Badger Meter reports Q3 profit growth
Badger Meter, Inc. (AMEX: BMI) reported after Monday’s close that its third-quarter profit swelled to $6 million, or $0.41 per share, above analyst estimates of $0.34 per share and compared with $3.9 million, or $0.28 per share, a year earlier. The maker of flow measurement technology’s third-quarter revenue rose to $62.8 million, below Wall Street expectations of $63.4 million and compared with $60.2 million during the same period of 2006.
“We continued to build momentum in the third quarter,” CEO Richard Meeusen said in a statement. “This was our second consecutive quarter of record-breaking sales, earnings and earnings per share that surpassed previous records not only for the third quarter, but for any quarter in our history.”
The firm said sales growth of its mobile water meter systems soared and were the largest contributor to the Badger Meter’s revenue boost.
In midday trading, BMI shares are down 1.36%, or $0.49, at $35.51. Over the last 52 weeks, shares have ranged from $21.20 to $36.97.
