BMI
Badger Meter, Inc.184.04
+0.51+0.28%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A adds PRASA color, reaffirms pacing
Q&A reinforced prepared remarks on H1 2026 growth lull from project pacing—inverse of H5 2025—before H2 ramps via awarded wins like PRASA, equivalent to 8 Orlandos and supply-only from Racine for Buy American compliance. Management dismissed competitor downturn read-throughs, stressing cellular AMI leadership and software at 8% sales growing 28% CAGR. PRASA details surfaced: FEMA-funded, 5-year horizon, execution variables including potential legal hurdles, no revenue sizing. Gross margins get copper/tariff scrutiny but structural mix tailwinds. PRASA packs scale, pacing persists. Confident long-term high single-digits; watch H1 delivery, PRASA start.
Key Stats
Market Cap
5.42BP/E (TTM)
39.24Basic EPS (TTM)
4.69Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Badger Meter drove FY2025 net sales to $916.7M, up 10.9% y/y, with utility water surging 12.5% to $816.1M on ultrasonic meters, ORION Cellular, BEACON SaaS, and $39.7M from the January SmartCover acquisition; flow instrumentation dipped 0.5%. Operating earnings hit $183.4M (20.0% margin), lifting from 19.1% via favorable mix despite higher SEA costs. Q4 sales of $220.7M edged down sequentially from Q3's $235.7M, yet gross margins held firm at 42.1%. Cash from operations funded the $184M deal, $14M capex, $43.5M dividends, and $15M buybacks. No annual guidance disclosed. Supply chain disruptions from single suppliers threaten quarterly momentum.
8-K
Exec promotions, KEESA updates
Badger Meter announced executive reshuffles effective January 1, 2026: CFO Robert Wrocklage shifts to EVP North America Municipal Utility at $550k base; Controller Daniel Weltzien steps up to VP CFO at $390k; plus VP roles for Stoll and Tarantino. New KEESAs boost change-in-control protections—three years for CEO, two for others—with severance multiples of cash comp. Internal promotions signal continuity.
10-Q
Q3 FY2025 results
Badger Meter posted Q3 net sales of $235.7M, up 13.1% y/y, with operating earnings climbing to $46.1M (19.6% margin) from $40.6M (19.5%). YTD sales hit $696.0M (+12.0% y/y), operating earnings $140.4M (+18.2% y/y, 20.2% margin), and diluted EPS $3.65, matching 29.6M shares. Gross margins edged up to 40.7% on ultrasonic meters, water quality, BEACON SaaS, and $11.1M from SmartCover—closed Jan 2025 for $184.0M (cash), recognizing $119.8M goodwill and $85.6M intangibles (12-20 years). Cash fell to $201.7M after ops cash $128.9M and the buyout, with $154.7M credit available. Single segment, U.S. 89% of sales. Tariffs pressure inputs.
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