Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Xylem Drops Most on Record on Demand Decline for Water Treatment

July 30 (Bloomberg) -- Xylem Inc. plunged the most on record after the water company spun off by ITT Corp. revised down full-year revenue forecasts citing weaker demand.

The shares fell as much as 17 percent, the most since it started trading in New York in 2011, after Xylem cut 2013 revenue forecasts to $3.7 billion, 5 percent lower than it predicted on March 7. Xylem cited a slump in U.S. industrial production, the credit crisis in Europe and lower shipments of treatment project.

The New York-based company reported second-quarter revenue of $960 million, down 3.4 percent from the same period a year ago, according to a statement issued today.

“While our second-quarter results were lower than expected, we captured important contract wins in June, resulting in record orders of more than $1 billion in the quarter,” said Gretchen McClain, president and chief executive officer of Xylem.

The company won contracts in China, Spain and the United Arab Emirates.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.