Badger Meter earnings jump 59 percent

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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 Sandyโ€™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 yearโ€™s first quarter.

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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.

โ€œWe are pleased with the first quarter results, especially the first quarter record sales, compared to last yearโ€™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,โ€ said Richard Meeusen, chairman, president and chief executive officer.

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