Fort Wayne-based Franklin Electric Co. Inc. (Nasdaq: FELE) is reporting first quarter net income of $28.1 million, up from $10.8 million during the same period last year. The company says it also saw net sales of $333 million, marking a record for the first quarter.
Chief Executive Officer Gregg Sengstack says the company’s results built off a strong fourth quarter in 2020. He adds the company’s water systems and distribution businesses maintained their momentum, delivering record sales and earnings for the first quarter.
“At the same time, our Fueling Systems business hit an inflection point, and appears to have turned the post-pandemic corner, producing solid revenue growth alongside 23 percent operating income growth versus the first quarter last year,” commented Sengstack. “While 2021 is off to a great start with significant momentum at our heels and a strong strategy for growth, we remain vigilant in adapting to the ongoing impacts of the global pandemic, which continues to cause disruption across the globe.”
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