US water meter manufacturer Badger Meter saw shares in the company reach a 52-week high on the NYSE:BMI on the back of buoyant fourth quarter results for 2013.
The company, which makes flow measurement and control products for the utility, municipal and commercial markets, saw its stock hit US$56.96 per share on April 3, beating a previous high of US$56.67 on April 2.
Badger Meter shares have been rising since February 2014 when the company announced net sales of water products had increased by 9 per cent year-on-year to US$81 million in the fourth quarter of 2013.
The company also reported earnings per share of US¢44 for the same period, up 12.8 per cent on 2012.
Badger Meter has confirmed that as part of its growth strategy it will continue to invest in research and development as well as launch new products.
The company has expanded its range of E-Series ultrasonic meters with a polymer version, a cost-effective alternative to the stainless steel version.
Another new product to market is ORION SE, a drive-by fixed-network product.
Badger Meter has also launched the BEACON Advanced Metering Analytics system, providing water utilities with cost-effective cellular radio endpoints.
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Market watch: US Badger Meter shares hit 52-week high