Xylem Gains as Quarterly Revenue Exceeds Analysts’ EstimatesJustin Doom
Xylem Inc., the water and wastewater technology company spun off from ITT Corp., advanced the most in more than five months after second-quarter revenue rose 4 percent from a year ago on increased orders.
Xylem climbed 2 percent to close at $37.20 in New York, after earlier rising as much as 6.6 percent, the biggest intraday gain since Feb. 4.
Revenue increased to $1 billion, higher than 12 analysts’ average forecast of $988 million, according to data compiled by Bloomberg. Adjusted net income was $88 million, or 48 cents a share.
Sales were buoyed by customers in emerging markets, driving up revenue for the company’s water infrastructure unit 7 percent from a year earlier to $636 million, Rye Brook, New York-based Xylem said today in a statement. The company reaffirmed its full-year revenue forecast of about $4 billion.