Stock Monitor: Schmitt Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 24, 2018 / If you want access to our free earnings report on Badger Meter, Inc. (NYSE: BMI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BMI. Badger Meter reported its second quarter fiscal 2018 operating and financial results on July 18, 2018. The manufacturer of products that measure gas and water flow outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the quarter ended June 30, 2018, Badger Meter's net sales were a record $113.65 million, reflecting a 9.1% increase from sales of $104.18 million for Q2 2017. This overall increase was due to higher sales in both municipal water and flow instrumentation markets. The Company's reported numbers beat analysts' estimates of $111.4 million.
During Q2 2018, Badger Meter's gross profit margin was 36.5% compared to 39.4% in Q2 2017 as higher healthcare expenses and brass costs continued to provide some headwinds. Additionally, the reported quarter results included a greater mix of lower margin international water meter sales.
For Q2 2018, Badger Meter's selling, engineering, and administration expenses were higher on a y-o-y basis, primarily due to higher healthcare expenses, higher selling costs, and continued investments in research and development (R&D).
Badger Meter reported net earnings of $6.15 million, or $0.21 per diluted share, compared to earnings of $10.61 million, or $0.36 per diluted share, in Q2 2017. The Company's results for the reported quarter included the impact of a non-cash pension settlement charge of $8.20 million, or $0.21 per share, after-tax as the Company continued to terminate its pension plan.
Excluding the non-cash pension settlement charge, Badger Meter's adjusted net earnings were a record $12.29 million, or $0.42 per diluted share, compared to net earnings of $10.61 million, or $0.42 per diluted share, in Q2 2017. The Company's earnings surpassed Wall Street's estimates of $0.40 per share.
Badger Meter's Segment Results
During Q2 2018, the Municipal water sales represented 77.5% of sales compared to 76.8% in Q2 2017 and increased 9.9% to $88 million on a y-o-y basis from $80.1 million in the year earlier same quarter. The increase was due to higher domestic volumes of newer technology meters and related radios as well as increased service revenue.
For Q2 2018, the Flow instrumentation products represented 22.5% of sales compared to 23.2% in Q2 2017. The segment's sales rose 6.2% to $25.6 million from $24 million in the year earlier same quarter. The increase was due to the continued rebound in the oil and gas market and other target markets that we serve.
Stock Performance Snapshot
July 23, 2018 - At Monday's closing bell, Badger Meter's stock ended the trading session flat at $52.55.
Volume traded for the day: 170.31 thousand shares, which was above the 3-month average volume of 129.04 thousand shares.
Stock performance in the last month - up 14.74%; previous three-month period - up 21.50%; past twelve-month period - up 17.56%; and year-to-date - up 9.94%
After yesterday's close, Badger Meter's market cap was at $1.52 billion.
Price to Earnings (P/E) ratio was at 51.52.
The stock has a dividend yield of 0.99%.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry. This sector was up 0.4% at the end of the session.
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