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Badger Meter Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 30, 2012 12:03PM

Badger Meter Inc (BMI) filed Quarterly Report for the period ended 2012-09-30. Badger Meter, Inc. has a market cap of $608.8 million; its shares were traded at around $42.6 with a P/E ratio of 24.5 and P/S ratio of 2.3. The dividend yield of Badger Meter, Inc. stocks is 1.6%. Badger Meter, Inc. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Badger Meter, Inc. the business predictability rank of 2-star.



Highlight of Business Operations:

Municipal water sales increased $5.7 million, or 10.8%, from $53.0 million in the third quarter of 2011 to $58.7 million in the third quarter of 2012. These sales represented 67.4% of sales for the three months ended September 30, 2012. The increase was due to higher sales of residential meters sold with technology as well as higher commercial meter sales. Sales of the meters with technology increased 11.1% on higher volumes. Manually read residential meter sales decreased slightly due to lower volumes sold. Commercial meter sales increased 10.8% in this period over the same period in 2011 due to higher

Specialty application products represented 9.1% of sales for the three months ended September 30, 2012. These sales increased $1.6 million in the third quarter of 2012, or 25.4%, to $7.9 million from $6.3 million during the same period in 2011. Included in this product grouping was $2.6 million of sales from Racine Federated. Without these sales, the specialty products would have shown a sales decrease due to lower sales of radios into the natural gas market. The third quarter of 2011 included higher sales of radios to one particular natural gas customer that did not recur this quarter.

Municipal water sales increased $17.6 million, or 12.0%, from $146.4 million in the first nine months of 2011 to $164.0 million in the first nine months of 2012. These sales represented 66.9% of sales for the nine months ended September 30, 2012. The increase was due principally to higher sales of residential meters sold with technology and higher commercial meter sales. Sales of the meters with technology increased 11.6% on higher volumes. Commercial meter sales increased 26.2% in this period over the same period in 2011 due to higher volumes of products sold. The Company believes the net overall sales increase in municipal water sales was due to normal buying patterns resuming after a period where there were (and still are) factors affecting market conditions, including continuing municipal spending concerns that have been delaying ordering decisions, slower housing starts and the Company's introduction in early 2011 of the next generation of the ORION product that is causing water utilities to take time to evaluate this new technology.

Industrial flow products represented 24.4% of sales for the nine months ended September 30, 2012. These sales increased $27.6 million, or 85.7%, to $59.8 million from $32.2 million in the same period last year. As noted above, Racine Federated was acquired on January 31, 2012 and their sales were included from that point forward. Within this product grouping, Racine Federated's sales were $24.4 million. The remainder of the increase was due to higher sales in nearly all industrial flow product lines.

Specialty application products represented 8.7% of sales for the nine months ended September 30, 2012. These sales decreased $2.1 million in the nine month period ended September 30, 2012, or 8.9%, to $21.5 million from $23.6 million during the same period in 2011. Included in this product grouping was $6.8 million of sales from Racine Federated, which mitigated the overall decline in this group. The decrease in sales was due to a 68.6% decline in the sales of radios into the natural gas market. The first nine months of 2011 included significant sales of radios to one particular natural gas customer that did not recur in the similar period in 2012.

Read the The complete Report



Stocks Discussed: BMI,
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