Xylem raises profit forecast on demand for water treatment products

Xylem

30/07/2024 13:37

July 30 (Reuters) - 
    Xylem  XYL.N  raised its annual profit forecast on Tuesday
after posting higher-than-expected second-quarter results that
benefited from demand for its water and waste-water treatment
products.
  
The company said it expects 2024 adjusted profit to come in
between $4.18 and $4.28 per share, compared to its previous
forecast of $4.10 to $4.25 per share.
    Analysts had expected a full-year profit of $4.21 per share,
according to LSEG data.
    Underlying demand in the company's largest markets remains
resilient, said CEO Matthew Pine.
The company also raised its annual revenue outlook to $8.55
billion from about $8.50 billion.
Quarterly revenue rose nearly 26% to $2.17 billion compared with
analysts' average estimate of $2.15 billion.
     Sales from its water infrastructure unit was $690 million,
beating estimates of $655.28 million. The business focuses on
transportation, treatment and testing of water and offers a
range of products including water & wastewater pumps.
  
On an adjusted basis, Xylem posted a profit of $1.09 per share,
for the quarter ended June 30, beating estimates of $1.05 per
share.

(Reporting by Sriparna Roy in Bengaluru; Editing by Saumyadeb
Chakrabarty)
((mailto:Sriparna.Roy@thomsonreuters.com;))