Badger Meter Inc (NYSE:BMI) on Friday reported weaker first-quarter results.
Sales dropped 9% to $202.3 million, missing estimates, while diluted EPS fell to 93 cents from $1.30, also below expectations.
“Our first quarter results were consistent with that expectation,” said CEO Kenneth C. Bockhorst. “In our view, the year-over-year decline in revenue and associated operating leverage are related to variability in project timing and short-cycle customer order patterns and do not reflect a change in underlying demand, our competitive position, or the long-term market drivers for our business.”
Seperately, Badger Meter also announced an agreement to acquire UK-based UDlive for $100 million plus contingent consideration, with closing expected by the end …