- First quarter 2016 revenue grew four percent organically to $847
million from the prior year
- First quarter 2016 adjusted earnings per share (EPS) were $0.35, an
increase of six percent versus first quarter 2015 results, and up nine
percent excluding acquisitions; GAAP EPS were $0.37
- Adjusted operating margin for the first quarter expanded to 10.9
percent, an increase of 10 basis points, and up 40 basis points
excluding acquisitions; GAAP operating margin declined 60 basis points
to 9.3 percent
- Xylem raises full-year outlook of adjusted EPS to a range of $1.98
to $2.08 to reflect interest savings from debt refinancing
Company Website:
http://www.xyleminc.com
RYE BROOK, N.Y. -- (Business Wire)
Xylem Inc. (NYSE:XYL), a leading global water technology company
dedicated to solving the world’s most challenging water issues, today
reported first quarter 2016 net income of $66 million, or $0.37 per
share. Excluding restructuring and realignment charges and other special
items, adjusted net income was $62 million or $0.35 per share, an
increase of two cents or six percent from the comparable period in 2015.
First quarter revenue was $847 million, up four percent on an organic
basis, reflecting strength in the U.S. public utility and commercial
building markets and growth across all key regions. Excluding
restructuring and realignment charges and other special items, first
quarter adjusted operating margin improved 10 basis points, driven by
continued improvement in operating efficiencies. Excluding the impact of
acquisitions, adjusted operating margin expanded 40 basis points in the
quarter.
“We are off to a solid start in 2016 as our teams’ strong project
execution helped accelerate our performance in mixed market conditions,”
said Patrick Decker, President and Chief Executive Officer of Xylem.
“Our top-line growth in the quarter reflects the benefits of our
diversified end-market exposure. We are pleased with the continuing
strength we see in the global public utility market, up 12 percent in
the quarter, and we believe this market in the U.S. is in the early
stages of a long-term recovery. In the industrial end market, we were
able to offset ongoing headwinds from the oil and gas and mining sectors
to bring our total industrial results to flat. And our teams delivered
double-digit revenue growth in India and the Middle East, driving
two-percent top-line growth in our Emerging Markets.”
Decker continued, “The fundamentals of our core business continue to
improve and we are realizing the benefits of our cost savings and
productivity initiatives across our businesses, enabling us to invest
more in our strategic growth initiatives to drive greater shareholder
value.”
Full-year 2016 Outlook
Xylem reaffirmed its forecast of full-year 2016 revenue of approximately
$3.7 billion, including approximately one-percent growth from completed
acquisitions and the unfavorable impacts of foreign exchange. On an
organic basis, Xylem’s revenue growth is anticipated to be in the range
of two to four percent.
The Company also reaffirmed its full-year 2016 adjusted operating income
projection of $493 to $515 million. Full-year 2016 adjusted EPS are now
expected to be in the range of $1.98 to $2.08, reflecting the interest
savings from the Company’s recent refinancing of its 3.55% senior notes.
This range represents growth of nine to 15 percent, excluding foreign
exchange translation. The Company’s adjusted earnings outlook continues
to exclude projected restructuring and realignment costs of
approximately $25 million for the year.
First Quarter Segment Results
Water Infrastructure
Xylem’s Water Infrastructure segment consists of its businesses serving
clean water delivery, wastewater transport and treatment, dewatering and
analytical instrumentation.
-
First quarter 2016 Water Infrastructure revenue was $514 million, up 6
percent organically from 2015. This growth was driven by strength in
the public utility end market across all major regions, particularly
in the U.S. where the Company achieved share gains as well.
-
First quarter adjusted segment operating income, which excludes
restructuring and realignment charges as well as initial acquisition
costs, was $62 million versus $53 million in the prior year period.
Adjusted operating margin for the quarter expanded 150 basis points to
12.1 percent, primarily driven by the impact of cost savings from
global procurement, productivity gains and volume leverage, which more
than offset cost inflation.
Applied Water
Xylem’s Applied Water segment consists of its portfolio of businesses in
residential and commercial building services, and industrial and
agricultural applications.
-
First quarter 2016 Applied Water segment revenue grew one percent
organically to $333 million. The increase was driven by strength in
Europe and the Middle East, partially offset by slower sales in the
U.S.
-
First quarter adjusted segment operating income, which excludes
restructuring and realignment charges, was $42 million, down from $47
million in the comparable prior year period. Adjusted operating margin
for the quarter decreased 130 basis points to 12.6 percent. This
decline was due to the timing of investments and unfavorable mix,
which more than offset cost savings from global procurement and
productivity gains, net of inflation.
