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.
