Franklin Electric reports Q1 EPS 79c, consensus 63c

Reports Q1 revenue $484.551M, consensus $476.08M. "The Franklin Electric team delivered a strong start to 2023 with records for first quarter sales, operating income and earnings per share. Overall, demand remains seasonally robust, and we continue to make progress with managing and improving our supply chain. Strong shipments during the quarter drove top-line sales and operating leverage resulting in year-over-year operating margin expansion and a more normal backlog which decreased sequentially by $30 million," commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer. "While the demand environment remains healthy across each of our businesses, we are mindful of the ongoing macroeconomic and geopolitical pressures that are expected to persist throughout 2023. Our strong first quarter results give us confidence as we move to the busy season for our business," concluded Sengstack.