First Quarter 2022 Highlights
FORT WAYNE, Ind., April 26, 2022 (GLOBE NEWSWIRE) -- Franklin Electric Co. Inc. today announced first quarter financial results for fiscal year 2022.
First quarter 2022 sales were $451.5 million, compared to first quarter 2021 sales of $333.0 million. First quarter 2022 operating income was $39.9 million, compared to first quarter operating income in 2021 of $33.8 million.
First quarter 2022 GAAP fully diluted earnings per share was $0.63, versus GAAP fully diluted EPS in the first quarter 2021 of $0.59.
“Overall, the first quarter was a strong start to the year as we delivered another record first quarter for revenue, operating income and earnings per share. We maintained our momentum with continued strong demand across all our businesses. Our Distribution business posted year-over-year sales growth of 41 percent while our Water Systems and Fueling Systems businesses delivered sales growth of 38 and 28 percent, respectively with all business units benefitting from strong price and volume performance to drive profitable growth,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
“We achieved record top line results on strong year-over-year organic and acquisition growth, while supply chain and inflationary challenges persisted during the first quarter constraining our margins, and our open order balance increased during the first quarter which is indicative of the current demand environment. Our team remains focused on managing these impacts while meeting our customers’ needs, and we will remain agile in response to the evolving landscape,” concluded Mr. Sengstack.
Segment Summaries
Water Systems sales, a new record for any first quarter, were $272.6 million in the first quarter 2022, an increase of $75.0 million or 38 percent versus the first quarter 2021. Water Systems sales, excluding acquisitions and the impact of foreign currency translation, were up about 27 percent compared to the first quarter 2021. Sales of groundwater pumping, surface pumping and dewatering equipment increased due to strong end market demand. Water Systems operating income in the first quarter was $33.2 million driven by higher sales. First quarter 2021 Water Systems operating income was $31.3 million.
Distribution sales, a new record for any first quarter, were $134.9 million in the first quarter 2022. The Distribution segment organic sales increased 26 percent compared to the first quarter of 2021. Revenue growth was driven by solid demand primarily in the U.S. groundwater market due to strong price realization in addition to growth from acquisition. The Distribution segment operating income was $9.4 million in the first quarter of 2022 compared to first quarter 2021 operating income of $2.0 million.
Fueling Systems sales, a new record for any first quarter, were $72.5 million in the first quarter 2022, an increase of $15.7 million or 28 percent versus the first quarter 2021. Fueling Systems sales in the U.S. and Canada increased by about 33 percent compared to the first quarter 2021. Outside the U.S. and Canada, Fueling Systems revenues increased by about 2 percent, as sales increases of 4 percent in the rest of the world outside of China were offset by lower sales in China. Fueling Systems operating income in the first quarter was $17.7 million, compared to $14.9 million in the first quarter of 2021.
The Company is maintaining its full year 2022 sales to be in the range of $1.90 billion to $2.05 billion and full year 2022 earnings per share before restructuring expenses to be in the range from $3.50 to $3.75.
Earnings Conference Call
A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2022 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:
https://edge.media-server.com/mmc/p/wuadmxpg
If you intend to ask questions during the call, please dial in using 877.643.7158 for domestic calls and 914.495.8565 for international calls. The conference ID is: 5883286.
A replay of the conference call will be available Tuesday, April 26, 2022, at 12:00 noon ET through noon ET on Tuesday, May 3, 2022, by dialing 855.859.2056 for domestic calls and 404.537.3406 for international calls. The replay passcode is: 5883286.
Forward Looking Statements
"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2021, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.
