A utility meter having a temperature compensation function provides advantages such as improved time keeping accuracy. According to an exemplary embodiment, a utility meter includes at least one sensor for detecting an ambient temperature at a location corresponding to a component such as a crystal oscillator that enables a time keeping function of the meter, and generating an output signal representative of the detected ambient temperature. A device such as a digital signal processor adjusts at least one clock maintained by the time keeping function of the meter in dependence upon the output signal from the at least one sensor.