Badger Meter, Inc. (NYSE:BMI) Q3 2022 Earnings Conference Call October 19, 2022 11:00 AM ET
Company Participants
Karen Bauer - Vice President of Investor Relations, Corporate Strategy and Treasurer
Kenneth Bockhorst - Chairman, President and Chief Executive Officer
Robert Wrocklage - Senior Vice President and Chief Financial Officer
Conference Call Participants
Nathan Jones - Stifel, Nicolaus & Co, Inc.
Connor Lynagh - Morgan Stanley
Andrew Buscaglia - Berenberg Capital Markets
Robert Mason - Robert W. Baird & Co, Inc.
Tate Sullivan - Maxim Group LLC
Operator
Ladies and gentlemen, welcome to the Third Quarter 2022 Badger Meter Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded.
It is now my pleasure to turn the conference over to Karen Bauer, Vice President of Investor Relations, Corporate Strategy and Treasurer. Please go ahead, Ms. Bauer.
Karen Bauer
Good morning, and thank you, for joining the Badger Meter's third quarter 2022 earnings conference call. On the call with me today are Ken Bockhorst, Chairman, President and Chief Executive Officer; and Bob Wrocklage, Chief Financial Officer. The earnings release and related slide presentation are available on our website.
Quickly, I will cover the Safe Harbor, reminding you that any forward-looking statements made during this call are subject to various risks and uncertainties, the most important of which are outlined in our press release and SEC filings. On today's call, we will refer to certain non-GAAP financial metrics. Our earnings slides provide a reconciliation of the GAAP to non-GAAP financial metrics used.
With that, I'll turn the call over to Ken.
Kenneth Bockhorst
Thanks, Karen, and thank you for joining our third quarter earnings call. The Badger Meter team delivered another record sales performance with 15% sales growth in the quarter and double-digit organic sales growth in each of the past four quarters. Our orders and bid funnel remain strong with another positive book-to-bill ratio in the quarter. We were very pleased with the 100 basis point improvement in operating profit margins in the quarter. While we continue to face persistent macro challenges with inflation and sporadic component shortages, gross profit margins have consistently been within our tightened to normalized range of 38% to 40%, and we have improved SEA expense leverage throughout the year.
The combination of our differentiated choice matters technology portfolio, commercial excellence, operational execution, and world-class global team continues to drive strong profitable growth and demonstrate that we are well positioned to manage under the economic scenarios that may lie ahead.