Latest news with #KennethC.Bockhorst
Business Wire
5 days ago
- Business
- Business Wire
Badger Meter Raises Dividend 18% Representing 33 Years of Consecutive Annual Dividend Growth
MILWAUKEE--(BUSINESS WIRE)--The Board of Directors of Badger Meter, Inc. (NYSE: BMI) today authorized an 18% increase in its quarterly common stock dividend to $0.40 per share from $0.34 per share. The increased dividend is payable September 5, 2025, to shareholders of record on August 22, 2025. The new annual dividend rate for common stock is $1.60 per share. Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer, stated, 'Disciplined execution of our durable business model, supported by enduring favorable industry fundamentals, puts us in a position to raise our dividend for the 33 rd consecutive year. Ongoing adoption of our industry-leading cellular AMI solution, as well as the 'beyond the meter' water management solutions within our BlueEdge TM portfolio, continues to build on our legacy of generating strong free cash flow. Dividend growth is an important pillar of our capital allocation framework, and we're proud of our consistent history of delivering value to our shareholders.' About Badger Meter With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge TM suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world's most precious resource. For more information, visit
Yahoo
11-06-2025
- Business
- Yahoo
Badger Meter Releases 2024 Sustainability Report
MILWAUKEE, June 11, 2025--(BUSINESS WIRE)--Badger Meter, Inc. (NYSE: BMI) today announced the release of its 2024 Sustainability Report, highlighting ongoing progress and dedication to value-enhancing Environmental, Social and Governance ("ESG") efforts. "Badger Meter recently celebrated its 120th anniversary. For over a century, our metering solutions have reliably measured clean drinking water as cities have grown, systems have expanded, and the climate has changed. Over the past five years, we have extended our sustainable solutions beyond the meter, going deeper into municipal water and wastewater networks where water is collected, distributed, and treated. In this, our fifth sustainability report, we demonstrate that strong environmental, social, and governance practices can coexist with financial success and record financial results," said Kenneth C. Bockhorst, Chairman, President and CEO. The Sustainability Report focuses on four strategic pillars – Governance, Solutions, Operations and People – that help define and guide sustainability-related matters at Badger Meter. Key highlights from the report include: A 20% reduction in Scope 1 and 2 emissions intensity year-over-year, reflecting 55% cumulative reduction in intensity from the 2020 baseline. A new goal to reduce GHG intensity by 30% by 2030, using 2024 as the new baseline. An 18% year-over-year reduction in absolute water consumption, driving a 30% reduction in water intensity. Improved employee engagement scores as measured by our fourth annual global survey with 95% participation. A 2024 study indicated that our industry-leading cellular AMI technologies enable our customers to more quickly detect leaks that yield an estimated 5 billion gallons of annual water savings. Bockhorst concluded, "At Badger Meter, we practice continuous improvement. We believe that incremental changes over time can lead to lasting impact, and we manage our sustainability programs accordingly. We know that investing time, talent and capital into our sustainability strategy will also create significant value in the long run—not only in the form of shareholder returns, but also through the protection of the world's most precious resource." Similar to prior years, the Badger Meter sustainability report is aligned with common frameworks including the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). The Sustainability Report can be found here: About Badger Meter With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge® suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world's most precious resource. For more information, visit View source version on Contacts Barbara Noverini, CFA(414) 371-8144bnoverini@ Sign in to access your portfolio
Business Wire
11-06-2025
- Business
- Business Wire
Badger Meter Releases 2024 Sustainability Report
MILWAUKEE--(BUSINESS WIRE)--Badger Meter, Inc. (NYSE: BMI) today announced the release of its 2024 Sustainability Report, highlighting ongoing progress and dedication to value-enhancing Environmental, Social and Governance ('ESG') efforts. 'Badger Meter recently celebrated its 120th anniversary. For over a century, our metering solutions have reliably measured clean drinking water as cities have grown, systems have expanded, and the climate has changed. Over the past five years, we have extended our sustainable solutions beyond the meter, going deeper into municipal water and wastewater networks where water is collected, distributed, and treated. In this, our fifth sustainability report, we demonstrate that strong environmental, social, and governance practices can coexist with financial success and record financial results,' said Kenneth C. Bockhorst, Chairman, President and CEO. The Sustainability Report focuses on four strategic pillars – Governance, Solutions, Operations and People – that help define and guide sustainability-related matters at Badger Meter. Key highlights from the