NEW YORK – Xylem Inc. reported a 15 percent drop in first-quarter profit on higher taxes and charges, but met Wall Street expectations as revenue surged.
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The water and wastewater treatment company earned $56 million, or 31 cents per share. Earnings, adjusted for non-recurring costs, came to 39 cents per share.
The results met Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The Rye Brook, New York company reported a 26 percent boost in revenue to $1.07 billion in the period on contributions from its Sensus business, which it bought less than a year ago. The business includes smart water metering, network technology and data analytics. The revenue results topped Wall Street forecasts with seven analysts surveyed by Zacks expecting $1.06 billion.
Xylem expects full-year adjusted earnings in the range of $2.23 to $2.38 per share, with revenue expected range from $4.5 billion to $4.6 billion.