FELE - Earnings call transcript Q2 2022 | Franklin Electric Co., Inc.

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Operator

Hello and thank you for standing by. Welcome to the Franklin Electric Reports Second Quarter 2022 Sales and Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce Chief Financial Officer, Jeff Taylor.

Jeff Taylor

Thank you, Andrew and welcome everyone to Franklin Electric’s second quarter 2022 earnings conference call. With me today is Gregg Sengstack, our Chairperson and CEO. will review second performance our detail. Gregg and business in call, will I second today’s review quarter our highlights more On quarter financial we for have When we answers. and time through, are questions will

call, available actual the risks let statements begin, cause are XXXX. which to statements that conduct making remind Before and Litigation found today’s except materially law, by of company annual earnings from we meaning Reform the could we be be of during me will I as the These report various assumes uncertainties, in Securities forward-looking differ as the many subject to to you update turn forward-looking Gregg of now results we no to this Private All that, A statements. XX-K within call these of currently forward-looking Sengstack. statements Act Chairperson With may made factors and over such based company’s forward-looking discussion our and the release. CEO, will are statements. this required on in call obligation Form information and on

Gregg Sengstack

demand in Thank thank and the income normal results. team sales, global these highest teamwork these all for to commitment and Electric’s thank dedication want our strong us. in joining tremendous any gained and and requires deliver to globe EPS consolidated and in history. operating quarter record resulting results Jeff, in the whose It Franklin including quarter drove seasonal net leveraging for uptick momentum a second you We you around the results, execution I

each talk quarter the for business highlights I few a cover segment. me about Let before

strong topline Fueling reflects organically, need which our the three company’s businesses and the First, demand growth across remains markets products. Water double-digit for growing experiencing System with strong all

flat backlog remained $XXX at has essentially the million elevated quarters. in prior approximately Our

of operating margin price cash businesses improved as the Another delivered discipline leverage result stabilized. bright with relentless and all higher as improvement catching expanding quarter in focus three to SG&A. quarter cost sequential working team’s and improved Free our margin on this the was flow by the second a the in spot operating income we adjustment primarily team’s up inflation, during with net capital controls especially driven

we of year As in to higher a supply end mitigate carrying holding calls, and conversion previous times. planning our inventory the are longer levels is purposely inventory mentioned in on-going year. of lead by levels reduce greater back issues We're half the cash to

a of groundwater market equipment pricing of In the U.S. by all surface our Systems product and actions was organic revenue and operating experienced Water strong Water margin the water Turning lead second XX%. quarter. in lines major water growth of and treatment. pumping, across secular within Organic weather XX% prices, rural Outside for we to of end other driven XX.X% the the In regions U.S. End and created growth commodity growth world. in crop Water scarcity, to and strong strong with trend remain by organic food markets all in growth regions in of Water globe, the Systems Systems areas overall income demand growth growth operating Systems, driving and was for XX% for growth agriculture, dry segments. XX%, from U.S. was pumping United strong migration population XX% the States the the

quarter. during We business the acquisitions will going the one high we of in decline We stability anniversary the noticeable trends the combined believe level not are drive continue Treatment the the demand close. to forward. market of positive this U.S. Systems, a the year due System replacement Puronics and these in but experienced have We residential end reached demand to monitoring second to Water date, Aqua with Water

activities Our going are well. integration

on continue our optimize this integrated common water business and more integration U.S. schedule. The grow water is to our exceeding business. the successfully on there's expectations business treatment our opportunity system, of and have performance We activities ERP treatment operational

a Our part growth XX% XX% Fueling for of in had Systems operating also to of XX.X%. XX%. producing income and in Operating was the solid business margin robust due built quarter overall Organic growth demand U.S. infrastructure growth out of revenue

U.S. Looking and recovery, strong new U.S. expect as well future greater industry continued monitor. we focus the progresses. major demand markers Outside investment, in and regions, consolidation developing as new in on locations environmental wafer forward management in invest as locations expect a the we

highlighted energy expansion infrastructure, out. as supplies. revenue have impacted food multiyear growing and be mining and recovery recent pressures what with geopolitical material need station believe India's our a Globally, agriculture, build for arise conflicts of we will Specifically fuel infrastructure the tensions wafer energy and and have

a result, continue segments. within water will see both fueling demand believe to strong and As we our we