Supplemental information on Xylem’s first quarter earnings and
reconciliations for non-GAAP items are posted at http://investors.xyleminc.com.
About Xylem
Xylem (XYL) is a leading global water technology provider, enabling
customers to transport, treat, test and efficiently use water in public
utility, residential and commercial building services, industrial and
agricultural settings. The Company does business in more than 150
countries through a number of market-leading product brands, and its
people bring broad applications expertise with a strong focus on finding
local solutions to the world’s most challenging water and wastewater
problems. Xylem is headquartered in Rye Brook, New York, with 2015
revenue of $3.7 billion and more than 12,500 employees worldwide. Xylem
was named to the Dow Jones Sustainability Index, North America for the
last four years for advancing sustainable business practices and
solutions worldwide, and the Company has satisfied the requirements to
be a constituent of the FTSE4Good Index Series each year since 2013.
The name Xylem is derived from classical Greek and is the tissue that
transports water in plants, highlighting the engineering efficiency of
our water-centric business by linking it with the best water
transportation of all – that which occurs in nature. For more
information, please visit us at www.xylem.com.
Forward-Looking Statements
This press release contains information that may constitute
“forward-looking statements.” Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Generally,
the words “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “forecast,” “believe,” “target,” “will,” “could,” “would,”
“should” and similar expressions identify forward-looking statements,
which generally are not historical in nature. However, the absence of
these words or similar expressions does not mean that a statement is not
forward-looking.
These forward-looking statements include statements about the
capitalization of Xylem Inc. (the “Company”), the Company’s
restructuring and realignment, future strategic plans and other
statements that describe the Company’s business strategy, outlook,
objectives, plans, intentions or goals. All statements that address
operating or financial performance, events or developments that we
expect or anticipate will occur in the future – including statements
relating to orders, revenues, operating margins and earnings per share
growth, and statements expressing general views about future operating
results – are forward-looking statements. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that could cause actual results to differ materially from those
expressed or implied in, or reasonably inferred from, such
forward-looking statements.
Factors that could cause results to differ materially from those
anticipated include: economic, political and other risks associated with
our international operations, including military actions, economic
sanctions or trade embargoes that could affect customer markets, and
non-compliance with laws, including foreign corrupt practice laws,
export and import laws and competition laws; potential for unexpected
cancellations or delays of customer orders in our reported backlog; our
exposure to fluctuations in foreign currency exchange rates; competition
and pricing pressures in the markets we serve; the strength of housing
and related markets; ability to retain and attract key members of
management; our relationship with and the performance of our channel
partners; our ability to successfully identify, complete and integrate
acquisitions; our ability to borrow or to refinance our existing
indebtedness and availability of liquidity sufficient to meet our needs;
changes in the value of goodwill or intangible assets; risks relating to
product defects, product liability and recalls; governmental
investigations; security breaches or other disruptions of our
information technology systems; litigation and contingent liabilities;
and other factors set forth in Item 1A of our Annual Report on Form 10-K
for the year ended December 31, 2015, and those described from time to
time in subsequent reports filed with the Securities and Exchange
Commission.
All forward-looking statements made herein are based on information
currently available to the Company. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, except as
required by law.
