Brown Deer-based
Badger Meter reported net sales of $703.6 million in 2023, a 24% increase from the prior year and a revenue record for the maker of water meters.
The company’s net earnings increased from $66.5 million to $92.6 million.
The company has seen its yearly sales grow from around $330 million a decade ago and around $430 million five years ago.
“Our strategic actions, including continued investments in hardware and software innovation, incremental manufacturing capacity and tuck-in acquisitions have enabled us to further capitalize on the robust demand for our comprehensive and tailorable digital water management offerings,” said Ken Bockhorst, chairman, president and chief executive officer of Badger Meter. “These customized solutions deliver efficiency, resiliency, and sustainability for customers to address the variety of persistent challenges facing the water industry.”
Badger Meter net sales and net income since 2010. Source: SEC filings
The company saw its software sales increased 27% to $42 million for the year.
“For 2024 and beyond, we remain committed to the formula that has driven our success – focusing on our customers, offering innovative and differentiated technologies, and driving operational excellence,” Bockhorst said. “This proven blueprint, coupled with our resilient order pace, robust bid funnel and backlog, give us confidence in our ability to grow sales and earnings year-over-year.”
In the fourth quarter, the company reported sales of $182.4 million, a 24% increase from the same period in 2022.
