Milwaukee-based Badger Meter Inc. reported fourth quarter net earnings of $6.4 million, or 44 cents per share, up from $5.5 million, or 39 cents per share, in the same period a year ago.
The company’s quarterly net sales grew to $81.1 million from $74.3 million a year earlier.
“Our strong fourth quarter performance helped to drive our record sales for the year. The decrease in net earnings for 2013 was primarily due to the impact of the winter weather on our first quarter results. The three solid quarters that followed were just not enough to compensate for the weak first quarter,” said Richard Meeusen, chairman, president and chief executive officer of Badger Meter.
Meeusen said the record fourth quarter sales were driven by strong sales of residential and commercial municipal water products, somewhat offset by a decrease in sales of industrial and specialty products. The gross profit margin was 35.8 percent for the fourth quarter of 2013, compared to 38.8 percent for the same period in 2012, due in part to product mix, with lower sales of higher-margin industrial products in the fourth quarter of 2013.
