EARNINGS: Badger Meter's 11.4% net sales jump an FY record
In other news: 1) Pentair enjoys 39% sales growth in FY2004; 2) Rohm and Haas sales up 13% for quarter, 14% for year; 3) Quarterly net sales up 25% at Great Lakes Chemical; 4) Suez sustains revenue growth in 2004; and 5) SJW Corp. shows net gain of $3.78 million...
In other news below:
-- Pentair enjoys 39% sales growth in FY2004
-- Rohm and Haas sales up 13% for quarter, 14% for year
-- Quarterly net sales up 25% at Great Lakes Chemical
-- Suez sustains revenue growth in 2004
-- SJW Corp. shows net gain of $3.78 million
Badger Meter's 11.4% net sales jump an FY record
MILWAUKEE, Feb. 3, 2005 (BUSINESS WIRE) -- Badger Meter Inc. reported record sales and earnings per share for the year ended Dec. 31, with net sales up 11.4% to over $205 million and net earnings above $9.63 million -- both records for the company.
Annual net earnings were a 27.1% increase from those of $7,577,000 in 2003.
For the fourth quarter, net sales were $48,518,000, a slight increase from sales of $48,285,000 for the period in 2003. Net earnings were $817,000, compared to $1,621,000 for the prior year period.
The company celebrates its 100th anniversary in 2005.
Badger Meter (www.badgermeter.com) is a leading marketer and manufacturer of flow measurement and control technology, developed both internally and with other companies, as well as the leader in providing digital connectivity to leading AMR technologies. Its products are used to measure and control the flow of liquids in a variety of applications.
Pentair enjoys 39% sales growth in FY2004
GOLDEN VALLEY, MN, Feb. 2, 2005 (PRNewswire-FirstCall) -- Pentair (www.pentair.com) enjoyed annual sales growth of 39% -- or 14% on an organic basis -- from continuing operations ($2.278 billion vs. $1.643 billion) over the previous year, and a 50 basis point gain in operating margins to 10.9%.
Pentair's fourth quarter 2004 net sales totaled $651.5 million, up 61% from $404.7 million in the same period a year ago. Organic sales rose 10% over the same periods.
In the Water Group, fourth quarter 2004 sales of $469.5 million were 86% higher than the $252.3 million recorded in the same period last year, reflecting the impact of the WICOR acquisition and strong organic growth. Organic sales, without acquisitions and foreign exchange, and adjusted for days, increased about 11%, reflecting strong domestic pool sales, and growth in US, Asian, and European pump and filtration sales.
Pentair said integration of the former WICOR water businesses advanced in the fourth quarter with nine facilities closed or consolidated to date, and another six closings or consolidations in process. Construction of a water products manufacturing facility near the campus of the existing Enclosures operation in Reynosa, Mexico, will be complete in the first quarter of 2005, with product transfers starting immediately thereafter.
Product rationalization efforts are well under way, and early results include a 20% reduction in storage tank stock units and a 50% reduction in residential filtration stock units. Sales forces serving certain pump markets were realigned to take advantage of cross-selling opportunities. Consistent with its original plan, Pentair expects integration benefits to begin exceeding costs late in the first quarter of 2005.
Enclosures Group sales in the fourth quarter 2004 totaled $182.2 million compared to a year-earlier total of $152.5 million, a 20% increase. This performance was driven by the Group's improved market position with continued success in penetrating new vertical markets, new products, and growth in core markets. Pentair noted that the fourth quarter of 2004 was the Enclosure Group's eighth consecutive quarter of sequential sales growth.
In a separate news release issued today, Pentair announced it has appointed Richard J. Cathcart, formerly president and COO of Pentair's Water Group, to vice chairman. In his new role, Cathcart will lead Pentair's intensified growth focus with primary responsibilities for international growth and for business development. He will continue in his leadership role with Pentair Water.
Rohm and Haas sales up 13% for quarter, 14% for year
PHILADELPHIA, Feb. 2, 2005 (PRNewswire-FirstCall) -- Rohm and Haas Company (www.rohmhaas.com) reported fourth quarter 2004 sales of $1,864 million, a 13% increase over the same period in 2003, with higher selling prices accounting for a 6% increase, higher volume and favorable mix reflecting a 4% increase, and favorable currencies adding 3% on the revenue line. Earnings for the quarter were $128 million.
Quarterly sales in the Coatings business of $560 million represent a 9% increase over the same period in 2003. Earnings were $39 million, compared to $35 million in the same period last year, as higher pricing helped offset the impact of higher raw materials.
Performance Chemicals sales of $411 million were up 18% over the comparable period in 2003:
-- Sales in Plastics Additives were up 16%, due to higher demand and higher pricing to recover escalating raw materials.
-- Sales for Process Chemicals were up 26% from the comparable period a year ago.
Earnings in this sector were $36 million in the quarter, up from $13 million in the prior year period, due to increased selling prices, higher demand, and efficient manufacturing operations, which more than offset the impact of higher raw material and energy costs.
Salt sales of $255 million were up 9% over the same period a year ago, driven by higher demand in most non-ice control markets, particularly the industrial and water conditioning segments. Earnings were $23 million in the quarter, up from the $19 million in the prior year period.
Companywide, full-year 2004 sales for the company of $7.3 billion represents a 14% increase over 2003. Full-year earnings were $497 million as compared to $280 million for the same period in 2003.
