Xylem Revenue Increases on Water Technology Sales, Shares ClimbRandall Hackley
Xylem Inc., the water and wastewater technology company spun off from ITT Corp., reported first-quarter revenue rose 3 percent, topping analysts’ estimates.
The shares climbed 3.3 percent to $36.51 at 11:45 a.m. in New York trading, their biggest one-day gain in almost three months. Xylem’s revenue increased to $906 million, surpassing 12 analysts’ estimates of $887 million, aided by sales of its Godwin pumps and Wedeco technology that disinfects wastewater and inactivates viruses and parasites in unclean waters.
With water consumption rising at twice the rate of the world’s population increase, creating supply and demand imbalances, the Rye Brook, New York-based company today confirmed its 2014 forecast for sales growth of 2 percent to 4 percent, or about $4 billion in full-year revenue.