Xylem sticks to $3.7 billion revenue forecast after positive first quarter
Global water treatment firm Xylem has reported a 6% growth on first quarter 2016 net income compared to the same time last year...
NEW YORK - Global water treatment firm Xylem has reported a 6% growth on first quarter 2016 net income compared to the same time last year.
Net income was reported at $66 million from the quarter, with $847 million in revenue. The company attributed the growth to the US public utility and “commercial building markets”.
The company said it is keeping its forecast to generate full-year 2016 revenue of approximately $3.7 billion, including approximately 1% growth from completed acquisitions and the unfavorable impacts of foreign exchange.
From the $3.7 billion, Xylem has a projected income of between $493 million to $515 million.
Patrick Decker, president and CEO of Xylem, said: “Our top-line growth in the quarter reflects the benefits of our diversified end-market exposure. We are pleased with the continuing strength we see in the global public utility market, up 12% in the quarter, and we believe this market in the U.S. is in the early stages of a long-term recovery.
“In the industrial end market, we were able to offset ongoing headwinds from the oil and gas and mining sectors to bring our total industrial results to flat. And our teams delivered double-digit revenue growth in India and the Middle East, driving 2% top-line growth in our Emerging Markets.”