Badger Meter (BMI), which the CEO calls a “bellwether of national trends to measure and conserve water” reported earnings results last night and have the results to back it up.  The company reported and EPS of .42/share which represents a 50% bump over the year ago quarter and smashed estimates of .26/share.  Revenues came in at $67.6 million, beating estimates of $60 million which is an 18% increase over the year ago quarter..  Not exactly extraordinary growth but impressive in this environment and probably a company that defensive investors will flock to.

Water is becoming an increasingly scarce and valuable commodity, which positions companies that meter, price and ultimately conserve it in a growth market, said Ryan Connors, a water-industry analyst at the Boenning & Scattergood Inc. investment firm in Pennsylvania. “We think water is increasing in value all the time,” Connors said. “And as that occurs, there’s a series of companies that will benefit, and Badger Meter is squarely in the middle of that.”

The CEO of Badger Meter went on to say that they didn’t experience any significant impact in 2008 on the utility business and that their results show a much bigger trend of water conservation as the nation confronts droughts, shortages and rationing.

Is water the new oil?  Many people think so including oil barron T Boone Pickens.