Investor Presentaiton
JJJ
Third Quarter Financial Snapshot Highlights Strong Operating
Performance
(US$ in millions, except per share data)
Q3 2023 Q3 2022 Change
Sales
$186.2
$148.0
25.8%
Gross Margin
72.7
57.5
26.4%
·
39.1%
38.9%
20 bps
SEA
41.3
33.7
22.7%
22.2%
22.7%
(50) bps
Op Income
31.4
23.9
31.4%
16.9%
16.1%
80 bps
Income Tax Rate
20.3%
25.1%
EBITDA
38.5
30.5
26.2%
.
20.7%
20.6%
10 bps
EPS
0.88
0.61
44.3%
Free Cash Flow
$28.4
$21.9
See appendix for reconciliation of GAAP to Non-GAAP measures
© 2023 Badger Meter, Inc.
Utility water sales increased robust 31% with strong AMI
demand inclusive of cellular endpoints, BEACON SaaS
and ultrasonic meters; water quality, pressure and
supply chain improvement also contributed
Flow instrumentation sales up 2% on water-related
application demand
• Gross margin at upper half of normalized range with
strong volumes and favorable mix
• Continued favorable SEA spend leverage despite higher
personnel-related costs
Exceptional 44% year-over-year increase in EPS
• Cash flow improved on higher earnings
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