About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
Franklin Electric Contact:
Jeffery L. TaylorFranklin Electric Co., Inc.260-824-2900Email: jeffery.taylor@fele.com
FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
First Quarter Ended | |||||||
March 31, | March 31, | ||||||
2022 | 2021 | ||||||
Net sales | $ | 451,470 | $ | 333,046 | |||
Cost of sales | 306,136 | 217,500 | |||||
Gross profit | 145,334 | 115,546 | |||||
Selling, general, and administrative expenses | 104,673 | 81,603 | |||||
Restructuring expense | 720 | 152 | |||||
Operating income | 39,941 | 33,791 | |||||
Interest expense | (1,494 | ) | (1,090 | ) | |||
Other income/(expense), net | (378 | ) | (100 | ) | |||
Foreign exchange income/(expense) | (585 | ) | (57 | ) | |||
Income before income taxes | 37,484 | 32,544 | |||||
Income tax (benefit)/expense | 7,365 | 4,381 | |||||
Net income | $ | 30,119 | $ | 28,163 | |||
Less: Net income attributable to noncontrolling interests | (354 | ) | (283 | ) | |||
Net income attributable to Franklin Electric Co., Inc. | $ | 29,765 | $ | 27,880 | |||
Income per share: | |||||||
Basic | $ | 0.64 | $ | 0.60 | |||
Diluted | $ | 0.63 | $ | 0.59 | |||
FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited) | |||||
(In thousands) | |||||
March 31 | December 31, | ||||
2022 | 2021 | ||||
ASSETS | |||||
Cash and equivalents | $ 38,581 | $ 40,536 | |||
Receivables (net) | 229,736 | 196,173 | |||
Inventories | 527,867 | 449,975 | |||
Other current assets | 37,401 | 37,963 | |||
Total current assets | 833,585 | 724,647 | |||
Property, plant, and equipment, net | 214,190 | 210,654 | |||
Right-of-Use Asset, net | 46,458 | 48,379 | |||
Goodwill and other assets | 588,956 | 591,485 | |||
Total assets | $ 1,683,189 | $ 1,575,165 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | $ 190,488 | $ 164,758 | |||
Accrued expenses and other current liabilities | 91,066 | 117,955 | |||
Current lease liability | 15,188 | 15,320 | |||
Current maturities of long-term debt and | |||||
short-term borrowings | 194,846 | 97,981 | |||
Total current liabilities | 491,588 | 396,014 | |||
Long-term debt | 89,933 | 90,535 | |||
Long-term lease liability | 31,140 | 32,937 | |||
Income taxes payable non-current | 11,610 | 11,610 | |||
Deferred income taxes | 29,828 | 28,162 | |||
Employee benefit plans | 39,926 | 40,696 | |||
Other long-term liabilities | 24,999 | 26,568 | |||
Redeemable noncontrolling interest | 106 | (19) | |||
Total equity | 964,059 | 948,662 | |||
Total liabilities and equity | $ 1,683,189 | $ 1,575,165 | |||
FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
Three Months Ended | |||||
(In thousands) | March 31, | March 31, | |||
2022 | 2021 | ||||
Cash flows from operating activities: | |||||
Net income | $ | 30,119 | $ | 28,163 | |
Adjustments to reconcile net income to net | |||||
cash flows from operating activities: | |||||
Depreciation and amortization | 12,078 | 9,574 | |||
Non-cash lease expense | 4,181 | 3,068 | |||
Share-based compensation | 3,985 | 4,190 | |||
Other | 2,473 | 359 | |||
Changes in assets and liabilities: | |||||
Receivables | (34,119) | (24,196) | |||
Inventory | (74,690) | (14,327) | |||
Accounts payable and accrued expenses | (2,753) | (298) | |||
Operating leases | (4,181) | (3,068) | |||
Other | 1,596 | 1,917 | |||
