Badger Meter Q2 Sales Hit $290.5M

TL;DR

Badger Meter Q2 sales $290.5M, acquired Syrinix in '23. FYE Dec 31.

AI Summary

Badger Meter Inc. reported its Q2 2024 results, with net sales for the six months ended June 30, 2024, reaching $290.5 million. The company also noted its acquisition of Syrinix Limited, which was completed in 2023. Badger Meter's fiscal year ends on December 31st.

Why It Matters

This filing provides insight into Badger Meter's financial performance and strategic moves like acquisitions, impacting investors and the water utility sector.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags indicating significant new risks.

Key Numbers

• $290.5M — Net Sales (For the six months ended June 30, 2024)
• 1231 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• BADGER METER INC (company) — Filer
• Syrinix Limited (company) — Acquired entity
• $290.5 million (dollar_amount) — Net sales for the six months ended June 30, 2024
• 2023 (date) — Year of Syrinix acquisition
• 20240630 (date) — End of reporting period

FAQ

Key Financial Figures

• $1 — n stock outstanding with a par value of $1 per share. Table of Contents BADGER

Filing Documents

• bmi-20240630.htm (10-Q) — 1211KB
• bmi-ex31_1.htm (EX-31.1) — 18KB
• bmi-ex31_2.htm (EX-31.2) — 18KB
• bmi-ex32.htm (EX-32) — 18KB
• 0000950170-24-085171.txt ( ) — 4577KB
• bmi-20240630.xsd (EX-101.SCH) — 550KB
• bmi-20240630_htm.xml (XML) — 746KB

Financial Information

Part I. Financial Information: Item 1

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Consolidated Condensed Balance Sheets - June 30, 2024 and December 31, 2023 4 Consolidated Condensed Statements of Operations - Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Condensed Statements of Comprehensive Income - Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Condensed Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 7 Consolidated Condensed Statements of Shareholders' Equity – Three and Six Months Ended June 30, 2024 and 2023 8 Notes to Unaudited Consolidated Condensed Financial Statements 9 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4

Controls and Procedures

Controls and Procedures 19

Other Information

Part II. Other Information: Item 1A

Risk Factors

Risk Factors 20 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 5 Other Information Item 6 Exhibits 20

Signatures

Signatures 21 2 Table of Contents Special Note Regarding Forward Looking Statements Certain statements contained in this Quarterly Report on Form 10-Q, as well as other information provided from time to time by Badger Meter, Inc. (the "Company" or "Badger Meter") 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 words "anticipate," "believe," "estimate," "expect," "think," "should," "could" and "objective" or similar expressions are intended to identify forward looking statements. All such forward looking statements are based on the Company's then current views and assumptions and involve risks and uncertainties. See Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further information regarding risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason. 3 Table of Contents

– Financial Information

Part I – Financial Information

Financial Statements

Item 1 Financial Statements BADGER METER, INC. Consolidated Conden sed Balance Sheets June 30, December 31, (Unaudited) (In thousands) 2024 2023 Assets Current assets: Cash and cash equivalents $ 226,212 $ 191,782 Receivables 106,229 83,507 Inventories: Finished goods 38,867 34,764 Work in process 39,315 41,261 Raw materials 83,084 77,649 Total inventories 161,266 153,674 Prepaid expenses and other current assets 15,510 13,214 Total current assets 509,217 442,177 Property, plant and equipment, at cost 229,409 225,988 Less accumulated depreciation ( 156,955 ) ( 152,110 ) Net property, plant and equipment 72,454 73,878 Intangible assets, at cost less accumulated amortization 50,178 53,737 Other assets 13,350 11,249 Deferred income taxes 22,706 22,715 Goodwill 113,355 113,163 Total assets $ 781,260 $ 716,919 Liabilities and shareholders' equity Current liabilities: Payables $ 96,011 $ 81,807 Accrued compensation and employee benefits 21,768 29,871 Warranty and after-sale costs 13,849 11,102 Other current liabilities 6,491 9,168 Total current liabilities 138,119 131,948 Long-term deferred revenue 59,449 49,763 Deferred income taxes 4,838 5,061 Accrued non-pension postretirement benefits 3,798 3,614 Other accrued employee benefits 6,016 5,293 Other long-term liabilities 5,902 4,758 Commitments and contingencies (Note 5) Shareholders' equity: Common stock, $ 1 par, authorized 80,000,000 , issued 37,221,098 at June 30, 2024 and December 31, 2023 37,221 37,221 Capital in excess of par value 62,915 59,185 Reinvested earnings 505,040 458,719 Accumulated other comprehensive loss ( 5,343 ) ( 1,646 ) Less: Treasury stock, at cost, 7,809,378 shares at June 30, 2024 and 7,873,781 shares at December 31, 2023 ( 36,695 ) ( 36,997 ) Total shareho

View Full Filing

View this 10-Q filing on SEC EDGAR