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Badger Meter, Inc. (NYSE: BMI) today reported increased sales and comparable earnings per share for the second quarter ended June 30, 2012.
Second Quarter 2012 Highlights
Net sales were $81,974,000 for the second quarter of 2012, a 9.1% increase from sales of $75,148,000 for the second quarter of 2011.
Net earnings were $7,442,000 for the second quarter of 2012, a 5.0% decrease from net earnings of $7,834,000 for the second quarter of 2011.
Diluted earnings per share were $0.52 for both the second quarter of 2012 and the second quarter of 2011.
First Half 2012 Highlights
Net sales were $158,207,000 for the first half of 2012, a 19.4% increase from sales of $132,507,000 for the first half of 2011.
Net earnings were $13,691,000 for the first half of 2012, a 23.4% increase from net earnings of $11,094,000 for the first half of 2011.
Diluted earnings per share were $0.94 for the first half of 2012, a 27.0% increase from diluted earnings per share of $0.74 for the first half of 2011.
“This was a good quarter for Badger Meter, in spite of a difficult comparison against last year’s record second quarter sales,” said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter.
Meeusen said the increase in second quarter sales was due primarily to Racine Federated, Inc., which was acquired on January 31, 2012, partially offset by lower sales of ORION® radio transmitters for natural gas meters as a result of the completion of a large contract in 2011. Excluding these factors, sales of the company’s utility, industrial and specialty products were comparable to the second quarter of last year.