Today, Badger Meter has released its 10-K report. Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions globally. It offers mechanical or static water meters, related radio and software technologies, and services to municipal water utilities, as well as flow instrumentation products to measure and control fluids. The company's shares have moved 1.2% on the market, and are now trading at a price of $158.04.
In its annual report, Badger Meter reported a 24.4% increase in net sales in 2023, reaching $703.6 million, compared to $565.6 million in 2022. Operating earnings were $118.0 million in 2023, representing 16.8% of sales, compared to $87.3 million in 2022. Net earnings for 2023 were $92.6 million, resulting in diluted earnings per share of $3.14, compared to $66.5 million and $2.26 in 2022, respectively.
The company's primary working capital increased to $155.4 million in 2023 from $125.1 million in 2022. Cash provided by operations was $110.1 million in 2023, compared to $82.5 million in 2022. The company had no short-term borrowings as of the end of 2023 and was in a net cash position of $191.8 million. Badger Meter believes its financial condition remains strong and that its operating cash flows and available borrowing capacity provide adequate resources for its ongoing operating requirements.
Badger Meter also acquired Syrinix Ltd. in 2023 for a total purchase consideration of $17.1 million. The company's revenue from Software as a Service (SaaS) has increased significantly, and it has made inroads into select regional markets outside the US with its smart water solutions portfolio.
For more information, read the company's full 10-K submission here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $433,732 | $424,625 | $425,544 | $505,198 | $565,568 | $668,476 |
| Gross Margins | 37% | 39% | 40% | 41% | 39% | 39% |
| Net Margins | 6% | 11% | 12% | 12% | 12% | 13% |
| Net Income (k) | $27,790 | $47,177 | $49,343 | $60,884 | $66,496 | $85,416 |
| Net Interest Expense (k) | -$1,157 | -$253 | -$30 | $20 | $552 | $3,115 |
| Depreciation & Amort. (k) | $11,354 | $11,569 | $12,253 | $11,291 | $11,090 | $10,777 |
| Diluted Shares (k) | 29,189 | 29,220 | 29,230 | 29,338 | 29,376 | 29,473 |
| Earnings Per Share | $0.95 | $1.61 | $1.69 | $2.08 | $2.26 | $2.9 |
| EPS Growth | n/a | 69.47% | 4.97% | 23.08% | 8.65% | 28.32% |
| Avg. Price | $46.69 | $54.08 | $64.45 | $99.09 | $89.02 | $158.365 |
| P/E Ratio | 49.15 | 33.38 | 38.14 | 47.41 | 39.22 | 54.23 |
| Free Cash Flow (k) | $51,707 | $73,218 | $80,519 | $80,764 | $76,560 | $90,730 |
| CAPEX (k) | $8,643 | $7,496 | $9,059 | $6,746 | $5,891 | $11,150 |
| Current Ratio | 2.74 | 3.5 | 3.29 | 3.18 | 3.15 | 3.28 |
