0001157523-23-001115.txt : 20230720 0001157523-23-001115.hdr.sgml : 20230720 20230720083537 ACCESSION NUMBER: 0001157523-23-001115 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230720 DATE AS OF CHANGE: 20230720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BADGER METER INC CENTRAL INDEX KEY: 0000009092 STANDARD INDUSTRIAL CLASSIFICATION: TOTALIZING FLUID METERS & COUNTING DEVICES [3824] IRS NUMBER: 390143280 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06706 FILM NUMBER: 231098162 BUSINESS ADDRESS: STREET 1: 4545 WEST BROWN DEER ROAD CITY: MILWAUKEE STATE: WI ZIP: 53223 BUSINESS PHONE: 4143715702 MAIL ADDRESS: STREET 1: 4545 W BROWN DEER RD CITY: MILWAUKEE STATE: WI ZIP: 53223 FORMER COMPANY: FORMER CONFORMED NAME: BADGER METER MANUFACTURING CO DATE OF NAME CHANGE: 19710729 8-K 1 a53468607.htm BADGER METER, INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
_______________________
 
FORM 8-K
 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
_______________________


 
Date of Report
 
 
 
(Date of earliest event reported)
July 20, 2023
 
 
 
 
 
 
BADGER METER INC
(Exact name of registrant as specified in its charter)
 
Wisconsin 
 
001-06706
 
39-0143280 
(State or other
jurisdiction of
incorporation)
 
(Commission File
Number)
 
(IRS Employer
Identification No.)
 
4545 W. Brown Deer Rd., Milwaukee, Wisconsin 53223
(Address of principal executive offices, including zip code)
 
(414) 355-0400
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
_______________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
   Name of each exchange on which registered
Common Stock
   BMI
   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition .

On July 20, 2023, Badger Meter, Inc. (the “Company”) issued a press release announcing its quarterly financial results for the second quarter ended June 30, 2023.
 
A copy of the press release issued by the Company announcing the foregoing is furnished herewith as Exhibit 99.1.
 
Item 9.01
Financial Statements and Exhibits .

           (a)     Not applicable.
 
           (b)     Not applicable.
 
           (c)     Not applicable.

           (d)     Exhibits .  The exhibit furnished herewith is as listed in the accompanying Exhibit Index.
 
 
EXHIBIT INDEX
 
Exhibit No.
 
Description
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
BADGER METER, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
Date: July 20, 2023
By:
/s/ Robert A. Wrocklage
 
 
 
Robert A. Wrocklage
 
 
 
Senior Vice President – Chief Financial Officer
 

EX-99.1 2 a53468607ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Badger Meter Reports Record Second Quarter 2023 Financial Results

MILWAUKEE--(BUSINESS WIRE)--July 20, 2023--Badger Meter, Inc. (NYSE: BMI) today reported record results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights

  • Total sales of $175.9 million, 28% higher than the prior year’s $137.8 million.
  • Operating profit increased 34% year-over-year, with operating profit margins expanding 80 basis points to 16.8% from 16.0%.
  • Diluted earnings per share (EPS) increased 33% to $0.76, up from $0.57 in the comparable prior year quarter.
  • Robust demand environment continued with book to bill ratio greater than one.
  • Released 2022 Sustainability Report illustrating powerful combination of strong ESG and financial performance.

“As our record second quarter results demonstrate, Badger Meter continues to benefit from the adoption of our differentiated smart water solutions, favorable market conditions and sound execution. In addition to our record sales performance, we delivered strong operating profit margin expansion, record EPS and solid cash flow,” said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. “Another quarter of book to bill above one points to resilient demand within our markets, and we are confident in our ability to continue to capitalize on the constructive industry fundamentals. I want to thank our employees for their steadfast commitment to serving our customers.”

Second Quarter Operating Results

Utility water sales increased 32% year-over-year with broad-based growth across the comprehensive suite of smart water offerings. This includes robust adoption of our cellular AMI solution, including higher ORION® Cellular endpoint and BEACON® Software as a Service (SaaS) revenues, coupled with increased meter volumes, notably E-Series® Ultrasonic meters. Easing supply chain conditions and the addition of Syrinix also contributed to the year-over-year sales increase.

Sales of flow instrumentation products increased 6% year-over-year, with steady order demand across the water-focused end markets including wastewater and HVAC, which more than offset modest growth in the varied other industrial markets.

Gross margin dollars increased $14.7 million year-over-year, and gross margin as a percent of sales was 39.5%, at the higher end of the Company’s normalized range and sequentially in line with the first quarter of 2023. Gross margin continues to benefit from structural sales mix trends including higher SaaS revenues, production efficiencies resulting from improving supply chain conditions, value-based pricing and stabilization of inflationary pressures.

