 Greentech Lead America: Xylem, a global water technology company, has reported net income of $41 million for the first quarter 2013.
First quarter revenue was $879 million, down $46 million from the first quarter 2012, reflective of on-going European economic challenges, U.S. industrial weakness and lower shipments for treatment projects.
Announcing the results, Gretchen McClain, president and chief executive officer of Xylem, said the company is addressing the challenges in several key regions like Europe through attractive acquisitions that strengthen their portfolio.
During the first quarter the company completed two acquisitions – PIMS, which bolsters the company’s attractive service business; and MultiTrode, which enhances its global water and wastewater monitoring and control offering.
During the first quarter, Xylem also announced several products including new dewatering solutions from our Godwin and Flygt brands, as well as new analytical lab instruments from our YSI and OI Analytical brands.
Xylem forecasts full-year 2013 revenue growth of 3 to 4 percent to approximately $3.9 billion. Full-year 2013 adjusted net income is forecast to grow 1 to 7 percent to $333 to $352 million. The company anticipates that restructuring and realignment costs will range from $60 to $70 million for the year.
First quarter 2013 revenue for Xylem’s Water Infrastructure segment was $551 million, down 6 percent compared with the first quarter 2012. This segment consists of its businesses serving clean water delivery, wastewater transport and treatment, dewatering and analytical instrumentation.
Xylem’s Applied Water segment consists of its portfolio of businesses in residential and commercial building services, industrial and agricultural applications. First quarter 2013 revenue for this segment was $345 million, down 3 percent compared with the first quarter 2012, reflecting weak industrial demand and European economic challenges, offset by strength in U.S. residential and agricultural end markets.