Badger Meter, Inc. (NYSE:BMI) Q1 2024 Earnings Conference Call April 18, 2024 11:00 AM ET

Company Participants

Karen Bauer - Vice President of Investor Relations, Corporation Strategy, and Treasurer
Ken Bockhorst - Chairman, President, and Chief Executive Officer
Bob Wrocklage - Chief Financial Officer

Conference Call Participants

Andrew Krill - Deutsche Bank
Rob Mason - Baird
Adam Farley - Stifel
Nathan Jones - Stifel

Operator

Ladies and gentlemen welcome to the First Quarter 2024 Badger Meter Earnings Conference Call. My name is Carla and I'll be coordinating your call today. [Operator Instructions]

It is now my pleasure to turn the conference over to Karen Bauer, Vice President of Investor Relations, Corporation Strategy, and Treasurer. Please go ahead, Ms. Bauer.

Karen Bauer

Good morning, and thank you for joining the Badger Meter first quarter 2024 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 first quarter earnings call. We began 2024 extending our 2023 track record of solid execution and differentiated financial performance delivering record revenue, operating profit, and EPS results for the first quarter.

Early in the quarter, we completed the Telog and Unity network monitoring acquisition, adding to our suite of smart water offerings along with onboarding their talented team. Early discussions with customers reinforced their trust in Badger Meter to bring them complimentary hardware-enabled software solutions.

I'll come back to discuss a few common investor topics and our outlook later in the call, but for now, I'll turn it over to Bob to go through the details of the quarter.

Bob Wrocklage

Thanks, Ken, and good morning everyone. Turning to slide four, our total sales in the first quarter were $196 million, an increase of 23%, compared to $159 million in the same period last year, representing another all-time record sales quarter for Badger Meter. Total utility water product line sales increased 29% year-over-year, which as we've noted, represents the easiest comp of the prior year.