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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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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.