Xylem raises 2024 profit forecast on water treatment products demand

Xylem

02/05/2024 13:38

May 2 (Reuters) - Xylem  XYL.N  raised its annual profit
forecast on Thursday on the back of strong demand for its water
and waste-water treatment products and services.
    The company now expects 2024 adjusted profit between $4.10
and $4.25 per share, compared with its previous forecast of
$4.00 to $4.20 per share.
    Analysts had expected a full-year profit of $4.14, according
to LSEG data.
    Xylem also forecast annual revenue of about $8.5 billion,
compared with its previous outlook of $8.4 billion to $8.5
billion.
    The company's total first-quarter revenue rose 40.4% to
$2.03 billion, beating Wall Street estimates of $2 billion.
    Sales from its water infrastructure unit, which makes water
and waste-water pumps, rose 40% to $574 million.
    On an adjusted basis, Xylem earned 90 cents per share,
beating estimates of 84 cents.

 (Reporting by Puyaan Singh in Bengaluru; Editing by Shounak
Dasgupta)
 ((Puyaan.Singh@thomsonreuters.com))