Xylem Revenue Jumps 20.2 Percent for First Nine Months of 2024; More Modest Growth in Third Quarter
Pump manufacturer and water solutions company Xylem Inc. reported $2.104 billion in third quarter 2024 revenue compared to $2.076 billion in the third quarter of 2023, a 1.3-percent revenue increase. Revenue from products totaled $1.744 billion in Q324 compared to $1.720 billion a year ago, a 1.4-percent increase, while revenue from services increased from $356 million to $360 million, a 1.1-percent hike.
For the first nine months of 2024, Xylem’s total revenue was $6.306 billion, compared to $5.246 billion in the same period in 2023, a 20.2-percent hike. Revenue from products totaled $5.236 billion compared to $4.535 billion a year ago, a 15.4-percent growth clip, while revenue from services totaled $1.070 billion compared to $711 million in the year-ago frame, a 50.5-percent hike.
“The team delivered strong results in the quarter, with earnings at the high end of guidance, and margin expansion beating our expectations,” said Matthew Pine, Xylem’s president and CEO. “Demand remained resilient, reflected in robust orders growth in all segments, and a healthy book-to-bill. Moderated organic revenue growth in the quarter was driven largely by project timing.
“Outperformance on margin and earnings was further reinforced by momentum in our integration of Evoqua and by initial impacts from our broader simplification efforts. Evoqua integration is ahead of schedule and synergy capture continues to accelerate, giving us confidence in closing the year above target. As a result, we are narrowing our full-year earnings guidance, with continuing focus on sustainable, high-quality earnings and profitable growth.”
More information is available at www.xylem.com.
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.