Franklin Electric Q2 Results Miss Estimates; Cuts FY24 EPS Outlook

(RTTNews) - Franklin Electric Co., Inc. (FELE) reported Tuesday that net income attributable to the company for the second quarter edged down to $59.10 million or $1.26 per share from $59.60 million or $1.27 per share in the prior-year quarter.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.32 per share for the quarter. Analysts' estimates, usually, exclude one-time items.

Net sales for the quarter decreased 5 percent to $543.26 million from $569.18 million in the same quarter last year. Analysts expected revenues of $569.91 million for the quarter.

Looking ahead to fiscal 2024, the company now projects earnings of in a range of $4.16 to $4.34 per share, down from the prior guidance range of $4.22 to $4.40 per share. However, the company maintained its annual net sales outlook between $2.10 billion and $2.17 billion.

The Street is looking for earnings of $4.28 per share on net sales of $2.11 billion for the year.

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