Water technology company Xylem reported fourth quarter net income of $50 million, and total revenue for the quarter of $1.1 billion, compared to $994 million in the fourth quarter of 2016, a 10.2-percent increase. The company benefited from contributions from Sensus, which it acquired on Oct. 31, 2016.
For the full year 2016, Xylem posted $3.8 billion in total revenue, a 3-percent year-over-year increase.
“Xylem closed out a transformative year in 2016 and I’m proud of the solid commercial and financial results our team delivered,” said Xylem president and CEO Patrick Decker. “For the year, we generated organic revenue growth in mixed market conditions, and grew our operating margins and earnings in a meaningful way. While the industrial end market was challenged in certain regions, we grew share in the public utility as our industry-leading brands and solutions were increasingly the preferred choice of customers worldwide. We executed our capital deployment strategy as planned, successfully completing three acquisitions that collective expanded our systems intelligence offerings in a significant way and extended our business into global smart technology. We are well underway with the integration of our recent acquisition, Sensus, a business that significantly advances our move into smart water infrastructure.”
Xylem also grew its rental operations internationally with new branches in Latin America and the Middle East.
Xylem is forecasting full-year 2017 revenue in the range of $4.5 to $4.6 billion, a 20- to 22-percent increase, including growth from previously announced acquisitions and projected unfavorable impacts of foreign exchange translation. On an organic basis, Xylem anticipates revenue growth in the 1- to 3-percent range.
Xylem is headquartered in Rye Brook, N.Y.
