WASHINGTON (dpa-AFX) - Badger Meter Inc. (BMI), a provider of flow measurement, control, and communication solutions, on Wednesday reported a surge in profit for the first quarter from last year as a decline in sales was more than offset by lower costs and expenses. However, both revenue and earnings per share for the quarter missed analysts' expectations.
The company's net earnings for the first quarter rose to $10.82 million or $0.37 per share from $7.55 million or $0.26 per share in the comparable prior-year period.
However, net sales for the quarter were $104.88 million, down slightly from $105.04 million in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter on revenues of $111.46 million. Analysts' estimates typically exclude special items.
Badger Meter noted that while it experienced outstanding improvement in profitability year-over-year, its first-quarter sales were modestly impacted by inclement weather and deferred orders by customers awaiting its next generation large static meters and LTE-M radio products.
'This typical uneven demand pattern does not deter our view on the overall market environment which remains solid, as evidenced by the two sizable smart water contract awards we recently announced with Columbia, SC and Aurora, CO,' said Kenneth Bockhorst, President and Chief Executive Officer of Badger Meter.
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