Badger Meter, Inc. (NYSE: BMI) stock weakened considerably Friday on reporting record results for the second quarter ended June 30, 2024.
Total sales were $216.7 million, 23% higher than the prior year’s $175.9 million. Operating profit increased 41% year-over-year, with operating profit margins expanding 240 basis points to a record 19.2% from 16.8%.
Diluted earnings per share (EPS) increased 47% to $1.12, up from $0.76 in the comparable prior year quarter. Introduced BlueEdge™, the platform brand aimed at simplifying the Badger Meter suite of scalable solutions integrating water technology, software and services for efficient water management.
“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,” according to CEO Kenneth C. Bockhorst,
“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.”
BMI shares fell $9.74, or 5%, to $184.25.
