Brown Deer-based Badger Meter, Inc. set a sales record for the third straight quarter and topped $100 million in revenue for just the second time in its history, according to results released Wednesday.
Revenue for the quarter was $103.8 million, up 5 percent from last year. The only other time the company has topped $100 million was in the first quarter of this year.
The water meter manufacturer also set a second quarter profit record of $9.4 million, up 19 percent from the same period last year. The company reported earnings of 65 cents per diluted share, up from 55 cents last year.
“Our strong second quarter performance was driven by higher sales of residential and commercial municipal water products, particularly sales of commercial metering products and technology solutions which were up significantly over the second quarter of last year,” said Richard A. Meeusen, Badger Meter chairman, president and chief executive officer.
Meeusen highlighted sales of Beacon and E-Series products as particular areas of strength. He also said the higher second quarter municipal water product sales more than offset lower sales of flow instrumentation products, which continued to be impacted by softness in the industrial markets the company serves.
Badger Meter’s gross profit margin was up to 37.9 percent, compared to 35.5 percent during the same period last year. Meeusen credited higher sales volumes and lower brass prices for the gains.
The company was reportedly exploring options for a potential sale in May. Meeusen confirmed at the time the company was exploring options, but the company has not commented further and no additional information was included in its earnings release.
Badger Meter management is scheduled to discuss second quarter results further during a conference call Thursday.
