Xylem, the parent company of Rule, Jabsco and Flojet, reported third-quarter revenue of $1.4 billion, a 16% increase (organic) compared with the year-prior quarter.
“The team delivered very strong performance across all our regions, driving third-quarter results well above expectations on all key metrics,” president and CEO Patrick Decker said in a statement.
Net income was $12 million, or $.07 per share. Net income margin decreased 810 basis points to 0.9%. The results were mainly driven by a previously announced one-time pension-plan settlement. Adjusted net income was $144 million, or $.079 per share, and excludes the impacts of restructuring, realignment and special changes.
Third quarter adjusted earnings before interest, tax, depreciation and amortization margin was 18.3%, a year-over-year increase of 40 basis points.
“We anticipate our momentum will continue to be driven by the essential nature of the services we provide,” Decker said. “Our strong backlog and bidding pipelines continue to support that outlook.”
Xylem expects full-year organic revenue growth in the 9% to 10% range, and approximately 4% on a reported basis. Full-year adjusted EBITDA margin is expected to be approximately 17%, resulting in adjusted earnings per share of $2.65 to $2.75.