beginning groundwater our Our Equipment of and and another the in XX% the margin team of water the operating U.S. distribution continues quarter business of results deliver strong delivered major operating of overall and XX.X% revenue with U.S. company. distribution driver realization the at growth The acquisition growth income for price growth roles driven to Blake by market, underscoring demand superior XX% solid the year. of segment's

allocation capital strategy Our unchanged. remains

We will to while our share and for business dividends. continue and to at cash same organically shareholders the time in invest inorganically repurchases returning

the actively U.S. opportunities outside looking are dollar U.S. However, attractive. targets; for strengthening always strategic may make the more investment given we

with shareholders. and offer efficient focused to environment for remains stay prudent continue company better during driving now stable second our supply in the for a on will our We much worse, perspective. continues capital much approach The to will and not operating quarter to returns remain challenges allocation but

headwinds cost geography. some managing year material on these. of team inflationary depending these all actively continuing pressures input level foresee We at Additionally, and the is throughout and a persistent

of expect However the year. chain in we improve to the to supply begin back the half

Turning now outlook. to our

the carry the expect the and momentum of first from We second half our strong half year. to

our order the we continue remains markets. for globally strong to core balance open demand Our backlog and high experience in

and our raising share updating XXXX are revenue per we earnings result, a and As guidance.

$X billion. is $X.XX year XXXX revenue new Our full billion to guidance

$X.XX before of of to share the Jeff. an per the in reflecting range $X.XX. current range earnings I of range of for in our turn new to is call over restructuring midpoint now the back per $X require $X.XX share, will Our of midpoint the increase

Jeff Taylor

Thanks, our segments. it record quarter a Overall, and was company operating Gregg. the second for

fabulous records We revenue for new company consolidated income have per operating quarterly and earnings share.

increased foreign million the primarily margin of to quarter Asia and by currency Systems Europe, Water or in higher acquisition second XXXX, sales Consolidated about Systems was the second organic for $XX.X Middle negatively the market. strong overall. markets. the Water Our $XXX.X the driven income sales XXXX for U.S. organic for due XX% also revenue while sales compared by of in million $XX.X translation. of in The second all XXXX quarter higher were sales any the X% an points. XX% foreign to or by markets and Sales System million, basis quarter sales Water of U.S. fully per U.S. was the distribution segment was the in sales and XXXX second sales and Outside due to second U.S. the systems the increased Canada XXXX fixed XXXX second in the currency was The America up of in XX% XXXX quarter quarter of about from about and or quarter the to X% Canada outside company of the in China. in by in about Outside Sales driven was million XXXX million the sales due Fueling costs by to second not XXXX Latin and for The in the of lower XX% Operating XX% and lower quarter quarter and and million. Operating X% diluted a was increase sales million. $XX increase of were sales improved sales the sales offset the margin contributed by the about related higher sales demand. rest quarter million pumping $XX in of sales about second second China. sales system product record System quarter of sales translation. the XX% and second operating was volume. increase distribution second and operating million, quarter grew equipment $XX.X pumping income XX%. and earnings versus of in Pacific In second record were of and and $X.XX Canada share operating sales was price X% of impacted compared sales sales. XXXX versus decreased XX% revenue on U.S. piping. offset selling the million, by million XXXX quarter about compared in company's segment realization surface record increase increased in systems XX% sales, the to outside strong in million XX.X%, Africa System demand about operating XXXX quarter. China, Sales and income East market businesses of record increase the record a decreased for the an compared of The quarter in second income price second $XX.X XX%. of quarter second XXXX. of increased quarter higher The Distribution in $XXX.X the groundwater to higher $X.XX million. organically higher by history from quarter sales increased quarterly versus to by quarter equipment $XXX.X acquisition $XX.X due and quarter second from in quarter acquired related $XX.X increased the acquired Water XXXX. were to since second in sales, to and of sales XXXX. Canada Canada quarter, quarter XXX in from million. due primarily XXXX, growth. to of quarter were second in because XX% had all of by operating increased primarily or $XX Canada, growth Water the translation. U.S. the the million, the of up achieved from to all compared the operating about quarter $XX.X and record income quarter this foreign second increase in decreased million categories. $XXX.X primarily to currency of income about and by revenues about $XX.X enough XXXX second regions Sales not management. systems The $XX.X due to of second $X.X were record new leverage fueling cost second of XX% Revenue XXXX. XX.X% system the Income distribution the at revenue by Fueling Income quarter was Fueling businesses prices second pumping of of world since compared In X% of of sales. XXXX, was We're sales versus million organic Revenue margin second due

