Xylem Revenues Jump 40.4 Percent in First Quarter
Xylem posted $2.033 billion in first quarter 2024 revenues compared to $1.448 billion in the first quarter of 2023, a 40.4-percent increase. Revenue from products was $1.690 billion compared to $1.308 billion a year ago, a 29.2-percent jump. Revenue from services more than doubled, going from $140 million in the first quarter of 2023 to $343 million in Q124.
“The team outperformed on all metrics and continued Xylem’s strong momentum, including record first-quarter margins,” said Matthew Pine, Xylem president and CEO. “Operational performance was robust on healthy demand across most segments and regions. We’re also on track to capture the synergies of our integration with Evoqua and are driving simplification across our business to lock in and extend our margin improvements over time.
“We are raising our full-year guidance on the strength of the team’s demonstrated ability to capitalize on our market’s resilient demand. We are confident that Xylem’s platform of solutions is uniquely positioned to enable our customers and communities to become more water secure, even as the world becomes more water challenged.”
Xylem now expects full-year 2024 revenue of approximately $8.5 billion, up approximately 15 to 16 percent on a reported basis and up approximately 4 to 6 percent on an organic basis. This represents an increase from the company’s previous full-year guidance of 14 to 15 percent on a reported basis and 3 to 5 percent on an organic basis. Full-year 2024 adjusted EBITDA margin is expected to be approximately 20.0 percent, lifted from the previous guide of 19.4 to 19.9 percent.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.