Badger Meter, Inc. (NYSE: BMI) today reported results for the second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
- Net sales were a record $88,341,000 for the second quarter of 2013, a 7.8% increase from sales of $81,974,000 for the second quarter of 2012.
- Net earnings were $6,281,000 for the second quarter of 2013, a 15.6% decrease from net earnings of $7,442,000 for the second quarter of 2012.
- Diluted earnings per share were $0.44 for the second quarter of 2013, a 15.4% decrease from diluted earnings per share of $0.52 for the second quarter of 2012.
First Half 2013 Highlights
- Net sales were $160,149,000 for the first half of 2013, a 1.2% increase from sales of $158,207,000 for the first half of 2012.
- Net earnings were $9,188,000 for the first half of 2013, a 32.9% decrease from net earnings of $13,691,000 for the first half of 2012.
- Diluted earnings per share were $0.64 for the first half of 2013, a 31.9% decrease from diluted earnings per share of $0.94 for the first half of 2012.
Operations Review“The record sales in the second quarter reflected higher volumes in both our municipal water and industrial product lines. However, this increase did not translate into higher margins due to product mix,” said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter. The gross profit margin was 33.8% for the second quarter of 2013, compared to 36.8% for the same period in the prior year. In addition to the lower margin, Meeusen said several other factors contributed to the decrease in net earnings for the quarter. These include a $750,000 non-cash pension charge and a $350,000 legal settlement charge related to a product the company no longer sells. Together, these charges totaled approximately $0.05 per diluted share. He noted that the tax rate for the second quarter of 2013 was 36.1%, compared to 33.1% for the same period last year. The second quarter 2012 tax rate benefited from a favorable audit of prior returns, which had a positive impact of $0.03 per diluted share.
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