0001157523-22-000869.txt : 20220720 0001157523-22-000869.hdr.sgml : 20220720 20220720083531 ACCESSION NUMBER: 0001157523-22-000869 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220720 DATE AS OF CHANGE: 20220720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BADGER METER INC CENTRAL INDEX KEY: 0000009092 STANDARD INDUSTRIAL CLASSIFICATION: TOTALIZING FLUID METERS & COUNTING DEVICES [3824] IRS NUMBER: 390143280 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06706 FILM NUMBER: 221092917 BUSINESS ADDRESS: STREET 1: 4545 WEST BROWN DEER ROAD CITY: MILWAUKEE STATE: WI ZIP: 53223 BUSINESS PHONE: 4143715702 MAIL ADDRESS: STREET 1: 4545 W BROWN DEER RD CITY: MILWAUKEE STATE: WI ZIP: 53223 FORMER COMPANY: FORMER CONFORMED NAME: BADGER METER MANUFACTURING CO DATE OF NAME CHANGE: 19710729 8-K 1 a52785782.htm BADGER METER, INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
_______________________
 
FORM 8-K
 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
_______________________


 
Date of Report
 
 
 
(Date of earliest event reported)
July 20, 2022
 
 
 
 
 
 
BADGER METER INC
(Exact name of registrant as specified in its charter)
 
Wisconsin 
 
001-06706
 
39-0143280 
(State or other
jurisdiction of
incorporation)
 
(Commission File
Number)
 
(IRS Employer
Identification No.)
 
4545 W. Brown Deer Rd., Milwaukee, Wisconsin 53223
(Address of principal executive offices, including zip code)
 
(414) 355-0400
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
_______________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
   Name of each exchange on which registered
Common Stock
   BMI
   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02            Results of Operations and Financial Condition .

On July 20, 2022, Badger Meter, Inc. (the “Company”) issued a press release announcing its quarterly financial results for the second quarter ended June 30, 2022.
 
A copy of the press release issued by the Company announcing the foregoing is furnished herewith as Exhibit 99.1.
 
Item 9.01            Financial Statements and Exhibits .
 
(a)       Not applicable.
 
(b)       Not applicable.
 
(c)        Not applicable.

(d)        Exhibits . The exhibit furnished herewith is as listed in the accompanying Exhibit Index.
 


EXHIBIT INDEX
 
Exhibit No.
 
Description
 



 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BADGER METER, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
Date: July 20, 2022
By:
/s/ Robert A. Wrocklage
 
 
 
Robert A. Wrocklage
 
 
 
Senior Vice President – Chief Financial Officer
 

EX-99.1 2 a52785782ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Badger Meter Reports Second Quarter 2022 Results

MILWAUKEE--(BUSINESS WIRE)--July 20, 2022--Badger Meter, Inc. (NYSE: BMI) today reported results for the second quarter ended June 30, 2022.

Second Quarter 2022 Highlights

  • Total sales of $137.8 million increased 12% over the prior year’s $122.9 million. Excluding the unfavorable impact of the stronger US dollar, sales increased nearly 14%
  • Diluted earnings per share (EPS) increased 19% to $0.57 compared to $0.48 in the comparable prior year period
  • Operating profit margins expanded 80 basis points year-over-year
  • Robust demand environment continued with strong order pace and record backlog
  • Strong cash flow with $19.7 million in net cash provided by operations

“Record sales for the second quarter were the result of continued strong customer demand, effective supply chain management and continued price realization. Operating margins improved year-over-year despite persistent cost inflation, and we continued to experience robust orders and correspondingly, a further expansion of our already record-high backlog,” said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. “I want to thank the global Badger Meter team for their tireless commitment to serving our customers.”

Second Quarter Operating Results

Utility water sales increased 14% year-over-year, representing the third consecutive quarter of mid-teens sales growth. The sales increase in the quarter was most notable in E-Series® Ultrasonic meters, ORION® Cellular endpoints and BEACON® SaaS revenue. Backlog grew as continued strong order momentum more than offset the recovering production output, as sporadic supply chain constraints limited the conversion of utility water orders to net sales.

Sales of flow instrumentation products increased 4% year-over-year, the result of strong order demand across most end market applications partially offset by supply chain constraints that impacted manufacturing output.

