Badger Meter beat Q2 estimates with $1.02 EPS and $222.3M revenue, though both fell year-over-year as water-segment sales dropped 8.6%.
Badger Meter (BMI) beat Wall Street estimates in the second quarter, posting GAAP earnings of $1.02 a share, a penny above consensus. Revenue came in at $222.3 million, topping expectations by roughly $1.2 million.
The water-meter maker reported revenue fell about 6% from the same period a year earlier, when it brought in $236.6 million. Gross margin contracted to 40.1% from 41.8% in the year-ago quarter, the company said. Operating margin also slipped, to 16.4% from 18.2%.
Revenue in Badger Meter's core water segment dropped 8.6% to $188.6 million. The decline stemmed from lower sales of residential meters, the company said. Flow instrumentation revenue rose 12% to $33.7 million, helped by demand for utility and industrial monitoring products.
Net earnings for the quarter were $30 million, versus $33.8 million a year earlier. The company ended the period with $52.1 million in cash and equivalents.
Badger Meter shares have gained about 12% over the past 12 months, roughly in line with the broader industrial sector.
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