Quarterly net sales up 25% at Great Lakes Chemical
INDIANAPOLIS, Feb. 2, 2005 (PRNewswire-FirstCall) -- Great Lakes Chemical Corporation (www.greatlakeschem.com) fourth quarter 2004 net sales from continuing operations jumped 25% to $410.5 million, compared to $328.7 million reported in the 2003 period. Net sales increased as a result of strong volume gains, improved pricing in the Industrial Performance Products business, and the positive effects of acquisitions and foreign currency.
Great Lakes reported income from continuing operations of $0.5 million for the fourth quarter 2004, compared to a loss of $37.3 million for the same period in 2003.
Net sales in the fourth quarter for the Industrial Performance Products segment increased 31% to $296.6 million from $226.4 million in 2003.
Fourth quarter 2004 net sales of $113.9 million for the Consumer Products business unit was 11% higher than the corresponding period in 2003.
For the full year 2004, net sales from continuing operations were $1.6 billion, a 12% increase, compared to $1.43 billion in 2003. Income from continuing operations, before the cumulative effect of an accounting change for 2004, amounted to $19.9 million vs. a loss of $40.1 million in 2003.
Including the results of discontinued operations and the cumulative effect adjustment, Great Lakes reported net income for 2004 of $62.9 million, compared to a net loss of $51.4 million for 2003.
Suez sustains revenue growth in 2004
PARIS, Feb. 1, 2005 (PRNewswire-FirstCall) -- Total SUEZ (www.suez.com) revenues for 2004 were EUR 40.7 billion vs. EUR 39.6 billion [1 euro = US$1.285] in 2003, with organic revenues growing by 6.2%.
In the environmental sector:
-- Despite less favorable weather conditions in France than in 2003, Water Europe revenues grew by +2.7% in 2004 (+EUR 104 million) due to growth in Agbar's activities in Spain and a strong increase in sanitation and service revenues in France, notwithstanding lower levies collected on behalf of third parties.
-- Waste services revenues expanded in France (+EUR 60 million, or +3.3%, thanks primarily to the startup of two new garbage incinerators), and in the United Kingdom (+EUR 11 million, or +1.6%, due in particular to increased revenues from the collection of industrial and commercial waste). The situation in Germany and the Netherlands stabilized during the 4th quarter despite unfavorable economic conditions, the termination of unprofitable contracts, and price pressures in Germany on waste collection and sorting. Overall, on a comparable structural and exchange rate basis, revenues for Waste Services Europe remained stable.
-- Internationally, organic growth was positive (+EUR 105 million, or 5.4%) largely due to rate increases awarded after the startup of the Farfana plant in Chile,(2) continued expansion in Brazil, Australia and China.
-- Degremont's mixed results (a 3.4% decline in organic revenues, or -EUR 28 million), reflected progress in France and the startup of contracts in Jordan, which were offset primarily by a slowing down in the United Kingdom and the Bogota contract termination. Recently signed contracts (including Halifax, Valenton, and Moscow) are expected to generate significant revenues starting in 2005.
The majority of Group revenues (89%) were generated in Europe and North America, with 80% from the European continent alone. European growth was sustained in France and Belgium: +12.6% in Belgium, two-thirds of which was due to automatic adjustments resulting from deregulation in Belgium (ECS), and +3% in France, excluding the impact of communications sector disposals (which had contributed EUR 677.5 million to this zone's 2003 revenues). The contribution of Other European Union nations declined because of the Cespa disposal. In North America, the termination of the Puerto Rico contract and the negative impact of foreign exchange fluctuations were offset by the growth of Tractebel North America.
SJW Corp. shows net gain of $3.78 million
SAN JOSE, CA, Jan. 31, 2005 (BUSINESS WIRE) -- SJW Corp. (www.sjwater.com) fourth quarter earnings include the condemnation gain on settlement of an eminent domain lawsuit with the Valley Transportation Authority involving SJW Land Company property. The settlement resulted in a net gain of $3,776,000.
Operating revenue for the fourth quarter was $37,942,000 vs. $34,819,000 for the same period in 2003, representing an increase of $3,123,000 or 9%. About $4,436,000 of the total operating revenue increase was attributable to cumulative rate increases. The revenue increase was offset by a $1,325,000 decrease due to lower customer sales and a $109,000 decrease resulting from other sources.
Water production costs for the fourth quarter of 2004 consisting of purchased water, power and pump taxes, increased $507,000 or 4% to $14,124,000 from $13,617,000 in the fourth quarter of 2003. The increase was due to relatively higher unit cost of purchased water and related pump taxes aggregated $994,000 and decreased surface water availability of $579,000. Lower customer sales and power costs reduced water production costs by $1,066,000.
Quarterly operating expenses for the fourth quarter of 2004, excluding water production costs and income taxes, increased $1,160,000 or 8% to $15,448,000 from $14,288,000 in the fourth quarter of 2003. The increase consisted principally of $193,000 in maintenance expenses, $862,000 in depreciation expense on added utility plant and other non-utility properties, and $105,000 in other costs. Income tax expense for the fourth quarter of 2004 was higher than the same period in 2003 due to increased earnings.
Operating revenue for 2004 increased by $16,457,000, or 11%, from 2003 primarily due to $3,414,000 from increased customer consumption, $458,000 from new customers, $11,754,000 from rate increases, and $831,000 in other revenue. The revenue increase was offset by increases in production and operating expenses of $15,535,000, consisting principally of $8,569,000 in water production costs, $1,083,000 in administrative and general expenses, $3,256,000 in depreciation expense and $2,627,000 in tax and other expenses.
Other comprehensive income of $6,925,000 for the 12 months ended Dec. 31 was primarily due to the change in the market value of the company's investment in California Water Service Group.