Xylem Gains as Quarterly Revenue Exceeds Analysts’ Estimates

Jul 29, 2014 4:48 pm ET

(Updates with closing share price in second paragraph.)

July 29 (Bloomberg) -- Xylem Inc., the water and wastewater technology company spun off from ITT Corp., advanced the most in more than five months after second-quarter revenue rose 4 percent from a year ago on increased orders.

Xylem climbed 2 percent to close at $37.20 in New York, after earlier rising as much as 6.6 percent, the biggest intraday gain since Feb. 4.

Revenue increased to $1 billion, higher than 12 analysts’ average forecast of $988 million, according to data compiled by Bloomberg. Adjusted net income was $88 million, or 48 cents a share.

Sales were buoyed by customers in emerging markets, driving up revenue for the company’s water infrastructure unit 7 percent from a year earlier to $636 million, Rye Brook, New York-based Xylem said today in a statement. The company reaffirmed its full-year revenue forecast of about $4 billion.