Brown Deer-based water meter manufacturer
Badger Meter Inc. today announced total sales of $826.6 million, a record for the company, up 18% from $703.6 million in 2023.
The company also reported a 35% increase in profits in 2024, with net earnings of $124.9 million compared to $92.6 million in 2023.
For the fourth quarter, its sales were up 13% to $205.2 million and its net earnings were up 24.3% to $30.7 million.
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Kent Bockhorst[/caption]
“I’m incredibly proud of our performance in 2024,” said chief executive officer
Kenneth Bockhorst. “Our track record of differentiated performance continued. This, coupled with execution of our strategic priorities, including investments in hardware and software innovation and complementary acquisitions, demonstrates our ability to further capitalize on the robust demand environment for comprehensive and tailorable digital water management solutions.
“These industry-leading solutions deliver efficiency, resiliency, and sustainability for customers to address the variety of persistent challenges facing the water industry, including the impacts from more frequent and severe flooding on municipalities. We will continue to explore opportunities for value-creating acquisitions … to further amplify our growth and generate enhanced returns.”
Acquires California-based SmartCover Systems
Badger Meter also announced today that it has acquired Escondido, California-based
SmartCover Systems from Toronto-based investment firm
XPV Water Partners for $185 million. The deal was funded by available cash, Badger Meter said.
SmartCover has annual revenues of $35 million and provides sensors, software and related services to monitor sewer levels, determining changes in patterns and alerting utilities to potential issues.
“SmartCover fits directly into our BlueEdge suite of hardware-enabled software solutions, enhancing the scope of data, information and analytics that collectively strengthen our customers’ water management practices,” Bockhorst said. “We hear from our customers with greater frequency that extreme weather events will often cause significant problems for municipal water infrastructure. SmartCover is the market leader in the fast-growing stormwater management space, which is in the very early stages of adoption in North America and other regional markets in which we operate. In addition to its hardware sales, SmartCover generates meaningful annual recurring software and support revenues. By leveraging our world-class Badger Meter sales network to accelerate municipal adoption of SmartCover’s solutions, we will enhance shareholder value over the long term.”
“We’re excited to join forces with Badger Meter to enable water utilities to more effectively deal with the range of challenges associated with aging infrastructure, limited resources, and the impact of severe weather events on system resiliency,” said
Corey Williams, president and CEO of SmartCover. “Badger Meter’s innovation and leadership in the smart water management space makes it a natural home for our market-leading collection system monitoring technologies. Together, we will aid customers in visualizing and optimally managing the full extent of their wastewater management systems.”
“We will continue to explore opportunities for value-creating acquisitions like SmartCover, to further amplify our growth and generate enhanced returns,” Bockhorst said.