Selling, engineering and administrative (SEA) expenses in the second quarter of 2023 were $39.9 million, with SEA as a percent of sales improving 100 basis points to 22.7% versus 23.7% in the comparable prior year quarter. The $7.2 million year-over-year increase in SEA spend included higher personnel-related costs such as headcount, salaries, sales and management incentives and travel expenses as well as the addition of Syrinix, including the associated intangible asset amortization.

Operating profit margin was 16.8% in the second quarter of 2023, an 80 basis point improvement from the prior year’s 16.0%.

The tax rate for the second quarter of 2023 was 25.8%, 140 basis points higher than the prior year’s 24.4%. As such, EPS was a record $0.76, up 33% compared to $0.57 in the comparable prior year period.

Outlook

Bockhorst continued, “Based on first half results, it’s clear we are on track for yet another year of exceptional performance. Our innovative and tailorable smart water solutions portfolio, which enables customers to be more efficient, resilient and sustainable, paired with our outstanding team focused on exceptional customer support, continues to build momentum.

“Our business model provides for durable growth despite macro-economic uncertainty given the support of our backlog, secular demand drivers and our technologically differentiated portfolio of solutions which address increasing water challenges. While we face tougher comparisons in the second half of 2023, we continue to expect benefits from stabilizing supply chain and inflation dynamics for the balance of the year.

“We issued our 2022 Sustainability Report last month highlighting our continuous improvement efforts across a variety of ESG matters. Among other accomplishments, we outlined our strong progress in reducing energy, greenhouse gas (GHG) emissions and water usage. We have surpassed our original GHG intensity reduction goal and have established a new goal along with a roadmap of tactics we believe will lead to further improvements. We remain proud of our track record of delivering both strong financial and ESG-related performance.”

Bockhorst concluded, “Badger Meter is well-positioned to sustain its pattern of profitable growth enhanced by our innovative offerings, end market resiliency and proven execution. Along with our strong balance sheet and exceptional team, we are poised to continue to improve shareholder value while furthering our vision to preserve and protect the world’s most precious resource.”

Conference Call and Webcast Information

Badger Meter management will hold a conference call to discuss the Company’s second quarter 2023 results today, Thursday July 20, 2023 at 10:00 AM Central/11:00 AM Eastern time. The webcast and related presentation can be accessed via the Investor section of our website. Individuals wishing to participate in the call should use this online registration link:

https://www.netroadshow.com/events/login?show=bf59de12&confld=52890

Safe Harbor Statement

Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (the “Company”) or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The Company’s results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

About Badger Meter

With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water solutions encompassing flow measurement, quality and other system parameters. These offerings provide our customers with the data and analytics essential to optimize their operations and contribute to the sustainable use and protection of the world’s most precious resource. For more information, visit www.badgermeter.com.

BADGER METER, INC.


 
 
   
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and earnings per share data)


 
 
   


 
 
   

Three Months Ended June 30,

 

Six Months Ended June 30,


 

2023

 

 

 

2022

 

 

2023

 

 

 

2022


(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)



 
 
   
Net sales

$

175,858

 

 

$

137,833

 

$

334,959

 

 

$

270,235



 
 
   
Cost of sales

 

106,424

 

 

 

83,073

 

 

202,709

 

 

 

164,752



 
 
   
Gross margin

 

69,434

 

 

 

54,760

 

 

132,250

 

 

 

105,483



 
 
   
Selling, engineering and administration

 

39,932

 

 

 

32,672

 

 

77,702

 

 

 

64,533



 
 
   
Operating earnings

 

29,502

 

 

 

22,088

 

 

54,548

 

 

 

40,950



 
 
   
Interest (income) expense, net

 

(827

)

 

 

9

 

 

(1,449

)

 

 

22

Other pension and postretirement costs

 

33

 

 

 

33

 

 

65

 

 

 

65



 
 
   
Earnings before income taxes

 

30,296

 

 

 

22,046

 

 

55,932

 

 

 

40,863



 
 
   
Provision for income taxes

 

7,803

 

 

 

5,382

 

 

14,024

 

 

 

9,839



 
 
   
Net earnings

$

22,493

 

 

$

16,664

 

$

41,908

 

 

$

31,024



 
 
   
Earnings per share:
 
 
 


 
 
   
Basic

$

0.77

 

 

$

0.57

 

$

1.43

 

 

$

1.06



 
 
   
Diluted

$

0.76

 

 

$

0.57

 

$

1.42

 

 

$

1.06



 
 
   
Shares used in computation of earnings per share:
 
 
 


 
 
   
Basic

 

29,272,693

 

 

 

29,210,444

 

 

29,264,166

 

 

 

29,204,535



 
 
   
Diluted

 

29,447,525

 

 

 

29,344,351

 

 

29,434,467

 

 

 

29,353,708

BADGER METER, INC.


