Badger Meter Beats Q4 Estimates, Posts Record Revenue

Edward Kim  |

Image source: Badger Meter Fourth Quarter / Full Year 2021 earnings presentation, Jan. 28, 2021

Badger Meter (BMI) reported record revenue on Friday for Q4 2021, with total sales of $135.7 million, up 21% over the prior year's quarter.

The Milwaukee-based provider of flow measurement, water quality and system control products reported diluted earnings per share of $0.59, up 31% over Q4 2020.

The street was looking for EPS of $0.44 on $127 million of revenue, according to Zacks consensus estimates.

For the full year 2021, the company posted record sales of $505.2 million, up 19% from the prior year. Full year EPS increased 23% to $2.08.

Strong performance in a challenging year

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Image source: BigCharts

Badger Meter shares traded well on Friday on the back of the strong earnings announcement, but the stock is still 16% below its December 2021 high. 

Even after today's rally, at a current market cap of under $2.8 billion, the company may not be getting enough credit for how well it performed in the teeth of the COVID-19 pandemic, supply chain disruptions and inflationary pressures.

We see multiple drivers for Badger Meter stock in the year ahead.

  • Demonstrably strong financial controls that drove a 30 basis-point increase in full year operating profit margins despite challenging supply chain dynamics.
  • The core utility water business grew 23.4% in Q4 year-over-year and now stands at 13% above 2019 pre-pandemic levels.
  • The company finished 2021 with a record backlog of orders.
  • The company is very well positioned to benefit from continued sustainability initiatives across its customer base.

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Source: Equities News

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