Brown Deer-based Badger Meter Inc. reported first quarter net income of $4.2 million, or 29 cents per share, down from $4.6 million, or 32 cents per share, in the first quarter of 2014.
Operating income was $7.1 million, down from $7.7 million in the same period a year ago.
Revenue was $83.6 million, down up from $83.5 million in the first quarter of 2014.
The company attributed the profit decrease to factors including weather and foreign currency translation. Selling, engineering and administration expenses increased in the first quarter, mostly due to the acquisition of National Meter.
“Our first quarter results were impacted by a combination of factors, including severe winter weather in the Northeast and Midwest, the weaker Euro and the downturn in the oil & gas market, offset somewhat by a positive contribution from National Meter and Automation, which we acquired in October 2014,” said Richard Meeusen, chairman, president and chief executive officer of Badger Meter.
Sales of commercial municipal water and flow instrumentation products were also down, though residential municipal water product sales were up versus the prior year’s quarter.
“The increase in residential product sales was driven by both our E-Series ultrasonic meter line and our ORION radio frequency mobile and network meter reading technologies, including our newest product, the cellular-based BEACON Advanced Metering Analytics system. The lower first quarter commercial municipal water product sales were due to weather-related construction delays and a difficult comparison against an exceptionally strong first quarter of 2014. Sales of flow instrumentation products were down significantly in the oil & gas market, but were up in other market segments,” Meeusen said.
