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Xylem Inc. reports strong fourth quarter and full year 2015 results
Company also announces $69 million acquisition of Tideland Signal Corporation and
a 10-percent increase in its quarterly cash dividend
|||Fourth quarter 2015 adjusted net income was $108 million or $0.60 per share; GAAP net income was $114 million or $0.63 per share|
|||Full-year 2015 adjusted net income was $336 million or $1.85 per share; Full-year GAAP net income was $340 million or $1.87 per share|
|||Xylem delivered $994 million in fourth quarter 2015 revenue, growth of two percent organically|
|||Balanced capital deployment continues with strategic acquisition of Tideland, $50 million in share repurchases and quarterly cash dividend increase|
|||Xylem projects full-year 2016 organic revenue growth of two to four percent and adjusted earnings per share of $1.95 to $2.05|
RYE BROOK, N.Y., February 4, 2016 Xylem Inc. (NYSE: XYL), a leading global water technology company dedicated to solving the worlds most challenging water issues, today reported fourth quarter 2015 net income of $114 million, or $0.63 per share. Excluding the impact of restructuring, realignment and other special items, the Company delivered adjusted net income of $108 million or $0.60 per share in the quarter, a three-percent increase over the prior year period excluding foreign exchange translation impact. Fourth quarter revenue was $994 million, up two percent organically, reflecting continued growth in the municipal and construction markets. Fourth quarter adjusted operating margin was flat year-over-year as continued improvements from cost savings initiatives were offset by headwinds from inflation as well as geographic and product mix.
For the full year 2015, Xylem generated $3.65 billion in revenue, up two percent organically. Full-year reported net income was $340 million, or $1.87 per share, with an operating margin of 12.3 percent. Adjusted net income, which excludes the impact of restructuring, realignment and other special items, was $336 million, or $1.85 per share, a five-percent increase over the prior year excluding foreign exchange translation impact. Xylem delivered a full-year 2015 adjusted operating margin of 12.9 percent, flat to prior year. The Company generated $347 million in free cash flow, an increase of 17 percent versus last year, representing a conversion of 105 percent of net income.
We closed out 2015 with strong results, delivering on our financial commitments, executing well in the marketplace and advancing our long-term growth initiatives, said Patrick Decker, President and Chief Executive Officer of Xylem. We made significant progress in decidedly mixed market conditions. We are encouraged by the continuing strength we see in the public utility sector, particularly in the U.S. and key emerging markets where pent-up demand for water and wastewater infrastructure helped us to generate eight-percent growth in this end market globally in the quarter. This strength offset declines in heavy industry, specifically oil and gas and mining, where our exposure is limited.
Xylem today also announced the acquisition of Tideland, a leading producer of analytics solutions in the coastal and ocean management sectors. Based in Texas, the business also has key locations in the
The following information was filed by Xylem Inc. (XYL) on Thursday, February 4, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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