Badger Meter Inc.(AMEX: BMI), which supplies water meters, reported that first quarter earnings declined 39% due to slow sales and rising copper prices.
The company reported $2.6 million in income, or 18 cents per share, down from $4.2 million, or 30 cents per share, for the same period last year, a penny under analyst expectations.
Net sales dropped 9% to $52.7 million from $58 million.
Badger had a strong first quarter in 2006, perhaps making the results look worse than they are.
Badger is one of the few water companies in “buying” position according to the analysts we work with at Progressive Investor.
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