Badger Meter Q2 Earnings: Sales Down 7%, EPS $1.02 Misses Year-Ago, But Sequential Rebound and UDlive Acquisition Provide Offset
BMI sits 28% above its 52-week low of $112.09.
Summary
Badger Meter reported Q2 2026 sales of $222.3 million (down 7% YoY) and diluted EPS of $1.02 (down 13%), but sequential improvement and a reiterated second-half recovery outlook tempered the miss.
Key Events · Earnings and Guidance · BMI
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Q2 Revenue and Earnings Decline
Sales of $222.3 million fell 7% year-over-year, with diluted EPS of $1.02 down 13% from $1.17 a year ago. Operating margins contracted 110 basis points to 17.7%.
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Sequential Improvement and Project Ramp
Revenue rose 10% from Q1 2026, driven by improving order rates and initial deployments of awarded utility water projects. Management expects further ramp in the second half.
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UDlive Acquisition Closed
The acquisition of UDlive Limited was completed on May 1, 2026, contributing $2.0 million in sales and extending sewer line monitoring capabilities. Integration is progressing with strong initial commercial interest.
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Financial Flexibility Maintained
The company renewed its $150 million undrawn credit facility and repurchased $25.3 million of stock in the quarter. Cash and equivalents stood at $95.7 million at quarter-end.
Analysis · BMI · Industrial Applications And Services
Badger Meter's second-quarter results show a 7% year-over-year revenue decline to $222.3 million, with diluted EPS falling 13% to $1.02. While the top line missed the prior year's record quarter, sales improved 10% sequentially from Q1, and management pointed to an improving order book and the start of awarded project deployments. The UDlive acquisition, closed May 1, added $2 million in sales and contributed to a modest margin drag, but the company reiterated its full-year outlook for flattish organic revenue and a stronger second half. The renewed $150 million credit facility and ongoing share repurchases underscore financial flexibility, though the earnings miss and uneven project ramp keep the near-term picture mixed.
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At the time of this filing, BMI was trading at $143.02 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $112.09 to $247.29. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.