

“While supply chain challenges continue throughout the global economy, our team remains focused on managing these on-going challenges to meet our customers’ needs,” Sengstack said in a news release. “The integration of recent acquisitions within Water Treatment continues to progress and offers a promising foundation to drive growth in our Global Water business. We look forward to capitalizing on sustained momentum in all of our business segments across the globe and drive value for our shareholders as we execute our strategic plan.”

Franklin Electric has made several acquisitions over the last year, the most recent of which was a $150 million deal for Indianapolis-based New Aqua LLC in May.

You can connect to the full earnings report by clicking here.