Operating margin was 16.0% in the second quarter of 2022, an 80 basis point improvement from the prior year’s 15.2%. Gross margin as a percent of sales was 39.7%, an increase of 140 basis points sequentially, as the pacing of price realization and manufacturing output improved. Gross margin as a percent of sales declined from the prior year’s 40.8%, as expected, as elevated material, logistics and other costs were partially offset by higher sales volumes and pricing gains.

Selling, engineering and administration (“SEA”) expenses in the second quarter of 2022 were $32.7 million, or 23.7% as a percent of sales, compared to $31.4 million, and 25.6% in the comparable prior year quarter. The $1.3 million spending increase was due to higher personnel and travel expenses, while the year-over-year improvement in SEA expense leverage is the result of effective spending controls and higher sales.

The tax rate for the second quarter of 2022 was 24.4%, modestly lower than the prior year’s 25.0%. As a result of the above, EPS increased 19% year-over-year, to $0.57 compared to $0.48 in the comparable prior year period.

Outlook

Bockhorst added, “We continue to experience strong demand for our digital water solutions coupled with modestly improving supply chain conditions. Our supply chain execution, along with pricing actions aligned with the value we deliver, are working to mitigate the inflation pressures of the past year. Our demonstrated capability to navigate external challenges and capitalize on the robust demand environment differentiates Badger Meter.

The positive industry fundamentals driving demand, including customer requirements to enhance operational efficiency, security and sustainability, are resilient. Badger Meter solutions harness the power of our smart devices, advanced ORION cellular communication technology and BEACON software for the remote monitoring and management of water networks to address these customer challenges.

We continue to advance our ESG-related priorities and have highlighted our progress in the recently published 2020-2021 Sustainability Report. We are proud to have recently been recognized as a Manufacturing Industry Top Workplaces Award recipient, which is especially meaningful given the employee survey feedback that garnered the award.

Bockhorst concluded, “While we are mindful of the uncertain macroeconomic conditions, our durable business model, increasing digital solutions mix, proven execution and our strong balance sheet position us well to deliver sustainable sales growth and shareholder value while furthering our vision to preserve and protect the world’s most precious resource.”

Conference Call and Webcast Information

Badger Meter management will hold a conference call to discuss the Company’s second quarter 2022 results today, Wednesday July 20, 2022 at 10:00 AM Central/11:00 AM Eastern time. The webcast and related presentation can be accessed via the Investor section of our website. Participants can also register to take part in the call using this online registration link: https://ige.netroadshow.com/registration/q4inc/11203/badger-meter-inc-second-quarter-2022-earnings/. The webcast will be archived on the Company’s website until its next earnings release.

Safe Harbor Statement

Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (the “Company”) or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. Potential factors that could affect such forward-looking statements include the possible ongoing negative impacts of COVID-19 on the global economy, the Company’s operations and those of our customers and suppliers. In addition, the Company’s results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

About Badger Meter

With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water solutions encompassing flow measurement, quality and other system parameters. These offerings provide our customers with the data and analytics essential to optimize their operations and contribute to the sustainable use and protection of the world’s most precious resource. For more information, visit www.badgermeter.com.

BADGER METER, INC.








 
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and earnings per share data)








 


Three Months Ended June 30,

 

Six Months Ended June 30,



2022

 

2021

 

2022

 

2021



(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)








 
Net sales

$

137,833


$

122,869


$

270,235


$

240,711









 
Cost of sales

 

83,073


 

72,767


 

164,752


 

141,247









 
Gross margin

 

54,760


 

50,102


 

105,483


 

99,464









 
Selling, engineering and administration

 

32,672


 

31,427


 

64,533


 

63,042









 
Operating earnings

 

22,088


 

18,675


 

40,950


 

36,422









 
Interest expense, net

 

9


 

7


 

22


 

14

Other pension and postretirement costs

 

33


 

29


 

65


 

60









 
Earnings before income taxes

 

22,046


 

18,639


 

40,863


 

36,348









 
Provision for income taxes

 

5,382


 

4,667


 

9,839


 

8,595









 
Net earnings

$

16,664


$

13,972


$

31,024


$

27,753









 
Earnings per share:















 
Basic

$

0.57


$

0.48


$

1.06


$

0.95









 
Diluted

$

0.57


$

0.48


$

1.06


$

0.95









 
Shares used in computation of earnings per share:















 
Basic

 

29,210,444


 

29,114,346


 

29,204,535


 

29,105,429









 
Diluted

 

29,344,351


 

29,312,174


 

29,353,708


 

29,313,392

BADGER METER, INC.