|
XYLEM INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)
|
(in millions, except per share data)
|
|
For the three months ended March 31, |
|
|
| 2016 |
|
|
2015
|
Revenue
|
|
|
| $ | 847 | | | |
$
|
837
| |
Cost of revenue
| | | | 518 |
| | |
522
|
|
Gross profit
| | | | 329 | | | |
315
| |
Selling, general and administrative expenses
| | | | 219 | | | |
206
| |
Research and development expenses
| | | | 25 | | | |
23
| |
Restructuring charges
| | | | 6 |
| | |
3
|
|
Operating income
| | | | 79 | | | |
83
| |
Interest expense
| | | | 14 | | | |
14
| |
Other non-operating (expense), net
| | | | — | | | |
(1
|
)
|
Gain from sale of businesses
| | | | — |
| | |
9
|
|
Income before taxes
| | | | 65 | | | |
77
| |
Income tax (benefit) expense
| | | | (1 | ) | | |
13
|
|
Net income
| | | | $ | 66 |
| | |
$
|
64
|
|
Earnings per share:
| | | | | | | |
Basic
| | | | $ | 0.37 | | | |
$
|
0.35
| |
Diluted
| | | | $ | 0.37 | | | |
$
|
0.35
| |
Weighted average number of shares:
| | | | | | | |
Basic
| | | | 178.6 | | | |
182.1
| |
Diluted
| | | | 179.3 | | | |
183.1
| |
Dividends declared per share
| | | | $ | 0.1549 | | | |
$
|
0.1408
| |
| | | | | | | | | | |
|
|
XYLEM INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
(in millions, except per share amounts)
|
|
|
| March 31, 2016 |
|
|
December 31, 2015
|
|
| | | | |
ASSETS | | | | | |
Current assets:
| | | | | |
Cash and cash equivalents
| | $ | 1,193 | | | |
$
|
680
| |
Receivables, less allowances for discounts and doubtful accounts
of $24 and $33 in 2016 and 2015, respectively
| | 752 | | | |
749
| |
Inventories
| | 482 | | | |
433
| |
Prepaid and other current assets
| | 148 |
| | |
143
|
|
Total current assets
| | 2,575 | | | |
2,005
| |
Property, plant and equipment, net
| | 446 | | | |
439
| |
Goodwill
| | 1,632 | | | |
1,584
| |
Other intangible assets, net
| | 464 | | | |
435
| |
Other non-current assets
| | 187 |
| | |
194
|
|
Total assets | | $ | 5,304 |
| | |
$
|
4,657
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |
Current liabilities:
| | | | | |
Accounts payable
| | $ | 332 | | | |
$
|
338
| |
Accrued and other current liabilities
| | 380 | | | |
407
| |
Short-term borrowings and current maturities of long-term debt
| | 720 |
| | |
78
|
|
Total current liabilities
| | 1,432 | | | |
823
| |
Long-term debt
| | 1,153 | | | |
1,196
| |
Accrued postretirement benefits
| | 340 | | | |
335
| |
Deferred income tax liabilities
| | 106 | | | |
118
| |
Other non-current accrued liabilities
| | 114 |
| | |
101
|
|
Total liabilities | | 3,145 |
| | |
2,573
|
|
Stockholders’ equity:
| | | | | |
Common Stock – par value $0.01 per share:
| | | | | |
Authorized 750.0 shares, issued 190.8 shares and 190.2 shares
in 2016 and 2015, respectively
| | 2 | | | |
2
| |
Capital in excess of par value
| | 1,848 | | | |
1,834
| |
Retained earnings
| | 923 | | | |
885
| |
Treasury stock – at cost 11.9 shares and 11.8 shares in 2016
and 2015, respectively
| | (402 | ) | | |
(399
|
)
|
Accumulated other comprehensive loss
| | (212 | ) | | |
(238
|
)
|
Total stockholders’ equity | | 2,159 |
| | |
2,084
|
|
Total liabilities and stockholders’ equity | | $ | 5,304 |
| | |
$
|
4,657
|
|
| | | | | | | | |
|
|
XYLEM INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
(in millions)
|
|
For the three months ended March 31, |
| 2016 |
|
|
2015
|
Operating Activities |
| | | | |
Net income
| | $ | 66 | | | |
$
|
64
| |
Adjustments to reconcile net income to net cash provided by operating
activities:
| | | | | |
Depreciation
| | 20 | | | |
24
| |
Amortization
| | 12 | | | |
11
| |
Share-based compensation
| | 5 | | | |
4
| |
Restructuring charges
| | 6 | | | |
3
| |
Gain from sale of businesses
| | — | | | |
(9
|
)
|
Other, net
| | 1 | | | |
1
| |
Payments for restructuring
| | (2 | ) | | |
(6
|
)
|
Changes in assets and liabilities (net of acquisitions):
| | | | | |
Changes in receivables
| | 22 | | | |
4
| |
Changes in inventories
| | (31 | ) | | |
(33
|
)
|
Changes in accounts payable
| | (1 | ) | | |
4
| |
Other, net
| | (57 | ) | | |
(28
|
)
|
Net Cash – Operating activities | | 41 |
| | |
39
|
|
Investing Activities | | | | | |
Capital expenditures
| | (37 | ) | | |
(37
|
)
|
Acquisition of business, net of cash acquired
| | (70 | ) | | |
—
| |
Proceeds from sale of businesses
| | — | | | |
1
| |
Other, net
| | 2 |
| | |
—
|
|
Net Cash – Investing activities | | (105 | ) | | |
(36
|
)
|
Financing Activities | | | | | |
Short-term debt issued
