Franklin Electric (NASDAQ:FELE) Releases Earnings Results, Misses Expectations By $0.06 EPS

Franklin Electric (NASDAQ:FELE) posted its quarterly earnings results on Tuesday. The industrial products company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.06), Briefing.com reports. Franklin Electric had a return on equity of 15.57% and a net margin of 9.35%. The company had revenue of $543.30 million during the quarter, compared to the consensus estimate of $570.80 million. During the same period last year, the firm posted $1.27 EPS. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. Franklin Electric updated its FY24 guidance to $4.16-4.34 EPS and its FY 2024 guidance to 4.160-4.340 EPS.

Franklin Electric Price Performance

Shares of Franklin Electric stock traded up $2.46 during trading on Friday, hitting $106.21. The stock had a trading volume of 93,754 shares, compared to its average volume of 178,835. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 25.81, a P/E/G ratio of 1.97 and a beta of 0.96. Franklin Electric has a 12 month low of $82.61 and a 12 month high of $107.89. The business’s 50-day moving average is $98.05 and its 200 day moving average is $99.31. The company has a current ratio of 2.65, a quick ratio of 1.17 and a debt-to-equity ratio of 0.07.

Franklin Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $1.00 annualized dividend and a dividend yield of 0.94%. Franklin Electric’s payout ratio is currently 24.88%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FELE. StockNews.com cut shares of Franklin Electric from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 9th. DA Davidson boosted their target price on shares of Franklin Electric from $87.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st.

Insider Transactions at Franklin Electric

In other news, insider Jonathan M. Grandon sold 1,391 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $98.00, for a total value of $136,318.00. Following the transaction, the insider now owns 18,103 shares of the company’s stock, valued at $1,774,094. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Delancey W. Davis sold 2,214 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $102.06, for a total value of $225,960.84. Following the completion of the transaction, the insider now directly owns 8,014 shares in the company, valued at $817,908.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jonathan M. Grandon sold 1,391 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $98.00, for a total transaction of $136,318.00. Following the completion of the transaction, the insider now owns 18,103 shares of the company’s stock, valued at $1,774,094. The disclosure for this sale can be found here. Insiders own 2.72% of the company’s stock.

Franklin Electric Company Profile

Franklin Electric Co, Inc, together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. The company operates through Water Systems, Fueling Systems, and Distribution segments. The Water Systems segment offers submersible motors, drives, pumps, electronic controls, water treatment systems, monitoring devices, and related parts and equipment.