Earnings
Badger Meter First-quarter Earnings Up 16 Percent
The Associated Press
04/20/09 - 05:28 PM EDT
MILWAUKEE (AP) Water meter maker Badger Meter Inc. said Monday that its first-quarter earnings rose 16 percent on cost cutting, lower raw material costs and favorable exchange rates.
Badger said it earned $6.9 million, or 47 cents per share, up from $6 million, or 42 cents per share in the same period a year ago. But sales were down 4.5 percent to $65.3 million.
Analysts surveyed by Thomson Reuters were expecting earnings of 38 cents per share on revenue of $66.28 million.
Badger said it was helped by factors like cost cutting measures, lower prices for copper and the strength of the dollar in the quarter. But sales were down due to lower demand of its meters and other product due to the recession. Badger said sales of its industrial meters were down 29 percent, though sales of meters to utilities grew 1.1 percent.
Badger shares fell $1.99, or 6 percent, to close at $30.81 Monday.