| | 40 | | | |
—
| |
Long-term debt issued
| | 540 | | | |
—
| |
Repurchase of common stock
| | (3 | ) | | |
(53
|
)
|
Proceeds from exercise of employee stock options
| | 8 | | | |
6
| |
Dividends paid
| | (28 | ) | | |
(26
|
)
|
Other, net
| | 2 |
| | |
2
|
|
Net Cash – Financing activities | | 559 |
| | |
(71
|
)
|
Effect of exchange rate changes on cash | | 18 |
| | |
(41
|
)
|
Net change in cash and cash equivalents
| | 513 | | | |
(109
|
)
|
Cash and cash equivalents at beginning of year
| | 680 |
| | |
663
|
|
Cash and cash equivalents at end of period | | $ | 1,193 |
| | |
$
|
554
|
|
Supplemental disclosure of cash flow information: | | | | | |
Cash paid during the period for:
| | | | | |
Interest
| | $ | 25 | | | |
$
|
11
| |
Income taxes (net of refunds received)
| | $ | 15 | | | |
$
|
8
| |
| | | | | | | | |
|
|
Xylem Inc. Non-GAAP Measures
|
|
Management views key performance indicators including revenue, gross
margins, segment operating income and margins, orders growth, free
cash flow, working capital, and backlog, among others. In addition,
we consider certain measures to be useful to management and
investors evaluating our operating performance for the periods
presented, and provide a tool for evaluating our ongoing operations,
liquidity and management of assets. This information can assist
investors in assessing our financial performance and measures our
ability to generate capital for deployment among competing strategic
alternatives and initiatives. These metrics, however, are not
measures of financial performance under GAAP and should not be
considered a substitute for revenue, operating income, net income,
earnings per share (basic and diluted) or net cash from operations
as determined in accordance with GAAP. We consider the following
non-GAAP measures, which may not be comparable to similarly titled
measures reported by other companies, to be key performance
indicators:
|
|
“Organic revenue" and "Organic orders” defined as
revenue and orders, respectively, excluding the impact of
fluctuations in foreign currency translation and contributions from
acquisitions and divestitures. Divestitures include sales of
portions of our business that did not meet the criteria for
classification as a discontinued operation or insignificant portions
of our business that we did not classify as a discontinued
operation. The period-over-period change resulting from foreign
currency fluctuations assumes no change in exchange rates from the
prior period.
|
|
“Constant currency” defined as financial results adjusted for
currency translation impacts by translating current period and prior
period activity using the same currency conversion rate. This
approach is used for countries whose functional currency is not the
U.S. dollar.
|
|
“EBITDA” defined as earnings before interest, taxes,
depreciation, amortization expense, and share-based compensation. “Adjusted
EBITDA” reflects the adjustment to EBITDA to exclude
restructuring and realignment costs, gain on sale of business and
special charges.
|
|
"Adjusted Operating Income", "Adjusted Segment Operating Income",
and “Adjusted EPS” defined as operating income, segment
operating income and earnings per share, adjusted to exclude
restructuring and realignment costs, gain on sale of businesses,
special charges and tax-related special items, as applicable.
|
|
“Free Cash Flow” defined as net cash from operating
activities, as reported in the Statement of Cash Flow, less capital
expenditures as well as adjustments for other significant items that
impact current results which management believes are not related to
our ongoing operations and performance. Our definition of free cash
flows does not consider non-discretionary cash payments, such as
debt.
|
|
“Realignment costs” defined as costs not included in
restructuring costs that are incurred as part of actions taken to
reposition our business, including items such as professional fees,
severance, relocation, travel, facility set-up and other costs.
|
|
“Special charges" defined as costs incurred by the Company,
such as initial acquisition related costs, costs incurred for the
contractual indemnification of tax obligations to ITT and other
special non-operating items.
|
|
“Tax-related special items" defined as tax items, such as tax
return versus tax provision adjustments, tax exam impacts, tax law
change impacts, significant reserves for cash repatriation and other
discrete tax adjustments.