Net cash flows from operating activities | (61,311) | 5,382 | |||
Cash flows from investing activities: | |||||
Additions to property, plant, and equipment | (9,456) | (6,744) | |||
Proceeds from sale of property, plant, and equipment | - | - | |||
Acquisitions and investments | 553 | 70 | |||
Other investing activities | - | 3 | |||
Net cash flows from investing activities | (8,903) | (6,671) | |||
Cash flows from financing activities: | |||||
Net change in debt | 96,851 | (457) | |||
Proceeds from issuance of common stock | 343 | 5,083 | |||
Purchases of common stock | (19,319) | (4,849) | |||
Dividends paid | (9,130) | (8,143) | |||
Net cash flows from financing activities | 68,745 | (8,366) | |||
Effect of exchange rate changes on cash | (486) | (2,801) | |||
Net change in cash and equivalents | (1,955) | (12,456) | |||
Cash and equivalents at beginning of period | 40,536 | 130,787 | |||
Cash and equivalents at end of period | $ | 38,581 | $ | 118,331 | |
Key Performance Indicators: Earnings Per Share Calculations
For the First Quarter | |||||||||
Earnings Before and After Restructuring | 2022 | 2021 | Change | ||||||
(in millions) | |||||||||
Net Income attributable to FE Co., Inc. Reported | $ | 29.8 | $ | 27.9 | 7 | % | |||
Allocated Earnings | $ | (0.1 | ) | $ | (0.2 | ) | |||
Earnings for EPS Calculations | $ | 29.7 | $ | 27.7 | 7 | % | |||
Restructuring (before tax): | $ | 0.7 | $ | 0.2 | |||||
Restructuring, net of tax: | $ | 0.6 | $ | 0.1 | |||||
Earnings before Restructuring | $ | 30.3 | $ | 27.8 | 9 | % | |||
For the First Quarter | |||||||||
Earnings Per Share | 2022 | 2021 | Change | ||||||
Before and After Restructuring | |||||||||
(in millions except Earnings Per Share) | |||||||||
Average Fully Diluted Shares Outstanding | 47.1 | 46.9 | 0 | % | |||||
Fully Diluted Earnings Per Share ("EPS") Reported | $ | 0.63 | $ | 0.59 | 7 | % | |||
Restructuring Per Share, net of tax | $ | 0.01 | $ | - | |||||
Fully Diluted EPS before Restructuring | $ | 0.64 | $ | 0.59 | 8 | % | |||
Key Performance Indicators: Net Sales Summary
Net Sales | |||||||||||||||||||||||||||
United States | Latin | Europe, Middle | Asia | Total | |||||||||||||||||||||||
(in millions) | & Canada | America | East & Africa | Pacific | Water | Fueling | Distribution | Other/Elims | Consolidated | ||||||||||||||||||
Q1 2021 | $ | 101.3 | $ | 31.7 | $ | 44.4 | $ | 20.2 | $ | 197.6 | $ | 56.8 | $ | 95.7 | $ | (17.1 | ) | $ | 333.0 | ||||||||
Q1 2022 | $ | 163.2 | $ | 37.9 | $ | 51.0 | $ | 20.5 | $ | 272.6 | $ | 72.5 | $ | 134.9 | $ | (28.5 | ) | $ | 451.5 | ||||||||
Change | $ | 61.9 | $ | 6.2 | $ | 6.6 | $ | 0.3 | $ | 75.0 | $ | 15.7 | $ | 39.2 | $ | (11.4 | ) | $ | 118.5 | ||||||||
% Change | 61 | % | 20 | % | 15 | % | 1 | % | 38 | % | 28 | % | 41 | % | 36 | % | |||||||||||
Foreign currency translation | $ | 0.0 | $ | (0.2 | ) | $ | (11.6 | ) | $ | (0.6 | ) | ($ | (12.4 | ) | $ | (0.7 | ) | $ | 0.0 | ||||||||
% Change | 0 | % | -1 | % | -26 | % | -3 | % | -6 | % | -1 | % | 0 | % | |||||||||||||
Acquisitions | $ | 32.1 | $ | 0.0 | $ | 0.0 | $ | 1.8 | $ | 33.9 | $ | 0.0 | $ | 14.3 | |||||||||||||
Volume/Price | $ | 29.8 | $ | 6.4 | $ | 18.2 | $ | (0.9 | ) | $ | 53.5 | $ | 16.4 | $ | 24.9 | ||||||||||||
% Change | 29 | % | 20 | % | 41 | % | -4 | % | 27 | % | 29 | % | 26 | % | |||||||||||||
Key Performance Indicators: Operating Income and Margin Summary
