Badger Meter (BMI) reported its third quarter results yesterday, after market close. The company reported earnings of 47 cents per share, above the Zacks Consensus Estimate of 44 cents per share and up 20.5% from 39 cents reported in the prior-year quarter. Despite an 11.6% decline in sales, earnings during the quarter were higher than last year as the company benefited from lower commodity costs, ongoing cost reduction efforts, and pricing discipline. Gross margin in the quarter increased significantly to 39.0%, compared to 34.0% in the comparable quarter of 2008 due to favorable raw material pricing. Sales to the utility market, which constitutes more than 80% of total revenue, declined 9% compared to the third quarter of 2008. The utility market is facing a downturn as the customers are postponing purchasing decisions while they wait to see if they can receive federal funds for infrastructure ...