Badger Meter Q3 Results Beat Expectations


Badger Meter (BMI) has reported better-than-expected results for the third quarter of 2021 on robust sales growth. The company engages in the provision of flow measurement, control products and communications solutions.

Badger Meter’s earnings of $0.54 per share came ahead of the Street’s expectations of $0.50. The figure also compares favorably with earnings of $0.51 per share reported in the year-ago quarter. Also, revenue in the third quarter climbed 13.3% year-over-year to $128.7 million. Also, it surpassed the analyst’s expectations of $127 million.

The company witnessed Utility water sales growth of 12.2% year-over-year on strong order activity. Meanwhile, sales of flow instrumentation products also grew 18.5%. (See Badger Meter stock charts on TipRanks)

The Chairman, President and CEO of Badger Meter, Kenneth C. Bockhorst, said, “The strong order progression across our portfolio of innovative water solutions provides us with a record backlog which bodes well for continued sales and earnings momentum as we enter the fourth quarter.”

“We remain focused on converting our record order backlog to net sales by working to mitigate the impact of various supply shortages and delays. We anticipate the component shortages and lengthened lead times will ease over time, but assume they will persist well into 2022,” Bockhorst added. (See Top Smart Score Stocks on TipRanks)

On October 11, Stifel Nicolaus analyst Nathan Jones maintained a Hold rating on Badger Meter with a price target of $95 (8.4% downside potential).

Consensus among analysts is a Hold based on 4 unanimous Holds. The average Badger Meter price target stands at $97.33, which implies downside potential of 6.1%.

TipRanks data shows that financial blogger opinions are 100% Bullish on BMI, compared to the sector average of 69%.

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