Brown Deer-based Badger Meter Inc. today reported third quarter net income of $8.3 million, or 58 cents per share, down from $10.2 million, or 71 cents per share, in the third quarter of 2014.
The company attributed the decline to lower flow instrumentation product sales and a higher tax rate, among other factors.
Operating income totaled $13.6 million, down from $16 million in the same period a year ago.
The flow measurement and control products manufacturer reported revenue of $99.3 million in the third quarter, up from $96.3 million in the third quarter of 2014.
“While sales set a new record for any quarter in our history, our overall performance was not at the level we anticipated,” said Richard Meeusen, chairman, president and chief executive officer of Badger Meter. “Sales of municipal water products were up over the prior year quarter and National Meter & Automation again made a positive contribution. However, flow instrumentation product sales were down. Net earnings were impacted by a number of factors including a lower profit margin and a higher tax rate.
“Sales of both residential and commercial municipal water products increased in the third quarter, with strong sales of our newest products, including E-Series Ultrasonic meters and BEACON Advanced Metering Analytics software and ORION cellular endpoints. Sales of municipal water products would have been even higher if not for a product issue at one of our alliance partners. We estimate approximately $4.5 million in potential sales were delayed in the third quarter because of this issue. We believe these sales will be recouped over the next several quarters.”
