Nine month revenues slip for Xylem
By Helen Wright30 October 2015
Pump manufacturer Xylem has reported lower revenues and net income for the nine month period to 30 September, and maintained a subdued full-year outlook.
Revenues stood at US$2.66 billion (€2.42 billion), down from US$2.87 billion (€2.61 billion) for the same nine months in 2014, while net income stood at US$226 million (€205 million), compared to US$241 million (€219 million) a year ago.
President and CEO Patrick Decker said the company had seen signs of increasing strength in the public utility market in the third quarter, but mixed conditions in industrials.
“We continue to grow and expand our business in emerging markets, where we generated a 9% increase in organic revenue in the [third] quarter.
"While we did see some growth deceleration in the commercial building and industrial sectors, these regions, such as China and India, are continuing to increase investments in water and wastewater infrastructure.
“In India, for example, we recently secured a US$39 million [€35 million] order for a custom pumping system that will provide drinking water and irrigation to arid areas that currently do not have stable water sources.”
Xylem forecast full-year 2015 revenues of around US$3.7 billion (€3.4 billion), down around 7% compared to 2014.