Operating Income and Margins | ||||||||||||||||||
(in millions) | For the First Quarter 2022 | |||||||||||||||||
Water | Fueling | Distribution | Other/Elims | Consolidated | ||||||||||||||
Operating Income / (Loss) | $ | 33.2 | $ | 17.7 | $ | 9.4 | $ | (20.4 | ) | $ | 39.9 | |||||||
% Operating Income To Net Sales | 12.2 | % | 24.4 | % | 7.0 | % | 8.8 | % | ||||||||||
Restructuring | $ | 0.6 | $ | - | $ | 0.1 | $ | - | $ | 0.7 | ||||||||
Operating Income/(Loss) before Restructuring | $ | 33.8 | $ | 17.7 | $ | 9.5 | $ | (20.4 | ) | $ | 40.6 | |||||||
% Operating Income to Net Sales Before Restructuring | 12.4 | % | 24.4 | % | 7.0 | % | 9.0 | % | ||||||||||
Operating Income and Margins | ||||||||||||||||||
(in millions) | For the First Quarter 2021 | |||||||||||||||||
Water | Fueling | Distribution | Other/Elims | Consolidated | ||||||||||||||
Operating Income / (Loss) | $ | 31.3 | $ | 14.9 | $ | 2.0 | $ | (14.4 | ) | $ | 33.8 | |||||||
% Operating Income To Net Sales | 15.8 | % | 26.2 | % | 2.1 | % | 10.2 | % | ||||||||||
Restructuring | $ | 0.1 | $ | - | $ | 0.1 | $ | - | $ | 0.2 | ||||||||
Operating Income/(Loss) before Restructuring | $ | 31.4 | $ | 14.9 | $ | 2.1 | $ | (14.4 | ) | $ | 34.0 | |||||||
% Operating Income to Net Sales Before Restructuring | 15.9 | % | 26.2 | % | 2.2 | % | 10.2 | % |
Основные моменты первого квартала 2022 года
ФОРТ-УЭЙН, Индиана, 26 апреля 2022 года (GLOBE NEWSWIRE) -- Franklin Electric Co. Inc. сегодня объявила финансовые результаты за первый квартал 2022 финансового года.
Продажи в первом квартале 2022 года составили 451,5 миллиона долларов по сравнению с продажами в первом квартале 2021 года в размере 333,0 миллиона долларов. Операционная прибыль за первый квартал 2022 года составила 39,9 миллиона долларов по сравнению с операционной прибылью за первый квартал 2021 года в размере 33,8 миллиона долларов.
Полностью разводненная прибыль на акцию по GAAP за первый квартал 2022 года составила 0,63 доллара против полностью разводненной прибыли на акцию по GAAP в первом квартале 2021 года в размере 0,59 доллара.
“В целом, первый квартал стал хорошим началом года, поскольку мы показали еще один рекордный первый квартал по выручке, операционной прибыли и прибыли на акцию. Мы сохранили набранный темп благодаря сохраняющемуся высокому спросу во всех наших компаниях. Наш дистрибьюторский бизнес продемонстрировал рост продаж в годовом исчислении на 41 процент, в то время как наши предприятия по производству систем водоснабжения и заправки показали рост продаж на 38 и 28 процентов соответственно, при этом все бизнес-подразделения выиграли от высоких ценовых и объемных показателей, способствующих прибыльному росту”, - прокомментировал Грегг Сенгстак, председатель и исполнительный директор Franklin Electric. Офицер.
“Мы достигли рекордных результатов благодаря сильному органическому росту и росту приобретений в годовом исчислении, в то время как проблемы с цепочкой поставок и инфляцией сохранялись в течение первого квартала, сдерживая нашу маржу, а наш баланс открытых заказов увеличился в течение первого квартала, что свидетельствует о текущей среде спроса. Наша команда по-прежнему сосредоточена на управлении этими воздействиями, удовлетворяя потребности наших клиентов, и мы будем оставаться гибкими в ответ на меняющийся ландшафт”, - заключил г-н Сенгстак.
