WASHINGTON (dpa-AFX) - Badger Meter Inc. (BMI) Wednesday reported a sharp increase in profit for the first quarter as revenues rose 32 percent. Both earnings and revenues came above analysts' estimates.
The Milwaukee, Wisconsin-based company reported a first-quarter net profit of $6.25 million or $0.42 per share, compared to $3.26 million or $0.22 per share last year. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 32.9 percent to $76.23 million from $57.36 million in the prior-year quarter. Five analysts had a consensus revenue estimate of $69.16 million for the quarter.
In the quarter, the company completed the acquisition of Racine Federated, Inc., which contributed $7.4 million to total sales.
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