Badger Meter Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved net sales of $208.4 million for the third quarter, marking an 11.9% increase from $186.2 million in the same period of 2023. For the nine months ended September 30, 2024, net sales reached $621.4 million, a 19.2% rise from $521.2 million in the prior year.
The utility water product line, which constitutes approximately 85% of net sales, saw a notable increase, with sales rising to $183.0 million in Q3 2024, up 13.8% from $160.8 million in Q3 2023. Flow instrumentation sales remained stable at $25.4 million for Q3 2024, unchanged from the previous year. The gross margin for the third quarter improved to $83.8 million (40.2% of sales) from $72.6 million (39.1% of sales) in Q3 2023.
Operating earnings for the third quarter were reported at $40.6 million, representing 19.5% of sales, compared to $31.4 million (16.9% of sales) in the same quarter of 2023. Net earnings for Q3 2024 were $32.0 million, or $1.08 per diluted share, up from $26.0 million, or $0.88 per diluted share, in Q3 2023. For the nine-month period, net earnings totaled $94.2 million, or $3.19 per diluted share, compared to $67.9 million, or $2.30 per diluted share, in the same period of 2023.
The company’s cash and cash equivalents increased significantly to $259.0 million as of September 30, 2024, up from $191.8 million at the end of 2023. This increase was attributed to improved cash flow from operations, which provided $103.0 million in the first nine months of 2024, compared to $72.2 million in the same period of 2023.
Strategically, Badger Meter has been active in expanding its product offerings through acquisitions. The company acquired the Telog/Unity assets for $3.0 million in cash on January 1, 2024, enhancing its remote water monitoring capabilities. Additionally, the acquisition of Syrinix Ltd. in January 2023 for $17.1 million has strengthened its position in pressure monitoring and leak detection solutions.
Overall, Badger Meter's financial performance reflects robust growth driven by its core utility water and flow instrumentation product lines, alongside strategic acquisitions aimed at enhancing its technological capabilities and market reach.
About BADGER METER INC
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