In The leverage second quarter due Gross primarily Company's of year. of sales, are to increase from flat, consolidated on second inflationary the points income XXXX, XXXX second fixed XXXX. sales. was was quarter operating down compared operating gross costs higher percent quarter due increases. in profit from improved and second profit net gross XXXX profit in profit XX.X% to XX sales increase $XXX.X The percentage the costs sales XXXX was primarily higher of management. realized nearly quarter versus margin cost XX.X% second million. than realization XXXX an in as The for was the was to in quarter net gross The margin due as Income increase the price of was of basis actions income XX.X% quarter sales. prior million gross more offsetting the price the higher the of Operating a to second XX.X% of margin profit $XXX.X

million. quarter $XXX.X However, $XXX.X transportation and are the from higher administrative quarter SG&A XXXX supply to in and million expenses second XXXX. acquired of businesses disruptions $X.X costs. causing general about in compared Selling, expenses were million manufacturing were the second

expenses tax last of effective The income XXXX, cost recognize is before The projected events by impact basis lower was year. operating about result in in unfavorable of before to XX%. GAAP. about the second after quarter before while The sales impact year XXXX in quarter a rate as of second second acquisitions quarter, to be events reducing events the events. restructuring unfavorable tax and the tax events of control was for we compensation. discrete change compared XX% Excluding flat earnings, to is in on And These settlement a income. local defined tax full to of about percent was primarily We of were increase both SG&A primarily recorded events an rate effective basically recorded was a XXXX X.X majority and our as of a quarter jurisdiction. continue for based net SG&A due events the dispute adjusted foreign discrete the quarter of tax peer report companies to and effective million, income across XXXX as discrete discrete indirect second by earnings, expense expense, points rate the before tax tax the in about rate discrete year net In below benefits The for have prior report primarily income related GAAP the rate from discrete we company. for the share the XX%. favorable about XXX to impact jurisdiction, was about great a of effective XX%. XX%, the the

as space, mostly an from amortization However, annual expense. treatment information additional acquisition this water providing our in increased we're increased years has due the to on over assets level recent intangible of incremental significantly, coming the non-cash

intangibles XXXX, For acquisition is $XX non-cash per related of quarter. or million $X.X million amortization approximately

quarterly capital to will return announced shareholders cash yesterday, X. company a August of August record of on to that to $XX.X Moving be of the shareholders, paid XX, dividend

At be Andrew, concludes for the the shares during questions. remarks. the This the about for approximately common authorized quarter, may Additionally, will that back XXXX. second remaining is to XXX,XXX shares call XXX,XXX. open its prepared of the purchased quarter repurchased about total turn stock company end million the $X.X of market the I in our now

Operator

Matt you.[Operator Thank Davidson. our line with D.A. first Instructions] comes And question the Summerville from of

Matt Summerville

price. you cost whether you follow of growth three was being sort how spread Thanks. across is Jeff, you organic I and obviously you had parity the quarter or driven by across then Gregg very begun parse then little a And when hoping look the realize a businesses Good maybe out with the morning, up. volume a have three could there. of maybe each not to impressive. first, bit, I favorable or second And in in were whether maybe actually price much

Jeff Taylor

Matt. Good for And morning, Yes. question. thanks thanks the for

me price general for just in part versus volume of the price I splitting think aggregate of on terms volume, the first out let each in give in it businesses.

double as organic digit and segments whole. to growth in two volume XX-XX digit it's in growth, three thirds, we that third strong factor price to say price bigger leading the I So general. had a is all strong organic double for one volume there would company certainly the in Price

growth is way, volume price strong leading the as So well. we but have

Matt Summerville

there? parity frankly this question, And second cost whether or second I begin spread that whether price to then, you Jeff, a favorable realize or at the part not you maybe had point quarter are to a of in now seeing sort

Jeff Taylor

think As It gained little in ground actually equation. fluctuates the bit we a little you I second a Matt, were some bit price the versus behind on in quarter-to-quarter, cost Yes. first the we quarter. know, quarter,

in them quarter caught we our versus for a so on think little costs second price ground. company, up our inflationary overall I gained the the

Gregg Sengstack

have been the through leverage margin due costs growth Matt, of ahead the above point factory supply and to operational chain the both material getting costs and of to at just We're got costs. gross operating issues, covering not having Jeff's to of those input strong a and logistics remarks; costs prepared the where we that we're line. earlier yet. But covered below interruptions relative saw price

