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Badger Meter, Inc. (NYSE: BMI) today reported results for the fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011 Highlights
Net sales were $60,710,000 for the fourth quarter of 2011, a 6.4% decrease from sales of $64,843,000 for the fourth quarter of 2010.
Net earnings were $1,187,000 for the fourth quarter of 2011, compared to record net earnings of $6,258,000 for the fourth quarter of 2010.
Diluted earnings per share were $0.08 for the fourth quarter of 2011, compared to $0.42 for the fourth quarter of 2010.
Full Year 2011 Highlights
Net sales were $262,915,000 for 2011, a 5.0% decrease from sales of $276,634,000 in 2010.
Net earnings were $19,161,000 for 2011, compared to record earnings of $28,662,000 in 2010.
Diluted earnings per share were $1.27 for 2011, compared to $1.91 in 2010.
“As we anticipated, the slowdown in spending by customers in the municipal water market that has been impacting our results since the beginning of 2011 continued in the fourth quarter. Water utilities are taking longer to make purchasing decisions because of uncertainties about the economy and potential budget reductions,” said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter. “The lower municipal water market sales are an industry-wide phenomenon and as a result, we believe our market share has not changed significantly.”
Meeusen said higher sales of the majority of the company’s specialty and industrial products somewhat offset the decline in sales to municipal water utilities. “Sales of electromagnetic and industrial flow meters, Research Control® valves and concrete products were all up in the fourth quarter. Fourth quarter sales also included Remag AG, which was acquired in January 2011,” added Meeusen.