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- **Revenue Growth**: 13% YoY driven by AMI solutions, with 5-year high single-digit growth outlook.
- **Margin Expansion**: Gross margin raised to 39-42%, offsetting tariffs with price increases.
- **Cash Flow Strength**: Record free cash flow, cautious on project timing but resilient demand.
- **Strategic Risks**: Tariff uncertainty, but structural mix improvement and software-driven growth.
- **Execution Challenges**: Balancing M&A integration (SmartCover) with macroeconomic noise.


**【CEO Summary Section】**
- **Revenue Growth**: 13% year-over-year (YoY) sales growth driven by cellular AMI solutions and BlueEdge modular smart water management.
- **Resilience**: Gross margins maintained above 38-40% despite trade headwinds.
- **Long-term Strategy**: BlueEdge suite positioned for sustained growth, with a 5-year high single-digit top-line outlook.
- **Cash Flow Strength**: Record free cash flow of $48.2M, 13% YoY increase, supported by tax timing benefits.

**【CFO Financial Commentary】**
- **Topline Performance**: Q3 sales of $236M (+13% YoY), driven by ultrasonic meters and software adoption.
- **Margin Expansion**: Gross margin improved to 40.7%, with new normalized range of 39-42%.
- **Cost Management**: SEA expenses up 7% YoY due to SmartCover integration and personnel costs.
- **Liquidity**: $200M net cash position, enabling M&A and dividend growth (33rd consecutive increase).

**【Q&A Highlights】**
- **Tariff Mitigation**: Price increases offsetting cost pressures.
- **SmartCover Growth**: 25% Q3 growth, with incremental margins above average.
- **Project Timing Volatility**: Seasonal Q4 decline in operating days, but long-term utility tech adoption trends.
- **Federal Funding Noise**: Customer budget uncertainty but resilient demand for critical infrastructure.
- **Software SaaS Growth**: 28% CAGR in software, tied to hardware sales.
- **Ultrasonic Meter Momentum**: Strong Q3 volumes, balanced with mechanical meter stability.


Badger Meter, Inc. (BMI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BMI

BMI fundamentals

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