Xylem Inc., a water technology specialist, pump manufacturer and rental company, posted 2023 total revenue of $7.364 billion in 2023, compared to $5.522 billion in 2022, a 33.4-percent year-over-year increase.
In the fourth quarter, revenue was $2.1 billion, a 41-percent increase on a reported basis, and a 9-percent organic increase. The fourth quarter total revenue earnings exceeded Xylem’s previous guidance.
“The team delivered an outstanding fourth quarter, fueling momentum as we enter 2024,” said Matthew Pine, Xylem president and CEO. “Revenue, margin and earnings per share all exceeded expectations, driven by strong execution on healthy demand across our business. In a transformational year for Xylem, the team stayed focused on serving our customers and delivered strong results on both the top and bottom lines.
“That discipline and focus, paired with continuing resilient underlying demand, gives us confidence in further growth and margin expansion in the year ahead. Our integration of Evoqua is ahead of schedule, and our team is taking full advantage of the breadth of our combined offering to solve even more of our customers’ water challenges.”
Net income was $266 million or $1.10 per share, and net income margin increased 270 basis points to 12.6 percent. The results were driven by strong operational performance and non-recurring tax benefits, partially offset by higher acquisition and integration costs related to the acquisition of Evoqua.
Xylem’s forecasts full-year 2024 revenue of approximately $8.4 to $8.5 billion, which would be an increase of 14 to 15 percent on a reported basis and from 3 to 5 percent on an organic basis.
Xylem Inc. is No. 17 on the RER 100.
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.