Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors approved a 1,000,000 share increase to its stock repurchase program. This is in addition to the approximately 216,000 shares that remain authorized for repurchase under the existing stock repurchase program.
“We are pleased to increase our share repurchase authorization, which is enabled by our consistent operational performance and our healthy financial position. This announcement also reflects the Board of Directors’ confidence in our business strategy and our long-term growth opportunities. We remain committed to allocating capital to profitable growth initiatives and returning capital to our shareholders through dividends and share repurchases,” commented CEO Gregg Sengstack.
The company came out last week with Q4 figures, which included sales of $489.4 million, compared to fourth quarter 2021 sales of $432.5 million. Fourth-quarter 2022 operating income was $56.2 million, compared to fourth-quarter operating income in 2021 of $47.2 million. Fourth quarter 2022 GAAP fully diluted EPS was $0.84, versus GAAP fully diluted EPS in the fourth quarter 2021 of $0.85. Worth noting, the Company’s fourth-quarter 2021 results included a $6.5 million one-time gain on a bargain purchase price transaction
“Franklin Electric,” to quote this morning’s news release, “is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.”
FELE shares prospered 93 cents, or nearly 1%, to $97.73.
