Badger Meter Shares Plunged: What You Need to Know
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What: Shares of Badger Meter (NYS: 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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At the time this article was published Fool contributorEvan Niuholds no position in any company mentioned. Check out hisholdings and a short bio. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.