Резюме сегментов
Продажи систем водоснабжения, что стало новым рекордом для любого первого квартала, составили 272,6 миллиона долларов в первом квартале 2022 года, увеличившись на 75,0 миллиона долларов или на 38 процентов по сравнению с первым кварталом 2021 года. Продажи систем водоснабжения, без учета приобретений и влияния пересчета иностранной валюты, выросли примерно на 27 процентов по сравнению с первым кварталом 2021 года. Продажи оборудования для перекачки подземных вод, поверхностной перекачки и обезвоживания увеличились из-за высокого спроса на конечном рынке. Операционная прибыль Water Systems в первом квартале составила 33,2 миллиона долларов, что обусловлено ростом продаж. Операционная прибыль Water Systems за первый квартал 2021 года составила 31,3 миллиона долларов.
Продажи дистрибуции, что стало новым рекордом для любого первого квартала, составили 134,9 миллиона долларов в первом квартале 2022 года. Органические продажи в сегменте дистрибуции выросли на 26 процентов по сравнению с первым кварталом 2021 года. Рост выручки был обусловлен устойчивым спросом, главным образом, на рынке подземных вод США из-за высокой реализации по цене в дополнение к росту за счет приобретения. Операционная прибыль сегмента дистрибуции в первом квартале 2022 года составила 9,4 миллиона долларов по сравнению с операционной прибылью в первом квартале 2021 года в размере 2,0 миллиона долларов.
Продажи топливозаправочных систем, что стало новым рекордом для любого первого квартала, составили 72,5 миллиона долларов в первом квартале 2022 года, увеличившись на 15,7 миллиона долларов или на 28 процентов по сравнению с первым кварталом 2021 года. Продажи топливозаправочных систем в США и Канаде выросли примерно на 33 процента по сравнению с первым кварталом 2021 года. За пределами США и Канады доходы от топливозаправочных систем выросли примерно на 2 процента, поскольку рост продаж на 4 процента в остальном мире за пределами Китая был компенсирован снижением продаж в Китае. Операционная прибыль Fueling Systems в первом квартале составила 17,7 млн долларов по сравнению с 14,9 млн долларов в первом квартале 2021 года.
Компания сохраняет объем продаж за весь 2022 год в диапазоне от $1,90 млрд до $2,05 млрд, а прибыль на акцию за весь 2022 год до расходов на реструктуризацию в диапазоне от $3,50 до $3,75.
Конференц-связь по доходам
Селекторное совещание для обзора доходов и других событий в бизнесе начнется в 9:00 утра по восточному времени. Отчет о доходах за первый квартал 2022 года будет доступен через прямую веб-трансляцию. Веб-трансляция будет доступна в режиме только для прослушивания, перейдя по:
https://edge.media-server.com/mmc/p/wuadmxpg
Если вы собираетесь задавать вопросы во время разговора, пожалуйста, наберите номер 877.643.7158 для внутренних звонков и 914.495.8565 для международных звонков. Идентификатор конференции: 5883286.
Воспроизведение конференц-звонка будет доступно во вторник, 26 апреля 2022 года, с 12:00 по восточному времени до полудня по восточному времени во вторник, 3 мая 2022 года, по номеру 855.859.2056 для внутренних звонков и 404.537.3406 для международных звонков. Пароль для воспроизведения: 5883286.
