Water Company Xylem Results Offset U.S. Dollar StrengthRandall Hackley
The water technology provider Xylem Inc. reported adjusted first-quarter revenue of $837 million and lowered full-year earnings per share guidance to $1.80-$1.90 from $1.85-$1.95 due to the strength of the U.S. dollar.
Shares of Rye Brook, New York-based Xylem, whose market value is $6.7 billion, have risen the past four days and are now almost unchanged over the past year. Spun off from ITT Corp., its pumps helped clean New York tunnels of Hurricane Sandy floodwaters.
Watts Water Technologies Inc., a Massachusetts-based manufacturer of water-efficient products, yesterday reported first-quarter revenue of $356.2 million, topping analysts’ estimates, and raised its quarterly dividend 13 percent to 17 cents a share.