 
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)




 

Assets


June 30,

 

December 31,



2022

 

2021



(Unaudited)





 
Cash and cash equivalents

$

100,210


$

87,174

Receivables

 

77,247


 

65,866

Inventories

 

111,437


 

99,611

Other current assets

 

15,027


 

8,709

Total current assets

 

303,921


 

261,360





 
Net property, plant and equipment

 

74,040


 

78,050

Intangible assets, at cost less accumulated amortization

 

57,772


 

64,176

Other long-term assets

 

23,092


 

22,919

Goodwill

 

101,206


 

104,313

Total assets

$

560,031


$

530,818





 




 

Liabilities and Shareholders' Equity

 






 
Payables

$

61,597


$

41,859

Accrued compensation and employee benefits

 

14,941


 

20,644

Other current liabilities

 

20,797


 

19,643

Total current liabilities

 

97,335


 

82,146





 
Deferred income taxes

 

4,937


 

5,385

Long-term employee benefits and other

 

41,576


 

40,217

Shareholders' equity

 

416,183


 

403,070

Total liabilities and shareholders' equity

$

560,031


$

530,818

BADGER METER, INC.









CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)











Three Months Ended June 30,

 

Six Months Ended June 30,



2022

 

2021

 

2022

 

2021



(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Operating activities:







Net earnings

$

16,664

 


$

13,972

 


$

31,024

 


$

27,753

 










Adjustments to reconcile net earnings to net cash provided by operations:  






Depreciation

 

2,862

 


 

2,990

 


 

5,622

 


 

5,863

 

Amortization

 

3,817

 


 

4,022

 


 

7,833

 


 

8,088

 

Deferred income taxes

 

50

 


 

7

 


 

16

 


 

45

 

Noncurrent employee benefits

 

48

 


 

79

 


 

(64

)


 

160

 

Stock-based compensation expense  

 

851

 


 

573

 


 

1,466

 


 

947

 

Changes in:







Receivables

 

481

 


 

(2,242

)


 

(12,028

)


 

1,622

 

Inventories

 

(9,260

)


 

(6,096

)


 

(13,024

)


 

(4,812

)

Payables

 

9,379

 


 

1,075

 


 

20,128

 


 

5,366

 

Prepaid expenses and other current assets  

 

(5,249

)


 

(831

)


 

(8,153

)


 

(1,259

)

Other current liabilities

 

59

 


 

964

 


 

(3,908

)


 

1,296

 

Total adjustments

 

3,038

 


 

541

 


 

(2,112

)


 

17,316

 

Net cash provided by operations

 

19,702

 


 

14,513

 


 

28,912

 


 

45,069

 










Investing activities:







Property, plant and equipment expenditures  

 

(1,631

)


 

(2,619

)


 

(2,773

)


 

(4,378

)

Acquisitions, net of cash acquired  

 

-

 


 

55

 


 

-

 


 

(44,506

)

Net cash used for investing activities  

 

(1,631

)


 

(2,564

)


 

(2,773

)


 

(48,884

)










Financing activities:







Dividends paid

 

(5,843

)


 

(5,240

)


 

(11,712

)


 

(10,479

)

Proceeds from exercise of stock options  

 

-

 


 

-

 


 

-

 


 

352

 

Repurchase of treasury stock

 

(427

)


 

(460

)


 

(427

)


 

(460

)

Issuance of treasury stock

 

-

 


 

30

 


 

-

 


 

72

 

Net cash used for financing activities  

 

(6,270

)


 

(5,670

)


 

(12,139

)


 

(10,515

)

Effect of foreign exchange rates on cash  

 

(810

)


 

(322

)


 

(964

)


 

(584

)










Increase (decrease) in cash and cash equivalents  

 

10,991

 


 

5,957

 


 

13,036

 


 

(14,914

)

Cash and cash equivalents - beginning of period  

 

89,219

 


 

51,402

 


 

87,174

 


 

72,273

 










Cash and cash equivalents - end of period  

$

100,210

 


$

57,359

 


$

100,210

 


$

57,359

 

 

Contacts

Karen Bauer
(414) 371-7276
kbauer@badgermeter.com

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Entity Registrant Name BADGER METER INC
Entity Incorporation, State or Country Code WI
Entity File Number 001-06706
Entity Tax Identification Number 39-0143280
Entity Address, Address Line One 4545 W. Brown Deer Rd.
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53223
City Area Code 414
Local Phone Number 355-0400
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