Прогнозные Заявления
Заявление "Безопасная гавань” в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Любые заявления прогнозного характера, содержащиеся в настоящем документе, в том числе касающиеся рыночных условий или финансовых результатов Компании, затрат, расходов или сокращения расходов, нормы прибыли, уровня запасов, курсов пересчета иностранной валюты, ожиданий ликвидности, бизнес-целей и роста продаж, связаны с рисками и неопределенностями, включая, но не ограничиваясь, рисками и неопределенности в отношении общих экономических и валютных условий, различных условий, специфичных для бизнеса и отрасли Компании, погодных условий, строительства нового жилья, рыночного спроса, факторов конкуренции, изменений в каналах сбыта, ограничений предложения, влияния повышения цен, затрат на сырье, технологических факторов, интеграции приобретений, судебных разбирательств, действия правительства и регулирующих органов, учетная политика Компании, будущие тенденции, эпидемии и пандемии, а также другие риски, которые подробно описаны в документах Комиссии по ценным бумагам и биржам Компании, включенных в пункт 1A Части I Годового отчета Компании по форме 10-K за финансовый год, заканчивающийся 31 декабря, 2021 год, Приложение 99.1, прилагаемое к нему, и в пункте 1A Части II Квартальных отчетов Компании по форме 10-Q. Эти риски и неопределенности могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые указаны в прогнозных заявлениях. Все заявления прогнозного характера, сделанные в настоящем документе, основаны на имеющейся в настоящее время информации, и Компания не берет на себя никаких обязательств по обновлению каких-либо заявлений прогнозного характера.
О компании Franklin Electric
Franklin Electric является мировым лидером в производстве и маркетинге систем и компонентов для транспортировки воды и топлива. Компания Franklin Electric, признанная техническим лидером в области своих продуктов и услуг, обслуживает клиентов по всему миру в жилых, коммерческих, сельскохозяйственных, промышленных, муниципальных и топливных системах.
Электрический контакт Франклина:
Джеффри Л. ТейлорФранклин Электрик Ко., Инк.260-824-2900 Почта: jeffery.taylor@fele.com
Franklin Electric Co., INC. AND CONSOLIDATED SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
First Quarter Ended | |||||||
March 31, | March 31, | ||||||
2022 | 2021 | ||||||
Net sales | $ | 451,470 | $ | 333,046 | |||
Cost of sales | 306,136 | 217,500 | |||||
Gross profit | 145,334 | 115,546 | |||||
Selling, general, and administrative expenses | 104,673 | 81,603 | |||||
Restructuring expense | 720 | 152 | |||||
Operating income | 39,941 | 33,791 | |||||
Interest expense | (1,494 | ) | (1,090 | ) | |||
Other income/(expense), net | (378 | ) | (100 | ) | |||
Foreign exchange income/(expense) | (585 | ) | (57 | ) | |||
Income before income taxes | 37,484 | 32,544 | |||||
Income tax (benefit)/expense | 7,365 | 4,381 | |||||
Net income | $ | 30,119 | $ | 28,163 | |||
Less: Net income attributable to noncontrolling interests | (354 | ) | (283 | ) | |||
Net income attributable to Franklin Electric Co., Inc. | $ | 29,765 | $ | 27,880 | |||
Income per share: | |||||||
Basic | $ | 0.64 | $ | 0.60 | |||
Diluted | $ | 0.63 | $ | 0.59 | |||
Franklin Electric Co., INC. AND CONSOLIDATED SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited) | |||||
(In thousands) | |||||
March 31 | December 31, | ||||
