Badger Meter CEO optimistic about the long term
Badger Meter, Inc. (NYSE:BMI) CEO Richard Meeusen said the maker of flow measurement products is experiencing higher commodity and freight costs, but has been able to offset those challenges through the strength of the markets it serves and a strong performance of its technology products. Meeusen made the comments during a midday conference call with analysts and investors.
“We’re very pleased with this record-setting [second quarter] and remain optimistic about our long-term opportunities,” Meeusen said.
Before Monday’s opening, Badger Meter posted second-quarter net sales of $74.7 million, up 20% from $62.2 million a year earlier. Wall Street analysts expected sales of $70.3 million.
“Obviously we’re pleased with the second-quarter results, especially when you compare the results with other companies both inside and outside our segment that are struggling in these difficult economic times,” Meeusen said. “Our business can be somewhat volatile on a quarter-to-quarter basis. Nevertheless, we believe that our focus on long-term results can generate good growth in both sales and earnings from year to year.”
The Milwaukee-based company’s quarterly net earnings jumped 27% to $7 million, or $0.48 per share, versus $5.5 million, or $0.38 per share, a year ago. Wall Street expected earnings of $0.43 per share.
At Monday’s close, BMI was up 10.72%, or $5.50, to $56.80.
