Stable first half at Xylem
By Helen Wright03 August 2016
Pump manufacturer Xylem reported US$1.78 billion (€1.59 billion) in revenues for first six months of 2016, compared to US$1.76 billion (€1.57 billion) for the first half of 2015.
The company said revenues were boosted by a robust public utility end market globally, with particular strength in the US.
Net income for the period totalled US$137 million (€122 million), compared to US$138 million (€123 million) for the same six months a year ago.
President and CEO Patrick Decker said, “We continued to capitalise on robust growth in the global public utility sector, which helped to offset softness in the industrial end market.
"Our teams also delivered strong performance in executing against our productivity initiatives. These results enabled us to continue to invest in key growth initiatives, which will drive our long-term performance.”
Xylem reaffirmed its forecast of full-year 2016 revenue of around US$3.7 billion (€3.3 billion), but narrowed the range of its forecast for full-year adjusted operating income to between US$495 million (€442 million) and US$510 million (€455 million).
It said this outlook excluded expected restructuring and realignment costs of around US$25 million (€22 million) for the year.