Badger Meter raises quarterly dividend to 18c from 17c per share » 09:3108/0708/07/20
The increased dividend is…
The increased dividend is payable September 11 to shareholders of record on August 28.
|Over a week ago|
Badger Meter says backlog, bid funnel 'remain healthy' » 08:3907/1607/16/20
Kenneth Bockhorst, Chairman, President and CEO of Badger Meter said, "As we finish the second quarter and look to the back half of the year and beyond, we remain optimistic about our long term opportunities for growth. Our backlog and bid funnel remain healthy, and interest in our solutions is strong. However, we remain cognizant of the fact that while economic activity is improving, data and market sentiment suggest the potential for a protracted recovery as coronavirus-related disruption and uncertainty may weigh on demand, supply chain and manufacturing output, as well as municipal budgets moving forward. Given this uncertainty, we will remain nimble and focused on what we can control, keeping the health and safety of our employees, customers and other constituencies at the heart of every decision we make. We are committed to driving innovation forward, even in these challenging times, with the launch of new product offerings, including our recently released E-Series Ultrasonic Plus with integrated valve, which allows water utilities to remotely restrict water flow. Our operations teams are adapting manufacturing processes to increase output while optimizing safety. We are managing cash flow and working capital, with $85.2 million of cash on the balance sheet as of June 30, 2020 and $125 million in revolving credit available to fund capital allocation priorities. Finally, our M&A posture remains measured and we will continue pursuing strategic, tuck-in acquisitions at reasonable valuations." Bockhorst concluded, "I am continually impressed by how our sales, service and office staff around the globe embraced new ways of working to increase productivity while reducing expenses, and how our operations and supply chain teams were able to respond despite the broad-based economic disruption caused by the virus. This reinforces the resilience of our business model, our offerings and our culture as we protect the world's most precious resource."
Badger Meter reports Q2 EPS 33c, consensus 34c » 08:3607/1607/16/20
Reports Q2 revenue…
Reports Q2 revenue $91.1M, consensus $98.65M. "I am proud of the response of our employees globally to the unprecedented and far-reaching impact of COVID-19, both to them personally and to our company. While April was certainly a challenging month, with 95% of the US on some type of stay-at-home order, we saw improving levels of municipal water demand off of that bottom in the ensuing months, while flow instrumentation demand has remained sluggish. The cost actions we took in the quarter allowed us to preserve profitability and cash flow despite the rapid demand disruption. Our primary focus continues to be on serving customers while protecting the health, safety and well-being of our employees and all our constituencies," said Kenneth Bockhorst, Chairman, President and CEO of Badger Meter.
|Over a month ago|
Badger Meter initiated with a Buy at Argus » 07:2006/3006/30/20
Argus analyst John Eade…
Argus analyst John Eade initiated coverage of Badger Meter with a Buy rating and $71 price target. The company is well-managed and offers a long record of market outperformance and dividend growth, the analyst tells investors in a research note. Badger Meter's end-market demand is slowing due to the coronavirus pandemic, but its revenue and earnings growth should rebound in 2021, Eade states, noting that the company is well positioned for the future given its niche focus and capital structure.
Badger Meter initiated with a Buy at Argus » 07:0706/3006/30/20
Argus analyst John Eade…
Argus analyst John Eade initiated coverage of Badger Meter with a Buy rating and $71 price target.
|Over a quarter ago|
Badger Meter implements hiring freeze, reduced work hours due to COVID-19 impact » 08:4604/1604/16/20
The extent of the impact…
The extent of the impact of COVID-19 on the global economy and the company's financial results is uncertain and continues to rapidly evolve. Like many other industries, overall activity in the end markets served is beginning to slow, with customers now starting to signal potential project delays, deferral of orders and channel inventory de-stocking. In addition, modest supply disruption, cargo capacity constraints and related shortages of components may impact operations over the next several months. As a result, the company implemented temporary cost containment actions, including reductions in discretionary spending, a hiring freeze, reduced work hour furloughs and executive salary reductions. CEO Kenneth Bockhorst said, "We remain committed to effectively managing working capital and cash costs in order to preserve liquidity. We have approximately $70 million in cash on the balance sheet, and $125 million of revolving credit availability that we believe provides us sufficient capacity to fund foreseeable needs, including the quarterly dividend. A crisis such as this truly reinforces the criticality of the water industry. Despite the current situation, we remain focused on innovation and continue on track to launch new products in 2020. As we actively manage the short term, we are also contemplating the potential longer-term implications of this crisis on our business with two particular trends emerging. First, the benefit of automated meter reading adoption, whether AMR or AMI, to remotely assess meter functionality, early leak detection and usage reads. Second, remote actuation of flow restriction technology, to either limit, or in the case of this pandemic, immediately return to service full water availability to end consumers. We expect both of these trends to provide long-term opportunities for Badger Meter." Bockhorst concluded, "While we cannot currently forecast the length or severity of the varied economic repercussions of the pandemic, we expect that based on the necessity of our solutions, our sound balance sheet and committed workforce that we can nimbly navigate the challenges ahead and continue to protect the world's most precious resource."
Badger Meter reports Q1 EPS 41c, consensus 36c » 08:4304/1604/16/20
Reports Q1 revenue…
Reports Q1 revenue $108.5M, consensus $106.67M. "In this unprecedented time, our focus is on the health, safety and well-being of our employees, customers, suppliers and communities," said Kenneth C. Bockhorst, Chairman, President and CEO of Badger Meter. "Around the world, Badger Meter is following all government requirements as they are issued and at this point, our facilities are operational and continuing to serve customers. We have implemented certain contingency planning steps to reduce expenses, manage our operating efficiency and closely monitor working capital. Badger Meter is in a strong financial position, and we are well positioned to navigate the uncertainty of the current environment."
NV5 Global, ABM Industries, Badger Meter cut to Hold at Maxim » 09:0404/0804/08/20
ABM, BMI, NVEE, BWXT, TTEK
Maxim analyst Tate…
Maxim analyst Tate Sullivan downgraded NV5 Global (NVEE), ABM Industries (ABM), and Badger Meter (BMI) to Hold from Buy as part of a broader research note on Industrial Equipment & Services names. The analyst cites reduced revenue from customers outside of the US federal government agencies impacting these firms given their exposure to projects that can be cancelled or delayed. Sullivan adds that he is keeping his Buy rating on BWX Technologies (BWXT) and Tetra Tech (TTEK) due to his outlook for more sustainable revenue coming to these firms from federal sources.
Badger Meter downgraded to Hold from Buy at Maxim » 07:5704/0804/08/20
Maxim analyst Tate…
Maxim analyst Tate Sullivan downgraded Badger Meter to Hold from Buy.
Gabelli to hold a symposium » 08:0602/2702/27/20
AME, BMI, CR, FLC, FLS, GDI, GGG, GRC, IEX, ITT, LAND, MWA, NPO, RXN, TKR, WTS, XYL
30th Annual Pump, Valve…
30th Annual Pump, Valve & Water Systems Symposium will be held in New York on February 27.