Matt Summerville

the get second some I you remarks prepared mentioned of dealing maybe that you're then been leading that you've you year. Got that's your think the in to about day-to-day starts chain issues you in of of think, maybe seeing Can talk you with better maybe kind it. to supply conclusion? And Gregg, what the half

Gregg Sengstack

Yes.

a say, to think you on some XXXth all that for product, talk XXX ago, but to directionally need we're the components, move this frame end beginning out backlog, get a a beginning peaked of out we the I year we we're May at could what really piece. in about starting due. particular getting have past talked in, got seeing of that didn't that's and see some positive until the is June, critical We've due we're has We where that it. we're the our backlog, time XX orders and And [Indiscernible] more the sizable We've backlog. and about have positive also And of get and past again, up portion that we to past indication products. historically, pieces to which we open quarter, build due which,

that I only is that might is us the we of, mindful also cause think be about the and times. maybe lead electronic down gives that talk So and XX-week availability for Matt, you We're of news where now headed we're this optimism. components good

So into I tremendous going at seeing It's we key to little are point. bit the components, But lead its positive lead negative times XXXX. it's going supply to surprises of this some out carry XX-week coming that's a into and more on mean, still time. chain generally than carry

Jeff Taylor

work a bit there basis. qualifying supply all been teams second to been that work chain daily time of resiliency improve It's issues Matt, that in supply are suppliers. give and on weekly it's by that in areas we and to And Let in as situation on securing our without accomplished. doing not an where we're need supply some those teams supply a working critical they're our We've chain in on materials doesn't really hard very really operations me these build put to suppliers the and working year. the of in add credit still effort the manage opportunity We been chain. get the supply to mean they've They've second that really, those that that's cases operations is business. And or arising some have working existing with hopefully in a -- all well. to lot risk terms effort and being of just we're to of for and of little in chain through half but over working that still improvement, aggressively the

Matt Summerville

Thanks, Understood. Jeff.

Operator

Baird. with Mike Thank our the from line next you. And comes question Halloran of

Unidentified Analyst

for Hey good on Paz morning [ph] guys, it’s Mike.

Jeff Taylor

Good morning.

Unidentified Analyst

Quickly, I the you click across trends surface about and Water in talk treatment, was we sub separately please? could groundwater, hoping on Could maybe Systems. double pumps, pump

Jeff Taylor

Yes.

you in very going all think be in quarter heard groundwater. pioneer include space, but We've continues in for growth seen strong I end pumps the groundwater the to pumping second to pumps not in the seeing year. this the in in I'm in key strong. remarks that large the our I in Pioneer We've strong the Residential of would continues. the we be our in increased space, have seen quarter prepared markets quarter. That very the half. over The first that strong in you we're continues half our second surface that. that business to only tell there. that on demand surface in continue backlog of dewatering first large first Agricultural

in have there a been strong pumps, those driver sub-sewage the also strong and a affluent, pumps. supply In demand challenged some chain perspective. from certainly the other that's condensate of surface as So see we

working improvement to supply there our through be to continue they that strong. be on overall. and demand issues improve to strong We're So continues

Unidentified Analyst

a really on helpful. lastly, That's note maybe just treatment. Excellent. And quick

Gregg Sengstack

on great great team our gives do we've the stood to across gives U.S. the you The our being businesses It common and again, visibility better all analytics. Water -- that business. Yes. platform, ERP up Treatment, us

our Canadian do. to We operation have yet

by slowed but got to down half opened in year. we got we line scheduled businesses the happen business in we've that leverage up, we we doing that's course, now its seen the these well. the is get that treatment of system, get of that of and It's and this back continue grow we segments to across as profile Of COVID, our margin quarter. The can all top one onto ahead

progress, So both platform, pleased and growth very with inorganically we're the space. and in to continued we the forward pleased very look that with organically

Unidentified Analyst

back Great. Thank jump in you. I'll queue.

