Page 1

News Release From : Badger Meter , Inc. 4545 W. Brown Deer Road , Milwaukee , WI 53223 P.O. Box 245036 , Milwaukee , WI 53224-9536 FOR IMMEDIATE RELEASE For Additional Information Contact : Karen Bauer at ( 414 ) 371-7276 kbauer@badgermeter.com BADGER METER REPORTS SECOND QUARTER 2021 RESULTS Milwaukee , WI , July 20 , 2021 - Badger Meter , Inc. ( NYSE : BMI ) today reported results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Highlights • • Total sales increased 35 % to a record $ 122.9 million , compared to $ 91.1 million in the comparable prior year quarter . Diluted earnings per share ( EPS ) were $ 0.48 , an increase of 45 % over $ 0.33 in the comparable prior year period . • Robust order pace and record high backlog exiting the quarter . • Strong sales and profitability contributions from the recent water quality acquisitions of s :: can and ATI . " Badger Meter executed well in the quarter , delivering record sales and strong earnings , " said Kenneth C. Bockhorst , Chairman , President and Chief Executive Officer . " Order rates remained robust , carrying - on the momentum from the first quarter as utility customers continued to select our innovative digital water technologies , and global flow instrumentation market activity stabilized . Conversion of orders into sales remained hampered by strained electronic and other component availability , along with logistics challenges , resulting in a further expansion of our already record - high backlog . I want to thank the Badger Meter team for admirably managing through these dynamic market conditions in support of our customers . " Second Quarter Operating Results Strong order activity , the addition of the water quality acquisitions , and an easier coronavirus- related prior year comparison , led to a 38 % year - over - year increase in utility water sales . Excluding the $ 12.2 million sales contribution from acquisitions , core utility water sales increased 22 % over the prior year with growth in BEACONⓇ SaaS revenue , strong AMR and ORIONⓇ cellular - based AMI demand , and favorable value - based pricing realization . Utility water backlog reached another record milestone as robust order momentum exceeded sales in the quarter , the result of sporadic supply chain disruptions which limited manufacturing output .