Badger Meter (NYSE: BMI) stock had soared by 16.7% for the week through Friday morning as the market digested the company's record-setting first-quarter results.

The company generates around 85% of its revenues from selling utility water smart metering solutions, tools that enable utilities to more accurately measure their water and wastewater customers' usage, and bill them accordingly. It also sells instruments and sensors to detect leaks and deliver clean water. The other 15% comes from the flow instrumentation market, which serves the industrial sector.

Along with Xylem and Roper Technologies' Neptune, Badger Meter dominates the North American utility water meter market -- together, they sell "roughly 85% of the water meters in the North American market," according to Badger Meter's SEC filings.

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Source Fool.com