report include: A 20% reduction in Scope 1 and 2 emissions intensity year-over-year, reflecting 55% cumulative reduction in intensity from the 2020 baseline. A new goal to reduce GHG intensity by 30% by 2030, using 2024 as the new baseline. An 18% year-over-year reduction in absolute water consumption, driving a 30% reduction in water intensity. Improved employee engagement scores as measured by our fourth annual global survey with 95% participation. A 2024 study indicated that our industry-leading cellular AMI technologies enable our customers to more quickly detect leaks that yield an estimated 5 billion gallons of annual water savings. Bockhorst concluded, 'At Badger Meter, we practice continuous improvement. We believe that incremental changes over time can lead to lasting impact, and we manage our sustainability programs accordingly. We know that investing time, talent and capital into our sustainability strategy will also create significant value in the long run—not only in the form of shareholder returns, but also through the protection of the world's most precious resource.' Similar to prior years, the Badger Meter sustainability report is aligned with common frameworks including the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). The Sustainability Report can be found here: About Badger Meter With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge ® suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world's most precious resource. For more information, visit
Yahoo
18-04-2025
- Business
- Yahoo
Badger Meter's (NYSE:BMI) Q1 Earnings Results: Revenue In Line With Expectations
Water control and measure company Badger Meter (NYSE:BMI) met Wall Street's revenue expectations in Q1 CY2025, with sales up 13.2% year on year to $222.2 million. Its GAAP profit of $1.30 per share was 26.4% above analysts' consensus estimates. Is now the time to buy Badger Meter? Find out in our full research report. Revenue: $222.2 million vs analyst estimates of $222.6 million (13.2% year-on-year growth, in line) EPS (GAAP): $1.30 vs analyst estimates of $1.03 (26.4% beat) Operating Margin: 22.2%, up from 18.6% in the same quarter last year Free Cash Flow Margin: 13.5%, up from 9.6% in the same quarter last year Market Capitalization: $5.41 billion 'Steady customer demand and disciplined operating execution drove solid revenue growth and record margins in a strong start to 2025. Our ability to build upon record results reflects the underlying stability of our business model as favorable industry fundamentals drive the need for our innovative smart water solutions,' said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. The developer of the world's first frost-proof water meter in 1905, Badger Meter (NYSE:BMI) provides water control and measure equipment to various industries. Measurement and inspection instrument companies may enjoy more steady demand because products such as water meters are non-discretionary and mandated for replacement at predictable intervals. In the last decade, digitization and data collection have driven innovation in the space, leading to incremental sales. But like the broader industrials sector, measurement and inspection instrument companies are at the whim of economic cycles. Interest rates, for example, can greatly impact civil, commercial, and residential construction projects that drive demand. Examining a company's long-term performance can provide clues about its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Luckily, Badger Meter's sales grew at an exceptional 14.8% compounded annual growth rate over the last five years. Its growth surpassed the average industrials company and shows its offerings resonate with customers, a great starting point for our analysis. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. Badger Meter's annualized revenue growth of 20% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. This quarter, Badger Meter's year-on-year revenue growth was 13.2%, and its $222.2 million of revenue was in line with Wall Street's estimates. Looking ahead, sell-side analysts expect revenue to grow 11.7% over the next 12 months, a deceleration versus the last two years. Still, this projection is commendable and indicates the market is baking in success for its products and services. Software is eating the world and there is virtually no industry left that has been untouched by it. That drives increasing demand for tools helping software developers do their jobs, whether it be monitoring critical cloud infrastructure, integrating audio and video functionality, or ensuring smooth content streaming. Click here to access a free report on our 3 favorite stocks to play this generational megatrend. Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses – everything from the cost of goods sold to advertising and wages. It's also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes. Badger Meter has been a well-oiled machine over the last five years. It demonstrated elite profitability for an industrials business, boasting an average operating margin of 17.2%. This result isn't surprising as its high gross margin gives it a favorable starting point. Analyzing the trend in its profitability, Badger Meter's operating margin rose by 4.7 percentage points over the last five years, as its sales growth gave it operating leverage. This quarter, Badger Meter generated an operating profit margin of 22.2%, up 3.6 percentage points year on year. Since its gross margin expanded more than its operating margin, we can infer that leverage on its cost of sales was the primary driver behind the recently higher efficiency. