Badger Meter, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with net sales rising to $826.6 million, a 17.5% increase from $703.6 million in 2023. The utility water market was a major contributor, generating $725.5 million in sales, up 20.3% from the previous year. Operating earnings also improved, reaching $157.9 million, or 19.1% of sales, compared to $118.0 million, or 16.8% of sales, in 2023. Net earnings for the year were $124.9 million, translating to diluted earnings per share of $4.23, up from $3.14 in 2023.
The company experienced notable growth in its utility water segment, driven by the adoption of advanced metering infrastructure (AMI) and software solutions. The increase in sales was attributed to strong demand for smart water solutions, including ORION Cellular endpoints and BEACON Software as a Service (SaaS) offerings. In contrast, sales in the flow instrumentation market saw modest growth, with revenues reaching $101.1 million, a slight increase from $100.5 million in 2023.
Strategically, Badger Meter made several acquisitions to enhance its product offerings and market reach. In January 2025, the company acquired Hadronex, Inc., known for its sewer line and lift station monitoring solutions, for approximately $185 million. Additionally, in January 2024, it acquired the Telog product line and Unity Remote Monitoring software for $3 million, and in January 2023, it purchased Syrinix Ltd. for $17.1 million, expanding its capabilities in pressure monitoring and leak detection.
Operationally, Badger Meter reported a workforce of 2,210 employees as of December 31, 2024, with a focus on enhancing employee engagement and retention. The company also emphasized its commitment to diversity, with 40% of its global workforce being female and 32% representing minorities in the U.S. The company’s primary working capital as a percentage of sales improved to 20.8% in 2024, reflecting effective inventory management and sales growth. Looking ahead, Badger Meter anticipates continued growth driven by infrastructure investments and the increasing demand for water management solutions, positioning itself favorably in the evolving market landscape.
About BADGER METER INC
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