Franklin Electric reports fourth quarter and full-year 2024 results

Franklin Electric Co., Inc. announced its fourth quarter and full-year financial results for 2024. Fourth-quarter net sales reached $485.7 million, a 3% increase compared to the prior year, while full-year net sales totaled $2.0 billion, reflecting a 2% decline from 2023.

Operating income for the fourth quarter was $43.0 million, with an 8.9% operating margin, down from $50.8 million in the previous year. Earnings per share for the quarter were $0.72, compared to $0.82 in the fourth quarter of 2023. For the full year, operating income stood at $243.6 million, with a 12.1% margin, and earnings per share were $3.86, down from $4.11 in 2023.

Water Systems segment sales remained stable at $279.6 million in the fourth quarter, with increased groundwater and water treatment product sales offset by lower large dewatering pump sales. Operating income in this segment decreased to $35.6 million from $44.1 million in the prior year.

Distribution segment sales rose 6% to $157.2 million, driven by higher volumes and acquisitions. However, operating income declined to $0.5 million from $1.0 million in the fourth quarter of 2023.

Energy Systems segment sales grew 5% to $68.8 million, led by volume growth and pricing improvements. The segment reported record fourth-quarter operating income of $24.7 million, up from $19.4 million in the prior year.

The company ended 2024 with $220.5 million in cash, an increase of $135.5 million compared to 2023. Net cash flows from operating activities were $261.4 million, down from $315.7 million in the prior year, as the company worked through post-pandemic inventory reductions.

For 2025, Franklin Electric expects total sales to range between $2.09 billion and $2.15 billion, with projected earnings per share between $4.05 and $4.25. Management aims to drive revenue growth and margin expansion through continued innovation and operational efficiencies.