2022 | 2021 | ||||
ASSETS | |||||
Cash and equivalents | $ 38,581 | $ 40,536 | |||
Receivables (net) | 229,736 | 196,173 | |||
Inventories | 527,867 | 449,975 | |||
Other current assets | 37,401 | 37,963 | |||
Total current assets | 833,585 | 724,647 | |||
Property, plant, and equipment, net | 214,190 | 210,654 | |||
Right-of-Use Asset, net | 46,458 | 48,379 | |||
Goodwill and other assets | 588,956 | 591,485 | |||
Total assets | $ 1,683,189 | $ 1,575,165 | |||
LIABILITIES AND EQUITY | |||||
Accounts payable | $ 190,488 | $ 164,758 | |||
Accrued expenses and other current liabilities | 91,066 | 117,955 | |||
Current lease liability | 15,188 | 15,320 | |||
Current maturities of long-term debt and | |||||
short-term borrowings | 194,846 | 97,981 | |||
Total current liabilities | 491,588 | 396,014 | |||
Long-term debt | 89,933 | 90,535 | |||
Long-term lease liability | 31,140 | 32,937 | |||
Income taxes payable non-current | 11,610 | 11,610 | |||
Deferred income taxes | 29,828 | 28,162 | |||
Employee benefit plans | 39,926 | 40,696 | |||
Other long-term liabilities | 24,999 | 26,568 | |||
Redeemable noncontrolling interest | 106 | (19) | |||
Total equity | 964,059 | 948,662 | |||
Total liabilities and equity | $ 1,683,189 | $ 1,575,165 | |||
Franklin Electric Co., INC. AND CONSOLIDATED SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
Three Months Ended | |||||
(In thousands) | March 31, | March 31, | |||
2022 | 2021 | ||||
Cash flows from operating activities: | |||||
Net income | $ | 30,119 | $ | 28,163 | |
Adjustments to reconcile net income to net | |||||
cash flows from operating activities: | |||||
Depreciation and amortization | 12,078 | 9,574 | |||
Non-cash lease expense | 4,181 | 3,068 | |||
Share-based compensation | 3,985 | 4,190 | |||
Other | 2,473 | 359 | |||
Changes in assets and liabilities: | |||||
Receivables | (34,119) | (24,196) | |||
Inventory | (74,690) | (14,327) | |||
Accounts payable and accrued expenses | (2,753) | (298) | |||
Operating leases | (4,181) | (3,068) | |||
Other | 1,596 | 1,917 | |||
Net cash flows from operating activities | (61,311) | 5,382 | |||
Cash flows from investing activities: | |||||
Additions to property, plant, and equipment | (9,456) | (6,744) | |||
Proceeds from sale of property, plant, and equipment | - | - | |||
Acquisitions and investments | 553 | 70 | |||
Other investing activities | - | 3 | |||
Net cash flows from investing activities | (8,903) | (6,671) | |||
Cash flows from financing activities: | |||||
Net change in debt | 96,851 | (457) | |||
Proceeds from issuance of common stock | 343 | 5,083 | |||
Purchases of common stock | (19,319) | (4,849) | |||
Dividends paid | (9,130) | (8,143) | |||
Net cash flows from financing activities | 68,745 | (8,366) | |||
Effect of exchange rate changes on cash | (486) | (2,801) | |||
Net change in cash and equivalents | (1,955) | (12,456) | |||
Cash and equivalents at beginning of period | 40,536 | 130,787 | |||
Cash and equivalents at end of period | $ | 38,581 | $ | 118,331 | |
Ключевые Показатели Эффективности: Расчеты Прибыли На Акцию
For the First Quarter | |||||||||
Earnings Before and After Restructuring | 2022 | 2021 | Change | ||||||
(in millions) | |||||||||
Net Income attributable to FE Co., Inc. Reported | $ | 29.8 | $ | 27.9 | 7 | % | |||
Allocated Earnings | $ | (0.1 | ) | $ | (0.2 | ) | |||
Earnings for EPS Calculations | $ | 29.7 | $ | 27.7 | 7 | % | |||
