Badger Meter, Inc. (BMI) reported net earnings for the first quarter of $4.2 million or $0.29 per share, compared to $4.6 million or $0.32 per share for the year-ago quarter.
Net sales for the first quarter grew 0.2% to $83.64 million from $83.50 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.42 per share on revenue of $88.23 million for the first quarter.
"Our first quarter results were impacted by a combination of factors, including severe winter weather in the Northeast and Midwest, the weaker Euro and the downturn in the oil & gas market, offset somewhat by a positive contribution from National Meter and Automation, which we acquired in October 2014," said Richard Meeusen, chairman, president and chief executive officer of Badger Meter.
"While we are disappointed with the slower first quarter, the second quarter has started strong. Our latest product innovations are being well received by customers and we remain optimistic about the full year," Meeusen added.
For comments and feedback contact: editorial@rttnews.com
Business News