Xylem Q3 Profit Down

(RTTNews) - Xylem Inc. (XYL) reported third quarter 2020 net income of $37 million or $0.20 per share, down from $65 million or $0.36 per share in the prior year.

Excluding the impact of restructuring, realignment and special charges, adjusted net income for the latest-quarter was $114 million or $0.62 per share.

Third quarter revenue was $1.2 billion, down 6 percent on a reported basis and 7 percent organically, declining less than previously expected, primarily driven by the resilience of the wastewater utility business and healthy residential demand.

Orders were down 7 percent on a reported basis and 8 percent, organically.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $1.16 billion. Analysts' estimates typically exclude special items.

Xylem expects fourth quarter organic revenue declines in the range of 6 to 8 percent and adjusted operating margin in the range of 13.0 percent to 13.5 percent.