$FELE

FRANKLIN ELECTRIC CO INC

CIK:0000038725|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 622,880	$ 587,434	$ 1,123,317	$ 1,042,681
Cost of sales	392,275	375,608	717,743	666,952
Gross profit	230,605	211,826	405,574	375,729
Selling, general, and administrative expenses	132,088	123,521	255,100	243,164
Restructuring expense	406	164	4,278	323
Litigation Settlement, Loss	4,512	0	4,512	0
Operating income	93,599	88,141	141,684	132,242
Interest expense	(3,524)	(2,805)	(5,835)	(4,604)
Other income/(expense), net	1,345	(164)	971	679
Foreign exchange expense, net	(2,497)	(4,548)	(2,122)	(5,841)
Income before income taxes	88,923	80,624	134,698	122,476
Income tax expense	22,822	20,061	33,902	30,539
Net income	66,101	60,563	100,796	91,937
Less: Net income attributable to noncontrolling interests	(359)	(423)	(724)	(835)
Net income attributable to Franklin Electric Co., Inc.	$ 65,742	$ 60,140	$ 100,072	$ 91,102
Earnings per share:
Basic	$ 1.48	$ 1.32	$ 2.25	$ 1.99
Diluted	$ 1.46	$ 1.31	$ 2.23	$ 1.97

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 100,796	$ 91,937
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	33,895	30,203
Non-cash lease expense	10,756	10,674
Share-based compensation	7,655	7,969
Deferred income taxes	(2,248)	(890)
Gain on disposals of plant and equipment	(943)	(442)
Foreign exchange (income)/expense	2,122	5,841
Changes in assets and liabilities, net of acquisitions:
Receivables	(98,781)	(61,458)
Inventory	(30,750)	(49,215)
Accounts payable and accrued expenses	37,945	11,514
Operating leases	(10,956)	(10,513)
Income taxes	11,187	(11,616)
Income taxes-U.S. Tax Cuts and Jobs Act	0	(4,837)
Employee benefit plans	(4,913)	(143)
Other, net	2,940	12,973
Net cash flows from operating activities	58,705	31,997
Cash flows from investing activities:
Additions to property, plant, and equipment	(20,383)	(18,415)
Proceeds from sale of property, plant, and equipment	1,342	727
Cash paid for acquisitions, net of cash acquired	(71,926)	(109,687)
Other, net	39	54
Net cash flows from investing activities	(90,928)	(127,321)
Cash flows from financing activities:
Proceeds from issuance of debt	251,606	269,489
Repayments of debt	(175,667)	(134,639)
Payments of Debt Issuance Costs	0	974
Proceeds from issuance of common stock	5,063	2,954
Purchases of common stock	(18,326)	(129,321)
Dividends paid	(24,862)	(25,321)
Deferred Payments for Acquisitions	(1,696)	(4,300)
Net cash flows from financing activities	36,118	(22,112)
Effect of exchange rate changes on cash and cash equivalents	(6,274)	1,488
Net change in cash and cash equivalents	(2,379)	(115,948)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	99,662	220,540
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	97,283	104,592
Non-cash items:
Additions to property, plant, and equipment, not yet paid	860	703
Right-of-Use Assets obtained in exchange for new operating lease liabilities	8,435	7,840
Payable to sellers of acquired entities	0	1,523
Issuance of common stock - deferred Board of Director compensation	276	8,573
Cash Dividends Payable to NCI	$ 1,199	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 97,283	$ 99,662
Receivables, less allowances of $3,260 and $3,821, respectively	352,459	247,511
Inventories:
Raw material	206,446	189,380
Work-in-process	33,536	27,750
Finished goods	357,754	335,851
Total inventories	597,736	552,981
Other current assets	49,390	58,472
Total current assets	1,096,868	958,626
Property, plant, and equipment, at cost:
Land and buildings	189,745	179,681
Machinery and equipment	360,657	354,833
Furniture and fixtures	62,152	63,601
Other	78,670	79,172
Property, plant, and equipment, gross	691,224	677,287
Less: Allowance for depreciation	(435,160)	(425,123)
Property, plant, and equipment, net	256,064	252,164
Lease right-of-use assets, net	66,574	67,867
Deferred income taxes	7,062	6,582
Intangible assets, net	280,986	251,692
Goodwill	432,092	398,127
Other assets	11,086	9,327
Total assets	2,150,732	1,944,385
Current liabilities:
Accounts payable	206,192	174,954
Accrued expenses and other current liabilities	109,712	107,975
Current lease liability	19,580	20,518
Income taxes	11,822	8,772
Current maturities of long-term debt and short-term borrowings	108,491	31,827
Total current liabilities	455,797	344,046
Long-term debt	134,317	135,184
Long-term lease liability	45,930	46,481
Deferred income taxes	49,817	39,275
Employee benefit plans	18,486	22,833
Other long-term liabilities	34,994	29,541
Commitments and contingencies (see Note 7)
Redeemable noncontrolling interest	1,770	1,657
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (44,214 and 44,178, respectively)	4,421	4,418
Additional paid-in capital	404,470	391,496
Retained earnings	1,142,388	1,084,149
Accumulated other comprehensive loss	(143,770)	(157,484)
Total shareholders' equity	1,407,509	1,322,579
Noncontrolling interest	2,112	2,789
Total equity	1,409,621	1,325,368
Total liabilities and equity	$ 2,150,732	$ 1,944,385