Badger Meter shares fell more than 14% to about $125.22 on Wednesday after the company reported mixed second-quarter results. The company posted GAAP earnings per share of $1.02, beating estimates by $0.01, and revenue of $222.3 million, which exceeded consensus by $1.24 million, but revenue declined 6.6% year-over-year from $238.1 million and diluted EPS dropped from $1.17 a year earlier. Operating earnings fell 12% to $39.4 million, with the operating margin narrowing to 17.7% from 18.8%, while utility water sales declined 8% year-over-year, reflecting an uneven rollout of AMI projects. CEO Kenneth C. Bockhorst noted that second-quarter results reflected improving order rates from the first quarter as certain awarded utility water projects began initial deployment, and the company expects revenue to improve further in the second half of 2026, with full-year revenue excluding acquisitions roughly flat compared with 2025.
Badger Meter IncMixed Q2 results with declining revenue, EPS, and operating margin, plus guidance for roughly flat full-year revenue.