Franklin Electric Co., Inc. (NASDAQ:FELE) Q3 2024 Earnings Conference Call October 29, 2024 9:00 AM ET
Company Participants
Jeffery Taylor - Chief Financial Officer
Joseph Ruzynski - Chief Executive Officer
Conference Call Participants
Bryan Blair - Oppenheimer & Co. Inc.
Ryan Connors - Northcoast Research Partners
Michael Halloran - Robert W. Baird & Co. Incorporated
Walter Liptak - Seaport Global Partners
Ryan Connors - Northcoast Research
Operator
Hello, and welcome to the Franklin Electric Reports Third Quarter 2024 Sales and Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.
It is now my pleasure to introduce Chief Financial Officer, Jeff Taylor.
Jeffery Taylor
Thank you, Andrew, and welcome, everyone, to Franklin Electric's Third Quarter 2024 Earnings Conference Call. With me today is Joe Ruzynski, our Chief Executive Officer.
On today's call, Joe will review our third quarter business highlights, then I will provide additional details on our financial performance, and Joe will make some final comments. We will then take questions.
Before we begin, let me remind you that as we conduct this call, we will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties, many of which could cause actual results to differ materially from such forward-looking statements. A discussion of these factors may be found in the company's annual report on Form 10-K and today's earnings release. All forward-looking statements made during this call are based on information currently available and except as required by law, the company assumes no obligation to update any forward-looking statements.
Earlier today, we published a slide deck to accompany our prepared remarks for the first time, and these slides can be found in the Investor Relations section of our corporate website at www.franklin-electric.com.
With that, I will now turn the call over to Joe.
Joseph Ruzynski
Thanks, Jeff, and thank you all for joining us today. I'm excited to be hosting my first call as Franklin CEO. While our third quarter results were short of our expectations, they underscore the strong execution we are seeing in our segments and highlight some positive trends as we look to the future.
As we've seen throughout the year, macro trends such as low housing starts and existing home sales as well as unfavorable weather patterns, particularly in the US. and movements in commodities have pressured our sales. Our higher gross profit continues to showcase our strong operational execution, supported by our global business, diverse customer base and wide portfolio of products.