Badger Meter earnings jump 59 percent
Brown Deer-based Badger Meter Inc. today reported first quarter net income of $4.6 million, or 32 cents per share, up 59.3 percent from $2.9 million, or 20 cents per share, in the first quarter of 2013.
Revenue was a record $83.4 million, up 16.3 percent from $71.8 million in the same period a year ago.
The company attributed the earnings jump to both Hurricane Sandy’s impact on the northeast and a higher than average snow cover across the country in the first quarter of 2013, which was not as much of a problem in this year’s first quarter.
Favorable product launches and related lower research and development expenses also contributed to the earnings increase. Due diligence related to a potential acquisition that was not completed subtracted about $1.7 million from the earnings increase.
“We are pleased with the first quarter results, especially the first quarter record sales, compared to last year’s unusually weak first quarter. The sales increase was across the board, with higher sales of both residential and commercial municipal water products and flow instrumentation products,” said Richard Meeusen, chairman, president and chief executive officer.