|
|
|
Xylem Inc. Non-GAAP Reconciliation
|
Reported vs. Organic & Constant Currency Orders
|
($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | (As Reported - GAAP) | | (As Adjusted - Organic) | | Constant Currency |
| | |
|
(A)
|
|
(B)
|
| | | |
(C)
|
|
(D)
|
|
(E) = B+C+D
|
|
(F) = E/A
| | |
(G) = (E - C) / A
|
| | | | | | | | | | | | | | | | | | | |
|
| | | | | |
Change
| |
% Change
| | |
Acquisitions/
| | | |
Change
| |
% Change
| | | |
| |
Orders
| |
Orders
| |
2016 v. 2015
| |
2016 v. 2015
|
| |
Divestitures
| |
FX Contribution
| |
Adj. 2016 v. 2015
| |
Adj. 2016 v. 2015
|
| | |
| |
2016
| |
2015
| | | | | | | | | | | | | | | | |
Quarter Ended March 31 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
|
Xylem Inc. | |
888
| |
915
| |
(27)
| |
-3%
| |
(5)
| |
31
| |
(1)
| |
0%
| |
0%
|
| | | | | | | | | | | | | | | | | | | |
|
Water Infrastructure
| |
534
| |
562
| |
(28)
| |
-5%
| |
(5)
| |
24
| |
(9)
| |
-2%
| |
-1%
|
Applied Water
| |
354
| |
353
| |
1
| |
0%
| |
-
| |
7
| |
8
| |
2%
| |
2%
|
| | | | | |
| | | | | |
| | | | |
| | | | | |
| |
|
Xylem Inc. Non-GAAP Reconciliation
|
Reported vs. Organic & Constant Currency Revenue
|
($ Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | (As Reported - GAAP) | | (As Adjusted - Organic) | | Constant Currency |
| | |
|
(A)
|
|
(B)
|
| | |
(C)
|
|
(D)
|
|
(E) = B+C+D
|
|
(F) = E/A
| |
(G) = (E - C) / A
|
| | | | | | | | | | | | | | | | | |
|
| | | | | |
Change
| |
% Change
| |
Acquisitions/
| | | |
Change
| |
% Change
| | |
| |
Revenue
| |
Revenue
| |
2016 v. 2015
| |
2016 v. 2015
| |
Divestitures
| |
FX Contribution
| |
Adj. 2016 v. 2015
| |
Adj. 2016 v. 2015
| | |
| |
2016
| |
2015
| | | | | | | | | | | | | | |
Quarter Ended March 31 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
Xylem Inc. | |
847
| |
837
| |
10
| |
1%
| |
(6)
| |
27
| |
31
| |
4%
| |
4%
|
| | | | | | | | | | | | | | | | | |
|
Water Infrastructure
| |
514
| |
500
| |
14
| |
3%
| |
(6)
| |
21
| |
29
| |
6%
| |
7%
|
Applied Water
| |
333
| |
337
| |
(4)
| |
-1%
| |
-
| |
6
| |
2
| |
1%
| |
1%
|
| | | | | | | | | | | | | | | | | |
|
Xylem Inc. Non-GAAP Reconciliation
|
Adjusted Operating Income
|
($ Millions)
|
| |
|
|
|
|
|
| | | Q1 |
| | | 2016 |
|
| 2015 |
|
Total Revenue
| | | | | |
|
• Total Xylem
| |
847
| | |
837
|
|
• Water Infrastructure
| |
514
| | |
500
|
|
• Applied Water
| |
333
| | |
337
|
|
|
|
|
|
|
|
|
Operating Income
| | | | | |
|
• Total Xylem
| |
79
| | |
83
|
|
• Water Infrastructure
| |
54
| | |
47
|
|
• Applied Water
| |
39
| | |
46
|
|
• Total Segments
| |
93
| | |
93
|
| | | | | |
|
|
Operating Margin
| | | | | |
|
• Total Xylem
| |
9.3%
| | |
9.9%
|
|
• Water Infrastructure
| |
10.5%
| | |
9.4%
|
|
• Applied Water
| |
11.7%
| | |
13.6%
|
|
• Total Segments
|
|
11.0%
|
|
|
11.1%
|
| | | | | |
|
|
Special Charges
| | | | | |
|
• Total Xylem
| |
4
| | |
1
|
|
• Water Infrastructure
| |
4
| | |
1
|
|
• Applied Water
| |
-
| | |
-
|
|
• Total Segments
| |
4
| | |
1
|
| | | | | |
|
|
Restructuring & Realignment Costs
| | | | | |
|
• Total Xylem
| |
9
| | |
6
|
|
• Water Infrastructure
| |
4
| | |
5
|
|
• Applied Water
| |
3
| | |
1
|
|
• Total Segments
| |
7
| | |
6
|
|
|
|
|
|
|
|
|
Adjusted Operating Income*
| | | | | |
|
• Total Xylem
| |
92
| | |
90
|
|
• Water Infrastructure
| |
62
| | |
53
|
|
• Applied Water
| |
42
| | |
47
|
|
• Total Segments
| |
104
| | |
100
|
| | | | | |
|
|
Adjusted Operating Margin*
| | | | | |
|
• Total Xylem
| |
10.9%
| | |
10.8%
|
|
• Water Infrastructure
| |
12.1%
| | |
10.6%
|
|
• Applied Water
| |
12.6%
| | |
13.9%
|
|
• Total Segments
|
|
12.3%
|
|
|
11.9%
|
| | | | | |
|
| | | | | |
|
|
*Adjusted Operating Income excludes restructuring & realignment
costs and special charges.
