Zylem Inc., global water technology company, pump manufacturer and pump rental specialist, reported second quarter 2016 net income of $71 million, a decrease of 5 percent year over year reflecting debt refinancing costs and higher restructuring and realignment charges. Excluding those and other special charges, adjusted net income in the quarter was $87 million, a 12-percent year-over-year increase.
Second quarter revenue was $932 million, a 1-percent increase compared to the second quarter of 2015. In constant currency the increase was 3 percent, with one point of growth attributable to acquisitions. The revenue growth primarily reflects a robust public utility end market globally, with particular strength in the United States.
“With our second quarter results, we are continuing to build a compelling track record of growth that reflects a strong focus on elevating our execution and driving productivity to expand margins,” said Patrick Decker, Xylem president and CEO. “We continued to capitalize on robust growth in the global public utility sector, which helped to offset softness in the industrial end market. Our teams also delivered strong performance in executing against our productivity initiatives. These results enabled us to continue to invest in key growth initiatives, which will drive our long-term performance.”
Xylem reaffirmed its forecast of full-year 2016 revenue of approximately $3.7 billion, including about 1 percent growth from completed acquisitions and the unfavorable impacts of foreign exchange. On an organic basis, Xylem’s revenue growth now is anticipated to be in the range of 2 to 3 percent.
For the first six months of 2016, Xylem posted revenue of $1.779 billion compared to $1.757 billion a year ago, a slight increase.
