Badger Meter, Inc. (NYSE:BMI) Q2 2022 Earnings Conference Call July 20, 2022 11:00 AM ET

Company Participants

Karen Bauer - VP of IR, Corporate Strategy and Treasurer

Ken Bockhorst - Chairman, President and CEO

Bob Wrocklage - CFO

Conference Call Participants

Nathan Jones - Stifel

Andrew Buscaglia - Berenberg Capital Markets

Tate Sullivan - Maxim Group

Thomas Johnson - Morgan Stanley

Rob Mason - Baird

Bob Chernow - RBC

Operator

Ladies and gentlemen, welcome to the Second 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 thanks for joining the Badger Meter's second 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.

Ken Bockhorst

Thanks, Karen, and thank you for joining our second quarter earnings call.

In the second quarter, we bolstered our track record of strong performance by delivering 12% revenue growth and 18% increase in operating profit and a 19% increase in EPS year-over-year. For the past three quarters, we've delivered double-digit organic sales growth, including mid-teens core growth in utility water revenues.

Over the same period, gross profit margins have been within our tightened to normalized range of 38% to 40% even with supply chain shortages and significant economic impacts from inflation, COVID shutdowns and the ongoing war in Ukraine. Our focus on delivering the widest choice of smart water solutions across the water ecosystem and our operating execution illustrate that we are well positioned to weather macroeconomic challenges that may lay ahead.

I'll talk about the current environment and our market outlook later in the call, but for now, I'll turn the call over to Bob to go through the details of the quarter.