Franklin Electric (NASDAQ:FELE) Releases FY24 Earnings Guidance

Franklin Electric (NASDAQ:FELE) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.22-4.40 for the period, compared to the consensus estimate of $4.33. The company issued revenue guidance of $2.10-2.17 billion, compared to the consensus revenue estimate of $2.12 billion. Franklin Electric also updated its FY 2024 guidance to 4.220-4.400 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Robert W. Baird lifted their price objective on Franklin Electric from $91.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. StockNews.com cut Franklin Electric from a strong-buy rating to a buy rating in a research note on Sunday, January 14th. Finally, Northcoast Research upgraded Franklin Electric from a neutral rating to a buy rating and set a $110.00 price objective for the company in a research note on Friday, February 23rd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $100.00.

Franklin Electric Stock Performance

Shares of NASDAQ:FELE traded up $2.05 during trading on Wednesday, reaching $98.07. The company had a trading volume of 70,171 shares, compared to its average volume of 183,208. The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 1.99 and a beta of 0.96. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.97 and a quick ratio of 1.20. The stock’s fifty day moving average price is $102.35 and its 200 day moving average price is $95.87. Franklin Electric has a fifty-two week low of $82.61 and a fifty-two week high of $107.89.

Franklin Electric (NASDAQ:FELE) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). The business had revenue of $460.90 million for the quarter, compared to analyst estimates of $477.64 million. Franklin Electric had a return on equity of 16.67% and a net margin of 9.36%. The company’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 EPS. As a group, equities research analysts predict that Franklin Electric will post 4.32 EPS for the current year.

Franklin Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, May 1st. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. Franklin Electric’s payout ratio is 24.33%.

Insiders Place Their Bets

In other news, CEO Gregg C. Sengstack sold 10,366 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $99.96, for a total value of $1,036,185.36. Following the sale, the chief executive officer now directly owns 154,993 shares in the company, valued at $15,493,100.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.72% of the stock is owned by company insiders.

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.