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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Badger Meter Inc | NYSE:BMI | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -2.13 | -0.99% | 212.12 | 215.915 | 211.965 | 214.58 | 117,813 | 01:00:00 |
From Jul 2024 to Jan 2025
Badger Meter, Inc. (NYSE: BMI) today reported record results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
“Our second quarter sales surpassed the $200 million milestone for the first time on the continued strength of AMI demand coupled with customer-accelerated backlog conversion. Record operating profit margins and robust EPS growth in the quarter were the result of higher sales volumes, operational execution and continued selling, engineering and administration (SEA) expense leverage,” said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. “I want to thank our employees across the globe for their collective contributions to this record financial performance and for their tireless support of our customers.”
Second Quarter Operating Results
Utility water sales increased 26% year-over-year reflecting broad-based growth across the comprehensive suite of smart water offerings, most notably the adoption of our differentiated cellular AMI solution. This includes higher sales of ORION® Cellular endpoints and BEACON® Software as a Service (SaaS) coupled with increased water meter volumes, both mechanical as well as E-Series® Ultrasonic meters. Utility water sales also benefitted from the conversion of elevated backlog.
Sales of flow instrumentation products increased 5% year-over-year with solid growth in the water-focused end markets such as wastewater, globally.
Operating earnings increased 41% year-over-year, with operating profit margins reaching a record 19.2% in the second quarter of 2024, a 240-basis point improvement from the prior year’s 16.8%. Gross margin dollars increased $15.9 million year-over-year, and gross margin as a percent of sales was 39.4%, in line with the 39.5% in the comparable prior year period and continuing at the higher end of the company’s normalized range. The stable gross margin range reflects the continued benefits of positive sales mix and higher volumes despite ongoing inflationary cost pressures.
SEA expenses in the second quarter of 2024 were $43.9 million, $3.9 million higher than the comparable prior year quarter and up $3.3 million sequentially from the first quarter. The year-over-year increase in SEA expenses resulted from continued growth investments including higher personnel-related and R&D costs. SEA as a percent of sales improved 250 basis points to 20.2% from 22.7% in the comparable prior year quarter as a result of the record sales.
The tax rate for the second quarter of 2024 was 23.8%, below the prior year’s 25.8% due partially to a discrete benefit related to equity compensation transactions. As a result of the above, combined with increased interest income year-over-year, EPS was a record $1.12, up 47% compared to $0.76 in the comparable prior year period.
Outlook
Bockhorst continued, “At the halfway point of the year, we remain pleased with our execution and ability to capitalize on the durable macro trends benefiting the water industry. Our bid funnel and order rates remain constructive, yet as we have long communicated, we face increasingly difficult year-over-year comparisons as the year progresses. With a normalizing backlog, our focus remains on high single digit sales growth in the back half of the year and over the cycle, along with modest operating margin expansion year-over-year, driven by favorable sales mix, value-based price/cost management and SEA leverage. Our balance sheet remains favorably aligned to both organic and acquisition-related growth investments to drive our long-term performance.
As we continue to move beyond the meter, we’ve given a name - BlueEdge - to our expanding suite of end-to-end smart water offerings that give customers the ability to tailor and customize solutions to best meet their unique water resource management needs. These connected devices deliver valuable insights aimed at solving customer challenges across the water cycle. BlueEdge also serves as a strategic lens through which we can evaluate growth investments.
We published our 2023 sustainability report during the quarter which highlights our incremental progress on mitigating ESG risks, reducing costs and enabling customer sustainability outcomes. By both managing and enabling sustainability we aim to safeguard our future.
Bockhorst concluded, “Our resilient end markets, business momentum and our continued focus on innovation and execution provides us with confidence in our ability to increase shareholder value while we enable customers to preserve the world’s most precious resource.”
Conference Call and Webcast Information
Badger Meter management will hold a conference call to discuss the Company’s second quarter 2024 results today, Friday July 19, 2024 at 10:00 AM Central/11:00 AM Eastern time. The listen-only webcast and related presentation can be accessed via the Investor section of our website. Participants can register to take part in the call using this online registration link: https://www.netroadshow.com/events/login?show=6b9207bf&confId=67844
Safe Harbor Statement
Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (the “Company”) or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The Company’s results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.