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. Badger Meter's EPS grew at an astounding 22.5% compounded annual growth rate over the last five years, higher than its 14.8% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. Diving into the nuances of Badger Meter's earnings can give us a better understanding of its performance. As we mentioned earlier, Badger Meter's operating margin expanded by 4.7 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For Badger Meter, its two-year annual EPS growth of 36.6% was higher than its five-year trend. We love it when earnings growth accelerates, especially when it accelerates off an already high base. In Q1, Badger Meter reported EPS at $1.30, up from $0.99 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Badger Meter's full-year EPS of $4.54 to grow 4.4%. We were impressed by how significantly Badger Meter beat analysts' EPS expectations this quarter despite just in-line revenue. It was also nice to see operating and free cash flow margin improve from the same quarter last year. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 1.1% to $186 immediately after reporting. Indeed, Badger Meter had a rock-solid quarterly earnings result, but is this stock a good investment here? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Badger Meter Reports First Quarter 2025 Financial Results
MILWAUKEE, April 17, 2025--(BUSINESS WIRE)--Badger Meter, Inc. (NYSE: BMI) today reported results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights Total sales of $222.2 million, 13% higher than the prior year's $196.3 million. Operating earnings increased 35% year-over-year to $49.5 million, with operating profit margins expanding 360 basis points to 22.2% from 18.6%. Diluted earnings per share (EPS) increased 31% to $1.30, up from $0.99 in the comparable prior year quarter. Completed the acquisition of SmartCover on January 30, 2025. "Steady customer demand and disciplined operating execution drove solid revenue growth and record margins in a strong start to 2025. Our ability to build upon record results reflects the underlying stability of our business model as favorable industry fundamentals drive the need for our innovative smart water solutions," said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. "Since closing the acquisition of SmartCover in late January, we've made swift progress in our integration efforts. We remain encouraged by the positive feedback received from customers on the addition of SmartCover's sewer and lift-station monitoring capabilities to our BlueEdge® portfolio of tailorable water management solutions. I'd like to thank all of our dedicated employees for working together to deliver these solid results." First Quarter Operating Results Utility water sales increased 16% year-over-year, including two months of the SmartCover acquisition. Excluding SmartCover, utility water sales increased 12%, the result of ongoing customer adoption across the suite of digital smart water solutions, led by increased mechanical and E-Series Ultrasonic meter, ORION® Cellular radio endpoint and BEACON® SaaS sales. Sales of flow instrumentation products declined 5%, with modest growth in water-related markets offset by lower demand in the de-emphasized array of market applications. Notably, sales increased sequentially 7% from the fourth quarter of the prior year. Operating earnings increased 35% year-over-year, with operating margins improving 360 basis points to a record 22.2% from the prior year's 18.6%. Gross margin was 42.9%, up 360 basis points year-over-year from 39.3% in the comparable prior year quarter. The record gross margin percent was the result of especially favorable product and customer sales mix, as well as benefits from operational excellence initiatives. Tariff and related impacts in the first quarter of 2025 were de minimis. Total Selling, Engineering and Administration (SEA) expenses increased $5.4 million, or 13% year-over-year, due primarily to the inclusion of SmartCover, including approximately $1.1 million of intangible asset amortization. Excluding the acquisition, SEA expenses increased $2.2 million or 5%. In total, SEA as a percent of sales remained flat at 20.7%. The tax rate for the first quarter of 2025 was 24.4%, modestly above the prior year's 23.5%. As a result of the above, as well as lower interest income resulting from the acquisition capital deployed, EPS was $1.30, up 31% compared to $0.99 in the comparable prior year period. Outlook Bockhorst continued, "Our first quarter results demonstrate the resilience and durability of our replacement-driven business amidst a volatile macroeconomic environment. As previously communicated, we will face difficult prior-year comparisons in the upcoming second quarter of 2025. Nevertheless, the attractive fundamentals of the water industry, and our ability to add value to customers with an innovative and reliable portfolio of solutions, support our average high-single-digit long-term revenue growth outlook. We delivered record gross margins in the first quarter, benefiting from a notably favorable combination of product and