   
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)


   


   

Assets

June 30,

 

December 31,


 

2023

 

 

2022


(Unaudited)

 


   
Cash and cash equivalents

$

141,805

 

$

138,052

Receivables

 

84,020

 

 

76,651

Inventories

 

144,749

 

 

119,856

Other current assets

 

18,013

 

 

13,273

Total current assets

 

388,587

 

 

347,832



   
Net property, plant and equipment

 

74,706

 

 

73,542

Intangible assets, at cost less accumulated amortization

 

57,512

 

 

53,607

Other long-term assets

 

24,650

 

 

26,805

Goodwill

 

113,797

 

 

101,261

Total assets

$

659,252

 

$

603,047



   


   

Liabilities and Shareholders' Equity


 


   
Payables

$

81,104

 

$

71,440

Accrued compensation and employee benefits

 

17,491

 

 

20,513

Other current liabilities

 

20,319

 

 

18,359

Total current liabilities

 

118,914

 

 

110,312



   
Deferred income taxes

 

6,661

 

 

4,648

Long-term employee benefits and other

 

58,085

 

 

45,665

Shareholders' equity

 

475,592

 

 

442,422

Total liabilities and shareholders' equity

$

659,252

 

$

603,047

BADGER METER, INC.

'CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

'(in thousands)



Three Months Ended June 30,

 

Six Months Ended June 30,


 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 


(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Operating activities:
 
 
 
Net earnings

$

22,493

 

 

$

16,664

 

 

$

41,908

 

 

$

31,024

 

Adjustments to reconcile net earnings to net cash provided by operations:
 
 
   
Depreciation

 

2,775

 

 

 

2,862

 

 

 

5,438

 

 

 

5,622

 

Amortization

 

4,132

 

 

 

3,817

 

 

 

8,416

 

 

 

7,833

 

Deferred income taxes

 

(366

)

 

 

50

 

 

 

(376

)

 

 

16

 

Noncurrent employee benefits

 

(185

)

 

 

48

 

 

 

(222

)

 

 

(64

)

Stock-based compensation expense

 

1,601

 

 

 

851

 

 

 

2,607

 

 

 

1,466

 

Changes in:
 
 
 
Receivables

 

340

 

 

 

481

 

 

 

(6,503

)

 

 

(12,028

)

Inventories

 

(12,314

)

 

 

(9,260

)

 

 

(23,753

)

 

 

(13,024

)

Payables

 

1,145

 

 

 

9,379

 

 

 

8,104

 

 

 

20,128

 

Prepaid expenses and other assets

 

(2,847

)

 

 

(5,249

)

 

 

(4,980

)

 

 

(8,153

)

Other current liabilities

 

5,995

 

 

 

59

 

 

 

10,100

 

 

 

(3,908

)

Total adjustments

 

276

 

 

 

3,038

 

 

 

(1,169

)

 

 

(2,112

)

Net cash provided by operations

 

22,769

 

 

 

19,702

 

 

 

40,739

 

 

 

28,912

 



 
 
   
Investing activities:
 
 
 
Property, plant and equipment expenditures

 

(2,664

)

 

 

(1,631

)

 

 

(6,935

)

 

 

(2,773

)

Acquisitions, net of cash acquired

 

(75

)

 

 

-

 

 

 

(17,127

)

 

 

-

 

Net cash used for investing activities

 

(2,739

)

 

 

(1,631

)

 

 

(24,062

)

 

 

(2,773

)



 
 
   
Financing activities:
 
 
 
Dividends paid

 

(6,591

)

 

 

(5,843

)

 

 

(13,217

)

 

 

(11,712

)

Proceeds from exercise of stock options

 

-

 

 

 

-

 

 

 

58

 

 

 

-

 

Repurchase of treasury stock

 

-

 

 

 

(427

)

 

 

-

 

 

 

(427

)

Net cash used for financing activities

 

(6,591

)

 

 

(6,270

)

 

 

(13,159

)

 

 

(12,139

)

Effect of foreign exchange rates on cash

 

5

 

 

 

(810

)

 

 

235

 

 

 

(964

)



 
 
   
Increase in cash and cash equivalents

 

13,444

 

 

 

10,991

 

 

 

3,753

 

 

 

13,036

 

Cash and cash equivalents - beginning of period

 

128,361

 

 

 

89,219

 

 

 

138,052

 

 

 

87,174

 

Cash and cash equivalents - end of period

$

141,805

 

 

$

100,210

 

 

$

141,805

 

 

$

100,210

 

 

Contacts

Karen Bauer
(414) 371-7276
kbauer@badgermeter.com

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