- Badger Meter Inc BMI reported first-quarter FY22 sales growth of 12% year-on-year to $132.4 million, missing the consensus of $132.5 million.
- Sales growth was most notable in ultrasonic meters, ORION Cellular endpoints, and BEACON SaaS revenue.
- Utility water sales increased 15% Y/Y. Sales of flow instrumentation products were flat Y/Y.
- Gross margin contracted 360 basis points to 38.3% due to inflationary pressures and production volatility caused by intermittent component delays.
- Operating margin contracted 90 basis points to 14.2%.
- EPS of $0.49 missed the consensus of $0.51.
- It held $89.2 million in cash and equivalents and generated $9.3 million in operating cash flow.
- "The first quarter was a solid start to the year, with continued strong sales growth and record order rates reflective of resilient customer interest in our differentiated smart water solutions," Chair and CEO Kenneth C. Bockhorst said.
- Price Action: BMI shares closed higher by 0.41% at $94.19 on Monday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.