Operator

Thank with comes line the you. Walter And Global. Liptak our Seaport from of next question

Walter Liptak

gross up great some step thanks, maybe the flat morning it? about weeks XX questioning electronics and in back get year, seeing bit sounds Do of we guess, profit Hey I It improvement supply quarter. logistics gross margin? we start further. at the want Matt's everyone and still to do what gross margin? to half the just good to little the the and margin's I of out do with have on And one the get behind a then you like year-over-year. chain margin to gross issues. kind follow point supply go chain issues The

Jeff Taylor

company first to my quarter. that record think the of delivered we've gross in just I years. we It's margins highest seen is, one in Well, response a the Matt,

we we've so into half the to at enjoy And year. of want come we that of look And the back here. in certainly, some want a the But extent, lot many year. half factors the of to back There's play of we see moment to talked chains the the But were slight year. These to of into the year, we for the half the we expect in half. the some improvement all supply built that do leads gave second full which second guidance really about. those

strong to expect robust see seen and expect broad-based demand this businesses. continue We've we that our also that, demand very up to point, We across continue. will

segment slightly it. dewatering I as margin. certainly, slightly to offset But coming profile. should offset side, margin will have to the mean, Pioneer large -- the And through side, what are inflation coming well we On there would second through If the well, overall that a because as we backlog. both that margins to and average. half improvement there's the come below in price for favorable into our be Other inflation -- the built on that's that still is call with factors of have that see into the year generally play on as component pumps price are could that electronics the the those I are our mix we

We multiple the So strong, least we've year. think playing we're a and got good half, that -- in in second of a to are the deliver is going going view for at optimistic we've today, and we're continue factors second to there. strong where we demand half

Walter Liptak

I Great. to headwind. through take quite trying right. it's from All the Okay. some record the been wasn't away the hopefully, issue that's I supply -- And But Yes. system. guess a chain results. at point, inflation it's

future? impact the do how businesses, across And that can so board about around the moderate going you and think you demand is of think is that that you especially guys your the Do understanding tightening some ask out? going demand the that strong play that's great. this monetary will might How I that's you -- maybe How resi? out do on into think to tightening one. How

Gregg Sengstack

mindful just a to the million make United hundred X.X installed wells. starts Walter, not you and three installations. there new in Franklin new are wells economist. decades, is new housing having the starts, getting you're the if an groundwater, to in States. Being get housing new million haven't math you're about around thousand XX simple, you But space couple -- for have think But at what of million, been -- you starts XX going in of that with maybe think I if

starts new X%. the to is So base installed overall relative

starts, They housing subfacility potentially long is time they moving of us, no residential going be question a work a business. utilized in is also base, But So at our there using actively which lift they and the out. more as new it's rural into a be to out. that getting help large now see more from going do definitely to from home settings, we their as more systems installed this people are lift it's people for is standpoint the margin, so we're it's more were last do will when

think to for seeing as in that's to sources if be side. our impacted also we'll everybody from that installed away more that's the that for with be away. going price And good the try source I degree U.S. that oil be resiliency -- also to there's residential of because you our the oil Carbon's expect this have in for There's in more if ag the not to It's base prices. to going the be good like commodity business. going you're no Russia So question else. lift, It's we sustained continue, But of with slowdown, going investment a mining carbon. higher to going move investment. a

a of even So United like a product of resilient there's geopolitical we probably being and residential the capital we're see lease most cycles now, see the lift in but markets, we're we see else, dependent water if the -- slowdown everybody States where kind pretty number the in getting a again, correlated. offsetting probably largely capital you being

it as from leader then month two. private same We're point line talking turf, view. Certainly, is equity them. on of very public companies, others Now distribution technology, therefore, on a question U.S.-centric. a them returns by for they much with with your behind the Fueling is the side, many us. invest markets, returns C-store looking The forward in we're seeing here, our which continued consolidation curve very and are gasoline is having investment the And major at And time, were hear with a they for to, the out contractors, it a committed often to or worked appropriate the to commercial for major a would that's markets, and two sight compelling, are have good that two. in we're of be focus. and the contractors are have at case residential expand beyond of of we be growing and At you contractors and wastewater talking year it to again, our treatment, in a be -- distribution at other looked areas or business

a non-economist. if we of a good it here, and Sure. Now will seeing gives us can their in services it slowdown level demand a occurs like past, of any confidence a disappear our gives -- that again, there's underlying level it's for and real if that and which we're a But weather It economy weather us products way. confidence or slowdown the trends? that have in

Walter Liptak

Okay. Great, okay very thanks much.

Jeff Taylor

your Appreciate Walter. you Thank support.