About Badger Meter
With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water solutions encompassing flow measurement, quality and other system parameters. These offerings provide our customers with the data and analytics essential to optimize their operations and contribute to the sustainable use and protection of the world’s most precious resource. For more information, visit www.badgermeter.com.
BADGER METER, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and earnings per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$
216,658
$
175,858
$
412,938
$
334,959
Cost of sales
131,290
106,424
250,392
202,709
Gross margin
85,368
69,434
162,546
132,250
Selling, engineering and administration
43,856
39,932
84,456
77,702
Operating earnings
41,512
29,502
78,090
54,548
Interest income, net
(1,862
)
(827
)
(3,389
)
(1,449
)
Other pension and postretirement costs
12
33
25
65
Earnings before income taxes
43,362
30,296
81,454
55,932
Provision for income taxes
10,306
7,803
19,267
14,024
Net earnings
$
33,056
$
22,493
$
62,187
$
41,908
Earnings per share:
Basic
$
1.13
$
0.77
$
2.12
$
1.43
Diluted
$
1.12
$
0.76
$
2.11
$
1.42
Shares used in computation of earnings per share:
Basic
29,361,034
29,272,693
29,341,407
29,264,166
Diluted
29,528,938
29,447,525
29,512,362
29,434,467
BADGER METER, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
Assets
June 30,
December 31,
2024
2023
(Unaudited)
Cash and cash equivalents
$
226,212
$
191,782
Receivables
106,229
83,507
Inventories
161,266
153,674
Other current assets
15,510
13,214
Total current assets
509,217
442,177
Net property, plant and equipment
72,454
73,878
Intangible assets, at cost less accumulated amortization
50,178
53,737
Other long-term assets
36,056
33,964
Goodwill
113,355
113,163
Total assets
$
781,260
$
716,919
Liabilities and Shareholders' Equity
Payables
$
96,011
$
81,807
Accrued compensation and employee benefits
21,768
29,871
Other current liabilities
20,340
20,270
Total current liabilities
138,119
131,948
Deferred income taxes
4,838
5,061
Long-term employee benefits and other
75,165
63,428
Shareholders' equity
563,138
516,482
Total liabilities and shareholders' equity
$
781,260
$
716,919
BADGER METER, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Operating activities:
Net earnings
$
33,056
$
22,493
$
62,187
$
41,908
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation
2,849
2,775
5,741
5,438
Amortization
5,242
4,132
10,360
8,416
Deferred income taxes
-
(366
)
-
(376
)
Noncurrent employee benefits
(22
)
(185
)
(21
)
(222
)
Stock-based compensation expense
2,010
1,601
3,281
2,607
Changes in:
Receivables
(14,053
)
340
(23,217
)
(6,503
)
Inventories
(851
)
(12,314
)
(7,256
)
(23,753
)
Payables
5,379
1,145
13,339
8,104
Prepaid expenses and other assets
(424
)
(2,847
)
(8,489
)
(4,980
)
Other liabilities
3,233
5,995
1,954
10,100
Total adjustments
3,363
276
(4,308
)
(1,169
)
Net cash provided by operations
36,419
22,769
57,879
40,739
Investing activities:
Property, plant and equipment expenditures
(2,341
)
(2,664
)
(5,017
)
(6,935
)
Acquisitions, net of cash acquired
-
(75
)
(3,000
)
(17,127
)
Net cash used for investing activities
(2,341
)
(2,739
)
(8,017
)
(24,062
)
Financing activities:
Dividends paid
(7,934
)
(6,591
)
(15,876
)
(13,217
)
Proceeds from exercise of stock options
521
-
751
58
Net cash used for financing activities
(7,413
)
(6,591
)
(15,125
)
(13,159
)
Effect of foreign exchange rates on cash
237
5
(307
)
235
Increase in cash and cash equivalents
26,902
13,444
34,430
3,753
Cash and cash equivalents - beginning of period
199,310
128,361
191,782
138,052
Cash and cash equivalents - end of period
$
226,212
$
141,805
$
226,212
$
141,805
View source version on businesswire.com: https://www.businesswire.com/news/home/20240719607264/en/
Karen Bauer (414) 371-7276 kbauer@badgermeter.com
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