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Badger Meter, Inc. (NYSE: BMI) today reported results for the fourth quarter and year ended December 31, 2012.
Fourth Quarter 2012 Highlights
Net sales were a fourth quarter record $74,323,000, a 22.4% increase from sales of $60,710,000 for the fourth quarter of 2011.
Net earnings were $5,484,000 for the fourth quarter of 2012, a 362.0% increase from net earnings of $1,187,000 for the fourth quarter of 2011.
Diluted earnings per share were $0.39 for the fourth quarter of 2012, a 387.5% increase from diluted earnings per share of $0.08 for the fourth quarter of 2011.
Full Year 2012 Highlights
Net sales for 2012 were a record $319,660,000, a 21.6% increase from sales of $262,915,000 for 2011.
Net earnings were $28,032,000 for 2012, a 46.3% increase from net earnings of $19,161,000 for 2011.
Diluted earnings per share were a record $1.95 for 2012, a 53.5% increase from diluted earnings per share of $1.27 for 2011.
“We ended 2012 with a solid fourth quarter that helped us achieve record sales and higher earnings per share for the year. The increase in fourth quarter sales was due to the acquisition of Racine Federated, Inc. in January 2012, along with higher sales of products for the municipal water market, particularly residential water meters,” said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter. He noted that net earnings for the fourth quarter of 2012 included nearly $0.05 of expenses related to a non-cash pension charge.
“For the full year, sales of the core Badger Meter products, not including Racine Federated, were up 6%. The comparison was negatively impacted by unusually high sales to a natural gas customer in 2011 as part of a large contract, which we did not have in 2012. Excluding natural gas, sales of the core Badger Meter products were up 11% in 2012. Virtually all product lines contributed to the higher sales, as we benefited from increased housing starts, a slowly improving economy and growing demand for our new products,” said Meeusen. He added that the record diluted earnings per share reflected the repurchase of approximately 888,000 shares in the first half of 2012.