| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|----------|-------------------------------------|----------------------|------------------------------------|-------|------------------------------------------------|-------|---------------------------------------| | Net sales | June \n$ | Second \n 30, 2024 \n543,258 | Quarter \nJune \n$ | Ended \n 30, 2023 \n569,181 | $ | Six Months \nJune 30, 2024 \n1,004,158 | \n$ | Ended \nJu ...

FORT WAYNE, Ind., July 22, 2024 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable August 15, 2024, to shareholders of record on August 1, 2024. Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world i ...

FORT WAYNE, Ind., July 22, 2024 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable August 15, 2024, to shareholders of record on August 1, 2024. Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world i ...

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below. https://register.vevent.com/register/BI8d56cfdc94aa49358360ba12cb42e3e2 A replay of the conference call will be available from Tuesday, July 23, 2024, through 9:00 am ET on Tuesday, July 30, 2024, by visiting the listen-only webcast link above. Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. ...

| --- | --- | --- | --- | |-------------------|----------------------------------------|-------|-------| | | | | | | | | | | | ATTRIBUTE | DETAILS | | | | Study period | 2020-2030 | | | | Base year | 2023 | | | | Estimated year | 2024 | | | | Forecasted year | 2023-2030 | | | | Historical period | 2019-2023 | | | | Unit | Value (USD Billion) (Thousand Units) | | | | Segmentation | By Type, By Application, and By Region | | | | | Submersible Pumps | | | | By Type | Centrifugal Pumps | | | | | Rotary Pumps | ...

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 ...

Financial Data and Key Metrics Changes - First quarter 2024 consolidated sales were $460.9 million, a year-over-year decrease of 5% compared to the record first quarter of 2023 [22][15] - Operating income decreased to $47.9 million, down 9% from $52.6 million in the first quarter 2023, with an operating income margin of 10.4% versus 10.9% in the prior year [41][39] - Gross profit was $163.6 million for the first quarter 2024, a 1% year-over-year increase, with a gross profit margin of 35.5%, up 200 basis points from 33.5% [25][26] Business Line Data and Key Metrics Changes - Water Systems sales in the U.S. and Canada were down 12% compared to the first quarter of 2023 due to volume declines, with sales of large dewatering equipment decreasing 50% [22][23] - Fueling Systems sales decreased 15% year-over-year, with operating income margin improving to 30.3%, an increase of 170 basis points compared to the prior year [40][18] - Distribution business sales increased 3% from the prior year, primarily due to the incremental sales impact from recent acquisitions [33] Market Data and Key Metrics Changes - Water Systems sales in markets outside the U.S. and Canada increased by 4%, with sales growth in Latin America, EMEA, and Asia Pacific [24] - The distribution segment's operating margin was 1.2%, a decline of 210 basis points due to lower margins on commodity-based products and increased operating expenses [34] - The company reported a cash flow improvement of approximately $10 million in the first quarter of 2024 compared to the prior year [20] Company Strategy and Development Direction - The company is focused on maintaining a balanced capital allocation strategy, including internal investments and monitoring the M&A environment for potential acquisitions [20][35] - The management team emphasized the importance of enhancing production capabilities and supply chain integrity while exploring opportunities in larger pumping systems and critical asset monitoring [35] - The company aims to continue growing through bolt-on acquisitions while being mindful of adjacent market opportunities [35] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter was seasonally the slowest, but underlying activity in core markets remains healthy, with expectations for improved performance as weather conditions normalize [15][19] - The company maintains its full-year 2024 sales guidance in the range of $2.1 billion to $2.17 billion, with EPS guidance between $4.22 and $4.40 [36] - Management expressed confidence in the business outlook despite macroeconomic pressures, indicating no anticipated recession [52] Other Important Information - SG&A expenses increased to $115.6 million in the first quarter 2024, up from $109.5 million in the prior year due to inflationary pressures and investments in acquisitions [41] - The company purchased approximately 78,000 shares of its common stock for about $7.4 million during the first quarter 2024 [43] - Franklin Electric was recognized in Newsweek's 2024 list of America's most trustworthy companies for the third consecutive year [37] Q&A Session Summary Question: Can you provide insights on the integration of Action Manufacturing and the M&A pipeline? - Management confirmed that the integration of Action Manufacturing is on schedule, with successful alignment to their ERP system and positive performance in both distribution and water treatment [49] Question: What are the expectations for the second quarter and the back half of the year? - Management indicated that they expect a normal seasonal pickup in the second quarter, with improved activity as the groundwater drilling season begins [67] Question: What is the organic growth outlook for water distribution and fueling in 2024? - The company anticipates low to mid-single digits top-line growth for water systems, with fueling expected to normalize after a strong 2023 [76]

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 ...