Xylem increases its full-year 2017 forecast for adjusted earnings per share to $2.30 to $2.40, which reflects the expected impact of foreign exchange translation
RYE BROOK, N.Y., August 1, 2017 - Xylem Inc. (NYSE: XYL), a leading global water technology company dedicated to solving the world’s most challenging water issues, today reported second quarter 2017 net income of $99 million, or $0.55 per share. The Company delivered adjusted net income of $106 million or $0.59 per share in the quarter, a 23-percent increase over the prior year period, excluding the impact of restructuring, realignment and Sensus acquisition-related charges, and other items. Revenue in the second quarter, including the contribution from Xylem’s Sensus business, was $1.2 billion, up 25 percent year-over-year. Xylem’s pro forma organic revenue, which includes Sensus, grew more than one percent in the quarter. This includes a two-percent year-over-year increase in the Sensus business as well as one-percent organic growth in the base Xylem business. Reported operating margin in the quarter increased 20 basis points to 11.9 percent, and adjusted operating margin was 13.3 percent. Excluding the negative impact of purchase accounting amortization related to the Sensus acquisition, the adjusted operating margin expanded by 100 basis points year-over-year.
“Our businesses performed well in the second quarter and are capitalizing on strong order activity that we expect to generate improved growth,” said Patrick Decker, President and Chief Executive Officer of Xylem. “In the second quarter, we turned in an eight-percent increase in orders with double-digit growth in treatment orders, a strong harbinger for continued strength in the water utility sector. We are pleased with the growth momentum that continues in Sensus as well as the progress we’re making in further integrating the business. The team delivered a signature project win in the electric and gas space in the quarter, which represents one of Sensus’ largest communication system deployments to date in the U.S., and includes the installation of the network as well as electric and gas smart meters.”
“Looking ahead, we have solid plans and are operating in improving end markets, which reinforce our confidence in our ability to deliver solid growth and margin expansion in line with our improved guidance for the full year.”
The following information was filed by Xylem Inc. (XYL) on Tuesday, August 1, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: XYL CIK: 1524472 Form Type:10-Q Quarterly Report Accession Number: 0001524472-17-000039 Submitted to the SEC: Tue Aug 01 2017 11:13:17 AM EST Accepted by the SEC: Tue Aug 01 2017 Period: Friday, June 30, 2017 Industry: Pumps And Pumping Equipment