Restructuring (before tax): | $ | 0.7 | $ | 0.2 | |||||
Restructuring, net of tax: | $ | 0.6 | $ | 0.1 | |||||
Earnings before Restructuring | $ | 30.3 | $ | 27.8 | 9 | % | |||
For the First Quarter | |||||||||
Earnings Per Share | 2022 | 2021 | Change | ||||||
Before and After Restructuring | |||||||||
(in millions except Earnings Per Share) | |||||||||
Average Fully Diluted Shares Outstanding | 47.1 | 46.9 | 0 | % | |||||
Fully Diluted Earnings Per Share ("EPS") Reported | $ | 0.63 | $ | 0.59 | 7 | % | |||
Restructuring Per Share, net of tax | $ | 0.01 | $ | - | |||||
Fully Diluted EPS before Restructuring | $ | 0.64 | $ | 0.59 | 8 | % | |||
Ключевые Показатели Эффективности: Сводная информация О Чистых Продажах
Net Sales | |||||||||||||||||||||||||||
United States | Latin | Europe, Middle | Asia | Total | |||||||||||||||||||||||
(in millions) | & Canada | America | East & Africa | Pacific | Water | Fueling | Distribution | Other/Elims | Consolidated | ||||||||||||||||||
Q1 2021 | $ | 101.3 | $ | 31.7 | $ | 44.4 | $ | 20.2 | $ | 197.6 | $ | 56.8 | $ | 95.7 | $ | (17.1 | ) | $ | 333.0 | ||||||||
Q1 2022 | $ | 163.2 | $ | 37.9 | $ | 51.0 | $ | 20.5 | $ | 272.6 | $ | 72.5 | $ | 134.9 | $ | (28.5 | ) | $ | 451.5 | ||||||||
Change | $ | 61.9 | $ | 6.2 | $ | 6.6 | $ | 0.3 | $ | 75.0 | $ | 15.7 | $ | 39.2 | $ | (11.4 | ) | $ | 118.5 | ||||||||
% Change | 61 | % | 20 | % | 15 | % | 1 | % | 38 | % | 28 | % | 41 | % | 36 | % | |||||||||||
Foreign currency translation | $ | 0.0 | $ | (0.2 | ) | $ | (11.6 | ) | $ | (0.6 | ) | ($ | (12.4 | ) | $ | (0.7 | ) | $ | 0.0 | ||||||||
% Change | 0 | % | -1 | % | -26 | % | -3 | % | -6 | % | -1 | % | 0 | % | |||||||||||||
Acquisitions | $ | 32.1 | $ | 0.0 | $ | 0.0 | $ | 1.8 | $ | 33.9 | $ | 0.0 | $ | 14.3 | |||||||||||||
Volume/Price | $ | 29.8 | $ | 6.4 | $ | 18.2 | $ | (0.9 | ) | $ | 53.5 | $ | 16.4 | $ | 24.9 | ||||||||||||
% Change | 29 | % | 20 | % | 41 | % | -4 | % | 27 | % | 29 | % | 26 | % | |||||||||||||
Ключевые показатели эффективности: Сводная информация об операционных доходах и марже
Operating Income and Margins | ||||||||||||||||||
(in millions) | For the First Quarter 2022 | |||||||||||||||||
Water | Fueling | Distribution | Other/Elims | Consolidated | ||||||||||||||
Operating Income / (Loss) | $ | 33.2 | $ | 17.7 | $ | 9.4 | $ | (20.4 | ) | $ | 39.9 | |||||||
% Operating Income To Net Sales | 12.2 | % | 24.4 | % | 7.0 | % | 8.8 | % | ||||||||||
Restructuring | $ | 0.6 | $ | - | $ | 0.1 | $ | - | $ | 0.7 | ||||||||
Operating Income/(Loss) before Restructuring | $ | 33.8 | $ | 17.7 | $ | 9.5 | $ | (20.4 | ) | $ | 40.6 | |||||||
% Operating Income to Net Sales Before Restructuring | 12.4 | % | 24.4 | % | 7.0 | % | 9.0 | % | ||||||||||
Operating Income and Margins | ||||||||||||||||||
(in millions) | For the First Quarter 2021 | |||||||||||||||||
Water | Fueling | Distribution | Other/Elims | Consolidated | ||||||||||||||
Operating Income / (Loss) | $ | 31.3 | $ | 14.9 | $ | 2.0 | $ | (14.4 | ) | $ | 33.8 | |||||||
% Operating Income To Net Sales | 15.8 | % | 26.2 | % | 2.1 | % | 10.2 | % | ||||||||||
Restructuring | $ | 0.1 | $ | - | $ | 0.1 | $ | - | $ | 0.2 | ||||||||
Operating Income/(Loss) before Restructuring | $ | 31.4 | $ | 14.9 | $ | 2.1 | $ | (14.4 | ) | $ | 34.0 | |||||||
% Operating Income to Net Sales Before Restructuring | 15.9 | % | 26.2 | % | 2.2 | % | 10.2 | % |