WASHINGTON (dpa-AFX) - Xylem Inc. (XYL) revealed earnings for its third quarter that increased from the same period last year and beat the Street estimates.
The company's earnings came in at $152 million, or $0.63 per share. This compares with $12 million, or $0.07 per share, in last year's third quarter.
Excluding items, Xylem Inc. reported adjusted earnings of $240 million or $0.99 per share for the period.
Analysts on average had expected the company to earn $0.89 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 50.4% to $2.076 billion from $1.380 billion last year.
Looking ahead, Xylem has revised up its full-year 2023 guidance, above analysts' estimates. For full year, the company now expects adjusted earnings per share of $3.71 to $3.73, against its previous range of $3.50 to $3.70. On average, 15 analysts polled by Thomson Reuters forecast the firm to earn $3.62 per share, for the year. Analysts' estimates typically exclude special items.
For full year, Xylem now forecast revenue of around $7.3 billion, up approximately 32 percent on a reported basis and up about 11 percent on an organic basis. Analysts, on average, project the company to post revenue of $7.2 billion. The updated revenue outlook represents an increase from the company's previous full-year guidance of 30 percent on a reported basis and 9 to 10 percent on an organic basis.
Xylem Inc. earnings at a glance (GAAP) :
-Earnings (Q3): $152 Mln. vs. $12 Mln. last year. -EPS (Q3): $0.63 vs. $0.07 last year. -Analyst Estimate: $0.89 -Revenue (Q3): $2.076 Bln vs. $1.380 Bln last year.
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