customer sales mix. While this clearly demonstrates that the structural mix benefit of technology adoption within our business is real, given the evolving tariff picture and related uncertainty, we believe it is prudent to maintain our normalized gross margin range of 38-40% at this time. At present, we are confident in our ability to manage certain tariff-related cost challenges. Our history of strong operational execution, particularly in the management of our supply chain, manufacturing footprint, and value-based pricing strategy, underscores our proven ability to control what we can control in a turbulent economic environment. The addition of SmartCover earlier this year emphasizes the growing extensibility and appeal of our BlueEdge suite of products and services. Our customers continue to feel the impact of extreme weather events, which makes SmartCover's stormwater management offering a compelling part of our portfolio. Although still early in the integration, we're on track for delivering anticipated sales and cost synergies. Importantly, our solid balance sheet gives us the financial flexibility to fund the capital allocation priorities supporting our long-term strategy, including value-added, disciplined acquisitions. Bockhorst concluded, "We were proud to be named for the third consecutive year to Barron's 2025 list of 100 Most Sustainable Companies. We carry a responsibility for protecting the world's most precious resource. This gives our employees a sense of purpose, which powers our innovation engine, delivers solutions to our end markets, and generates steady long-term shareholder value." Conference Call and Webcast Information Badger Meter management will hold a conference call to discuss the Company's first quarter 2025 results today, Thursday April 17, 2025 at 10:00 AM Central/11:00 AM Eastern time. The listen-only webcast and related presentation can be accessed via the Investor section of our website. Participants can also register to take part in the call using this online registration link: Safe Harbor Statement Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (the "Company") or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The Company's results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. About Badger Meter With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge® suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world's most precious resource. For more information, visit BADGER METER, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (in thousands, except share and earnings per share data) Three Months Ended March 31, 2025 2024 (Unaudited) (Unaudited) Net sales $ 222,211 $ 196,280 Cost of sales 126,774 119,102 Gross margin 95,437 77,178 Selling, engineering and administration 46,012 40,600 Operating earnings 49,425 36,578 Interest income, net (1,334 ) (1,526 ) Other pension and postretirement (income) costs (28 ) 12 Earnings before income taxes 50,787 38,092 Provision for income taxes 12,389 8,961 Net earnings $ 38,398 $ 29,131 Earnings per share: Basic $ 1.31 $ 0.99 Diluted $ 1.30 $ 0.99 Shares used in computation of earnings per share: Basic 29,378,491 29,320,483 Diluted 29,564,797 29,494,488 BADGER METER, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) Assets March 31, December 31, 2025 2024 (Unaudited) Cash and cash equivalents $ 131,358 $ 295,305 Receivables 111,855 84,325 Inventories 149,405 143,408 Prepaid expenses and other current assets 18,959 17,078 Total current assets 411,577 540,116 Net property, plant and equipment 75,687 74,260 Intangible assets, at cost less accumulated amortization 131,091 45,066 Other long-term assets 49,703 45,201 Goodwill 231,538 111,770 Total assets $ 899,596 $ 816,413 Liabilities and Shareholders' Equity Payables $ 73,789 $ 55,659 Accrued compensation and employee benefits 17,298 34,912 Other current liabilities 49,930 27,634 Total current liabilities 141,017 118,205 Deferred income taxes 24,287 3,652 Long-term employee benefits and other 92,606 88,324 Shareholders' equity 641,686 606,232 Total liabilities and shareholders' equity $ 899,596 $ 816,413 BADGER METER, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2025 2024 (Unaudited) (Unaudited) Operating activities: Net earnings $ 38,398 $ 29,131 Adjustments to reconcile net earnings to net cash provided by operations: Depreciation 2,804 2,892 Amortization 5,478 5,118 Noncurrent employee benefits 37 1 Stock-based compensation expense 1,828 1,271 Changes in: Receivables (20,497 ) (9,164 ) Inventories (120 ) (6,405 ) Payables 16,294 7,960 Prepaid expenses and other assets (4,107 ) (8,065 ) Other liabilities (7,088 ) (1,279 ) Total adjustments (5,371 ) (7,671 ) Net cash provided by operations 33,027 21,460 Investing activities: Property, plant and equipment expenditures (2,966 ) (2,676 ) Acquisitions, net of cash acquired (184,937 ) (3,000 ) Net cash used for investing activities (187,903 ) (5,676 ) Financing activities: Dividends paid (10,017 ) (7,942 ) Proceeds from exercise of stock options 68 230 Net cash used for financing activities (9,949 ) (7,712 ) Effect of foreign exchange rates on cash 878 (544 ) (Decrease) increase in cash and cash equivalents (163,947 ) 7,528 Cash and cash equivalents - beginning of period 295,305 191,782 Cash and cash equivalents - end of period $ 131,358 $ 199,310 View source version on Contacts Karen Bauer(414) 371-7276kbauer@
