Badger Meters reported that its third-quarter income rose by 1.3 percent yesterday, as noted by the Business Journal. According to Badger Meter chairman, president and CEO Richard Meeusen, the disappointing result was caused by increased demands for Badger’s utility products and commercial water meters being balanced out by a slowing of demand for its industrial products.

According to the Business Journal,

Badger Meter (NYSE: BMI), based in Brown Deer, reported Wednesday that net income for the quarter rose to $5.83 million, or 39 cents per share, compared with $5.75 million, also 39 cents per share, for the same period the year before.

Analysts polled by Thomson First Call expected a consensus of 47 cents per share. Shares of Badger Meter closed down $5.31, or 14 percent, at $32.35 prior to the company’s earnings announcement.