We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Badger Meter (BMI) Q4 Earnings & Revenues Beat Estimates
Read MoreHide Full Article
Badger Meter, Inc (BMI - Free Report) reported earnings per share (EPS) of 84 cents for fourth-quarter 2023, which beat the Zacks Consensus Estimate by 5%. Also, the bottom line compared favorably with the year-ago quarter’s EPS of 60 cents.
Net earnings in the reported quarter were $24.7 million compared with $17.6 million in the year-ago period. The year-over-year improvement can be primarily attributed to higher revenues.
Quarterly net sales increased to $182.4 million from $147.3 million in the year-ago quarter. The 23.8% rise was primarily driven by robust demand for smart water solutions owing to secular growth drivers. Also, the top line beat the consensus mark by 1%.
Badger Meter, Inc. Price, Consensus and EPS Surprise
In the quarter under review, utility water sales rose 28% due to strong demand momentum. Higher E-Series volume, cellular AMI solution, ORION Cellular endpoint sales and higher BEACON Software-as-a-Service revenues acted as major tailwinds. Also, rising water quality and pressure monitoring sales were tailwinds.
Flow instrumentation sales increased 7% year over year, driven by continued demand across most of the water-focused end market.
Other Details
In the fourth quarter, gross profit was $71.5 million, up 25.4% year over year. Structural positive sales mix and higher volumes resulted in this upside. The gross margin was 39.2%, up 50 basis points from the prior-year quarter. Operating earnings were $32.1 million or 17.6% of sales compared with $22.5 million or 15.3% of sales in the year-ago quarter.
Selling, engineering and administration expenses were $39.4 million or 21.6% of sales compared with $34.5 million or 23.4% of sales in the prior-year quarter. The increase in expenses was mainly due to higher personnel costs and the acquisition of Syrinix.
Cash Flow & Liquidity
In the fourth quarter of 2023, Badger Meter generated $37.9 million of net cash from operating activities compared with $29.7 million a year ago.
As of Dec 31, 2023, the company had $191.7 million of cash and cash equivalents and $131.9 million of total current liabilities compared with the respective figures of $162.9 million and $128.8 million as of Sep 30, 2023. Zacks Rank
The Zacks Consensus Estimate for Woodward’s 2023 EPS has inched up 6% in the past 60 days to $4.94. WWD’s long-term earnings growth rate is 15.3%.
Woodward’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average surprise being 14.7%. Shares of WWD have gained 31% in the past year.
The Zacks Consensus Estimate for 2023 is pegged at a loss of 9 cents per share for NETGEAR, which remained unchanged in the past 30 days.
NTGR’s earnings outpaced the Zacks Consensus Estimate in three of the last four quarters while missing once. The average surprise was 127.5%. Shares of NTGR have lost 29.5% in the past year.
The Zacks Consensus Estimate for Watts Water Technologies 2023 EPS has improved 3.9% in the past 60 days to $8.08.
WTS’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 11.8%. Shares of WTS have soared 23.2% in the past year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Badger Meter (BMI) Q4 Earnings & Revenues Beat Estimates
Badger Meter, Inc (BMI - Free Report) reported earnings per share (EPS) of 84 cents for fourth-quarter 2023, which beat the Zacks Consensus Estimate by 5%. Also, the bottom line compared favorably with the year-ago quarter’s EPS of 60 cents.
Net earnings in the reported quarter were $24.7 million compared with $17.6 million in the year-ago period. The year-over-year improvement can be primarily attributed to higher revenues.
Quarterly net sales increased to $182.4 million from $147.3 million in the year-ago quarter. The 23.8% rise was primarily driven by robust demand for smart water solutions owing to secular growth drivers. Also, the top line beat the consensus mark by 1%.
Badger Meter, Inc. Price, Consensus and EPS Surprise
Badger Meter, Inc. price-consensus-eps-surprise-chart | Badger Meter, Inc. Quote
Segmental Performance
In the quarter under review, utility water sales rose 28% due to strong demand momentum. Higher E-Series volume, cellular AMI solution, ORION Cellular endpoint sales and higher BEACON Software-as-a-Service revenues acted as major tailwinds. Also, rising water quality and pressure monitoring sales were tailwinds.
Flow instrumentation sales increased 7% year over year, driven by continued demand across most of the water-focused end market.
Other Details
In the fourth quarter, gross profit was $71.5 million, up 25.4% year over year. Structural positive sales mix and higher volumes resulted in this upside. The gross margin was 39.2%, up 50 basis points from the prior-year quarter. Operating earnings were $32.1 million or 17.6% of sales compared with $22.5 million or 15.3% of sales in the year-ago quarter.
Selling, engineering and administration expenses were $39.4 million or 21.6% of sales compared with $34.5 million or 23.4% of sales in the prior-year quarter. The increase in expenses was mainly due to higher personnel costs and the acquisition of Syrinix.
Cash Flow & Liquidity
In the fourth quarter of 2023, Badger Meter generated $37.9 million of net cash from operating activities compared with $29.7 million a year ago.
As of Dec 31, 2023, the company had $191.7 million of cash and cash equivalents and $131.9 million of total current liabilities compared with the respective figures of $162.9 million and $128.8 million as of Sep 30, 2023.
Zacks Rank
Badger Meter currently has a Zacks Rank #3 (Hold)
Stocks to Consider
Some better-ranked stocks worth considering in the broader technology space are Woodward (WWD - Free Report) , NETGEAR (NTGR - Free Report) and Watts Water Technologies (WTS - Free Report) . NETGEAR and Woodward sport a Zacks Rank #1 (Strong Buy), while Watts Water Technologies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Woodward’s 2023 EPS has inched up 6% in the past 60 days to $4.94. WWD’s long-term earnings growth rate is 15.3%.
Woodward’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average surprise being 14.7%. Shares of WWD have gained 31% in the past year.
The Zacks Consensus Estimate for 2023 is pegged at a loss of 9 cents per share for NETGEAR, which remained unchanged in the past 30 days.
NTGR’s earnings outpaced the Zacks Consensus Estimate in three of the last four quarters while missing once. The average surprise was 127.5%. Shares of NTGR have lost 29.5% in the past year.
The Zacks Consensus Estimate for Watts Water Technologies 2023 EPS has improved 3.9% in the past 60 days to $8.08.
WTS’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 11.8%. Shares of WTS have soared 23.2% in the past year.