|
|
Xylem Inc. Non-GAAP Reconciliation
|
Adjusted Diluted EPS
|
($ Millions, except per share amounts)
|
|
| |
| | |
| | | | | | |
| | |
| | | | | |
| | | |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| | | | Q1 2015 | | Q1 2016 |
| | | | As Reported | | | Adjustments | | | Adjusted | | | | As Reported | | | Adjustments | | | Adjusted | |
| |
Total Revenue
| | |
837
| | | | | | |
837
| | | | |
847
| | | | | | |
847
| |
| |
Operating Income
| | |
83
| | | |
7
| |
a
| |
90
| | | | |
79
| | | |
13
| |
a
| |
92
| |
| |
Operating Margin
| | | 9.9 | % | | | | | | 10.8 | % | | | | 9.3 | % | | | | | | 10.9 | % |
| |
Interest Expense
| | |
(14
|
)
| | | | | |
(14
|
)
| | | |
(14
|
)
| | | | | |
(14
|
)
|
| |
Other Non-Operating Income (Expense)
| | |
(1
|
)
| | |
1
| |
b
| |
-
| | | | |
-
| | | | | | |
-
| |
| |
Gain from sale of business
| |
|
9
|
| |
|
(9
|
)
| |
|
-
|
| | |
|
-
|
| |
|
| |
|
-
|
|
| |
Income before Taxes
| | |
77
| | | |
(1
|
)
| | |
76
| | | | |
65
| | | |
13
| | | |
78
| |
| |
Provision for Income Taxes
| |
|
(13
|
)
| |
|
(3
|
)
|
c
|
|
(16
|
)
| | |
|
1
|
| |
|
(17
|
)
|
b
|
|
(16
|
)
|
| |
Net Income
| |
|
64
|
| |
|
(4
|
)
| |
|
60
|
| | |
|
66
|
| |
|
(4
|
)
| |
|
62
|
|
| |
Diluted Shares
|
|
|
183.1
|
|
|
|
|
|
|
183.1
|
|
|
|
|
179.3
|
|
|
|
|
|
|
179.3
|
|
| | Diluted EPS |
| $ | 0.35 |
|
| $ | (0.02 | ) |
| $ | 0.33 |
|
|
| $ | 0.37 |
|
| $ | (0.02 | ) |
| $ | 0.35 |
|
| | | | | | | | | | | | | | | | | | | | |
|
a
| |
Restructuring & realignment costs and special charges
|
b
| |
Special charges
|
c
| |
Net tax impact of restructuring & realignment costs and special
charges, and tax-related special items
|
| |
|
|
Xylem Inc. Non-GAAP Reconciliation
|
Net Cash - Operating Activities vs. Free Cash Flow
|
($ Millions)
|
|
|
|
Q1
|
| |
2016
|
|
2015
|
| | | |
|
Net Cash - Operating Activities | |
$
|
41
| | |
$
|
39
| |
| | | |
|
Capital Expenditures
| | |
(37
|
)
| | |
(37
|
)
|
| |
| |
|
Free Cash Flow | |
$
|
4
|
| |
$
|
2
|
|
| | | |
|
Net Income
| | |
66
| | | |
64
| |
| | | |
|
Gain from sale of businesses
| |
|
-
|
| |
|
9
|
|
| | | |
|
Net Income, excluding gain on sale of businesses | |
$
|
66
|
| |
$
|
55
|
|
| | | |
|
Free Cash Flow Conversion | |
|
6
|
%
| |
|
4
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160503006020/en/
Contacts:
Xylem Inc.
Media
Kelly McAndrew, +1 (914) 323-5969
Kelly.McAndrew@xyleminc.com
or
Investors
Phil
DeSousa, +1 (914) 323-5930
Phil.DeSousa@xyleminc.com
Source: Xylem Inc.
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