Full-year 2015 figures slipped at pump manufacturer Xylem amid mixed market conditions. The company reported revenues of US$3.65 billion (€3.26 billion) for last year, compared to US$3.92 billion (€3.5 billion) in 2014.
Operating income for the 12 months to the end of 2015 stood at US$449 million (€401 million), down from US$463 million (€413 million) the year before.
President and CEO Patrick Decker said the company had made progress in mixed market conditions. “We are encouraged by the continuing strength we see in the public utility sector, particularly in the US and key emerging markets, where pent-up demand for water and wastewater infrastructure helped us to generate 8% growth in this end market globally in the quarter," he said.
"This strength offset declines in heavy industry, specifically oil and gas and mining, where our exposure is limited.”
Xylem also announced the acquisition of Tideland, a Texas, US-based producer of analytics solutions in the coastal and ocean management sectors. The business also has locations in the Netherlands, UK and Singapore.
Mr Decker said, “This latest acquisition adds another complementary set of offerings to our analytics portfolio.”
The latest acquisition comes after the company announced a major expansion programme for 2016.
Its outlook for the full-year saw a 2016 revenue forecast of US$3.7 billion (€3.3 billion) and operating income in the range of US$493 million (€440 million) to US$515 million (€460 million), excluding restructuring costs.