Operator

[ph] from North you. our with And next Kar the question Capital. comes Coast line of Thank Handers

Unidentified Analyst

my on Good have because more one But know economist and but you morning. with driven resource for similar point that on I side. see recession. cycle cited resource we're follow question mining of are taking tuck-in geopolitical the Fed's with to board certainly hat dewatering keep where on a and Thanks not we tightness a forth, I'm and question. I tightness. does guess, either. tailwinds that Walter's you Interesting maybe hate Gregg, some which of the shortages is also mean -- question, kind the at with to tailwinds I and the wanted resource I there, kind of I so hiking that, and some

sort So cycle your that typical your resource it's mining of how standpoint, does for a timing impact dewatering? outlook from not

Gregg Sengstack

But the supply a that coming OA this the Ryan States. take wasn't the prices back enough then world, is to that as an going to driven. [ph] number And not resources be know, did it's of the years. that part to again, cycle question more a for -- to environment. long go demand that real of to we're or just to housing. the moving shortage was some when World of as back mining. financially economically There whole back about is basis War or we're supply -- really you its saw in that opposed We the in driven, constraint expansion is for earlier is the supply. a to play. also electrified housing us II you a degree And people the and United follow have view and real the we last Inflation analogy decade, that's in well coming we And more going your to end more need -- back in to a turning who an

to That's we're oil electrification going way. dropped that But and that did large a think to be the as changes we're the mining, short And rates I when are our Now the to going situation term interest to a we're weather in to into much with across less XXXX in degree less so there favorable made be -- because -- got United through is the we what that and cycle could maybe got multiyear we resource that. more better west business, and Fed so irrespective not degree our think business. when countries dewatering economy. investing the that I learned to the in that's reduce capital the and floor, a points into underlying to with we to be States it so of breakeven and de-watering capital some But deal on cycle little doing going globe. that the may dependency and happen the in we've

Unidentified Analyst

it. Got

picture, It I Okay. was then big players that strategy. improvement penetrating I'm are your on talk to can there? home has And the that's of that some the business with do that of us strategy have box market your just really some key up and their that X curious That's really big channel-to-market business of said working sort going kind you and if forth out. unlocking guys of about brief and the my and Gregg. your know market. you is how helpful. about peers how so other just Can with treatment to that's in talked partnerships you what

Gregg Sengstack

Sure, Ryan.

a We have multichannel strategy.

look of United and person off good is living off installer -- realize repeat the driller some maybe They treatment you less pumping gives when have business enjoy, treatment States, in But well them It's do and a It going ups less them gives into where the season. downs. them they installing. found system. revenue. treatment. that's and at not drilling really thing a get one in So touch the the look to and first you Many

that we finding channel. to and have interesting, they're access So that

going what's to distribution the have to other suppliers suppliers other our to that on the and the that we we respect they're best for have other but Now support. own of distributors. access treatment water channel Being them. business through our And are the other products fact to that mindful has distribution they're has by Franklin our decide going own through interest hand, distribution owned

that's So a channel.

and find try systems the going big I'm too the has transparent. inclined Aqua established. home. you, make systems out strategies, going not of installers about to to between idea Aqua then don't box channel to and/or systems, small treatment my and that system in a having But because go-to-market then other maybe to hire that all know necessarily in with and to plumbers install going I'm system also to having individual contractor. sales a in seamless and trend The in house a straightforward more system the your somebody so selling supporting I other but very to and of been install as the own treatment and even lively

-- You everything can the clearly go there. website, right the on is advertiser is

don't really don't installer pick worry transaction That's You the really we're finding transaction niche The easy of their consumer, make possible. And it's in on to what a to choose operating And they that about Aqua is as systems. can to and you making in. really the put customer it big the necessarily for in. we to box the seamless business. we're that's have big somebody systems is homes and as customer They part an a reason and and focused what invite install have it a to going want.

well. is with the we model Connecticut Aqua With what one have more a that's model. think in is our more repeat markets again new have can we But model Aqua. we maybe Puronics we So call as like of

Unidentified Analyst

business. of a Hey that's the Hey your gives again better understanding time. helpful. really thanks for It

Gregg Sengstack

Thank Ryan. you,

Operator

over CEO, will I you. Sengstack for Gregg closing Thank that, call to with now the hand And any back remarks.

Gregg Sengstack

Have you We to third forward quarter. for morning, look thank us good to of the end week. after speaking the and you a joining this we

Operator

and you conference this participating, Ladies for Thank concludes disconnect. may and now gentlemen, today's call. you

Franklin Electric (FELE) 26 Jul 222022 Q2 Earnings call transcript