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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 Oct 2024 to Jan 2025
Badger Meter, Inc. (NYSE: BMI) today reported results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
“We were pleased with our third quarter financial performance delivering strong sales growth, record operating profit margins and robust cash flow generation. Sales in the quarter continued to benefit from solid demand for our tailorable water management solutions. Notably, we achieved record operating profit margins of 19.5%, the result of favorable sales mix, price/cost management, strong operating execution and continued selling, engineering and administration (SEA) expense leverage,” said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. “I greatly appreciate the efforts of our employees across the globe in serving our customers.”
Third Quarter Operating Results
Utility water sales increased 14% year-over-year against a difficult prior year comparison reflecting continued solid adoption across the BlueEdge™ suite of solutions by utility customers. This included increased sales of meters, water quality, pressure and other sensors coupled with ORION® communication endpoints and BEACON® Software as a Service (SaaS).
Sales of flow instrumentation products were flat year-over-year with modest growth in the water-focused end markets generally offsetting declines across the array of de-emphasized applications, globally.
Operating earnings increased 29% year-over-year, with operating profit margins reaching a record 19.5% in the third quarter of 2024, a 260-basis point improvement from the prior year’s 16.9%. Gross margin dollars increased 15% year-over-year, and gross margin as a percent of sales was 40.2%, an increase of 110 basis points over the comparable prior year period. The gross margin improvement reflects the continued benefits of positive structural sales mix, including strong AMI and software-related sales, as well as ongoing price/cost benefit and solid operating execution.
SEA expenses in the third quarter of 2024 were $43.3 million, $2.0 million higher than the comparable prior year quarter with higher headcount and personnel-related costs. SEA as a percent of sales improved 140 basis points to 20.8% from 22.2% in the comparable prior year quarter as a result of the strong sales.
The tax rate for the third quarter of 2024 was 25.3% compared to 20.3% in the prior year comparable period which included a discrete favorable income tax benefit related to equity compensation transactions. As a result of the above, combined with increased interest income year-over-year, EPS was $1.08, an increase of 23% compared to $0.88 in the comparable prior year period.
Outlook
Bockhorst continued, “As we prepare to close out the year, we remain focused on capitalizing on the durable macro trends benefiting the water industry. By leveraging BlueEdge - our suite of tailorable end-to-end smart water offerings – our expanding customer base is realizing the efficiency, resiliency and sustainability benefits required to best meet their unique water resource management needs.
"Taking into account our normalizing backlog, strong bid funnel and constructive order rates, we anticipate delivering high single-digit sales growth rates over the cycle, noting the prevailing unevenness common in the industry. We continue to strive for modest operating profit margin expansion year-over-year, driven by favorable structural sales mix, value-based price/cost management and SEA leverage.
"Specific to the fourth quarter, similar to prior years we expect sequentially fewer total operating days given the holiday-shortened activity levels at our customers. Additionally, evolving hurricane recovery activities have the potential to delay Southeast U.S. utility projects in the near term.
"Finally, we anticipate continued robust cash flow, with ample cash and credit availability, giving us the financial flexibility to execute our capital allocation priorities as reflected in the recent 26% annual dividend increase.”
Bockhorst concluded, “Our ongoing success is built on our steadfast culture of continuous improvement, enabling our team to execute for customers and drive outperformance for Badger Meter. I remain excited about our ability to deliver shareholder value while we preserve and protect the world’s most precious resource."
Conference Call and Webcast Information
Badger Meter management will hold a conference call to discuss the Company’s third quarter 2024 results today, Thursday October 17, 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=e2388dc6&confId=71869
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 September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$
208,438
$
186,193
$
621,376
$
521,152
Cost of sales
124,560
113,470
374,952
316,179
Gross margin
83,878
72,723
246,424
204,973
Selling, engineering and administration
43,255
41,301
127,711
119,003
Operating earnings
40,623
31,422
118,713
85,970
Interest income, net
(2,301
)
(1,200
)
(5,689
)
(2,649
)
Other pension and postretirement costs
13
32
37
97
Earnings before income taxes
42,911
32,590
124,365
88,522
Provision for income taxes
10,873
6,621
30,140
20,645
Net earnings
$
32,038
$
25,969
$
94,225
$
67,877
Earnings per share:
Basic
$
1.09
$
0.89
$
3.21
$
2.32
Diluted
$
1.08
$
0.88
$
3.19
$
2.30
Shares used in computation of earnings per share:
Basic
29,369,923
29,294,886
29,351,688
29,275,445
Diluted
29,547,928
29,473,374
29,524,993
29,448,475
BADGER METER, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
Assets
September 30,
December 31,
2024
2023
(Unaudited)
Cash and cash equivalents
$
258,955
$
191,782
Receivables
93,427
83,507
Inventories
158,517
153,674
Other current assets
18,397
13,214
Total current assets
529,296
442,177
Net property, plant and equipment
73,279
73,878
Intangible assets, at cost less accumulated amortization
48,957
53,737
Other long-term assets
36,328
33,964
Goodwill
115,001
113,163
Total assets
$
802,861
$
716,919
Liabilities and Shareholders' Equity
Payables
$
77,381
$
81,807
Accrued compensation and employee benefits
29,756
29,871
Other current liabilities
22,026
20,270
Total current liabilities
129,163
131,948
Deferred income taxes
5,108
5,061
Long-term employee benefits and other
77,405
63,428
Shareholders' equity
591,185
516,482
Total liabilities and shareholders' equity
$
802,861
$
716,919
BADGER METER, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Operating activities:
Net earnings
$
32,038
$
25,969
$
94,225
$
67,877
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation
2,589
2,662
8,330
8,100
Amortization
5,427
4,404
15,787
12,820
Deferred income taxes
-
(25
)
-
(401
)
Noncurrent employee benefits
9
(52
)
(12
)
(274
)
Stock-based compensation expense
1,314
1,356
4,595
3,963
Changes in:
Receivables
13,403
(5,352
)
(9,814
)
(11,855
)
Inventories
3,889
(3,875
)
(3,367
)
(27,628
)
Payables
(18,581
)
4,178
(5,242
)
12,282
Prepaid expenses and other assets
717
(2,299
)
(7,772
)
(7,279
)
Other liabilities
4,283
4,467
6,237
14,567
Total adjustments
13,050
5,464
8,742
4,295
Net cash provided by operations
45,088
31,433
102,967
72,172
Investing activities:
Property, plant and equipment expenditures
(3,132
)
(3,014
)
(8,149
)
(9,949
)
Acquisitions, net of cash acquired
-
-
(3,000
)
(17,127
)
Net cash used for investing activities
(3,132
)
(3,014
)
(11,149
)
(27,076
)
Financing activities:
Dividends paid
(9,986
)
(7,917
)
(25,862
)
(21,134
)
Proceeds from exercise of stock options
-
909
751
967
Net cash used for financing activities
(9,986
)
(7,008
)
(25,111
)
(20,167
)
Effect of foreign exchange rates on cash
773
(306
)
466
(71
)
Increase in cash and cash equivalents
32,743
21,105
67,173
24,858
Cash and cash equivalents - beginning of period
226,212
141,805
191,782
138,052
Cash and cash equivalents - end of period
$
258,955
$
162,910
$
258,955
$
162,910
View source version on businesswire.com: https://www.businesswire.com/news/home/20241017151333/en/
Karen Bauer (414) 371-7276 kbauer@badgermeter.com
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