Xylem revenue up 3 percent in the first quarter 2014

Xylem, a provider of water technology, said its first quarter revenue was $906 million, up 3 percent organically, reflecting strength across both of the company’s business segments.

The company has recorded $63 million in net income for the first quarter of 2014, up 26 percent from the comparable period in 2013.

In Water Infrastructure segment, which consists of its businesses serving clean water delivery, wastewater  transport and treatment, dewatering and analytical instrumentation, the company recorded $568 million in revenue for the quarter, up 3 percent compared with the first quarter 2013.

Strong growth in emerging markets and more modest growth in Europe more than offset weather-related revenue declines in the U.S. dewatering rental business, Xylem said.

Xylem’s Applied Water segment, which consists of its portfolio of businesses in residential and commercial building services, industrial and agricultural applications, had $355 million in revenues, up 3 percent compared with the first quarter 2013. The growth was primarily due to continued strength in U.S. residential building services and irrigation applications, and growth in industrial and residential in the emerging markets.

“We are off to a good start in 2014. We had solid order activity during the quarter and strong sales execution, putting us on track to deliver our full-year commitments while maintaining our investments in those areas of the business with the most growth potential,” said Patrick Decker, president and chief executive officer of Xylem.

Decker said the company is moving ahead with initiatives to streamline operations, and is introducing new products to support growth for the full year.

Xylem forecasts full-year 2014 revenue growth of 2 to 4 percent to approximately $4 billion. The company anticipates that restructuring and realignment costs will range from $40 to $50 million for the year.