Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Badger Meter (NYSE: BMI) fell 10% briefly today after the company released disappointing earnings.

So what: Net income fell to $3.3 million, or $0.22 per share, from $5.4 million last year and revenue was down 7.2% to $57.4 million. Analysts had expected earnings per share of $0.43 on revenue of $68.9 million.

Now what: No matter how you slice it, this was a disappointing quarter for Badger Meter. Management blamed municipal water district purchasing delays for the poor results and thinks sales will pick up when the delays pass. For now, I'm going to take a "wait and see" approach considering how much the company missed estimates today.

Interested in more info on Badger Meter? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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