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What: Shares of Badger Meter (NYSE: BMI ) have plunged by as much as 12% after the company reported fourth-quarter and full-year results.
So what: Fourth-quarter revenue shrank by 6% to $60.7 million, which turned into $0.08 in earnings per share. For the full year, sales fell by 5% to $262.9 million, with $1.27 in earnings per share.
Now what: CEO Richard Meeusen said the slowdown in municipal water market spending continued throughout the quarter and the year, weighing on its results. Broader uncertainties are causing utilities to weigh out their purchase decisions more carefully, which is affecting the entire industry. On the bright side, the company saw higher sales in its specialty and industrial products, which partially offset the troubles in the municipal water market.
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