Company Provides Preliminary Second Quarter 2015 Financial Results
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
announced that Michael T. Speetzen, Senior Vice President and Chief
Financial Officer, has resigned his position with the Company to accept
another chief financial officer position, effective July 30, 2015. Mr.
Speetzen will continue to serve as Xylem’s Chief Financial Officer
through the Company’s second quarter earnings announcement and 10-Q
filing on July 30, 2015.
Shashank Patel, a 19-year veteran of the Company and its former parent,
will serve as interim Chief Financial Officer (CFO) while the Company
conducts a search for a permanent successor. Mr. Patel currently serves
as CFO and Vice President, Finance for Xylem’s Applied Water Systems
division, where he leads financial planning, accounting and controls for
this global business. Since 1996, he has served in a number of
leadership roles in finance, operations and engineering at the Company.
Patrick Decker, President and Chief Executive Officer of Xylem, said,
“Mike has made many valuable contributions to our business over the past
six years, particularly as a key member of the management team that
helped to steer the Company through its spin-off from ITT. We wish him
all the best in his new role.”
Mr. Speetzen said, “It has been a privilege to work alongside such a
dedicated and talented team of people. Xylem is in a strong financial
position and I firmly believe that its valuable global brands, products
and world-class distribution will support the long-term strategy of the
Company.”
Mr. Decker continued, “I’m very pleased that Shashank Patel has agreed
to step into the CFO role on an interim basis. His financial expertise
and deep operational knowledge of the Company will enable a seamless
transition.”
Xylem also announced preliminary results for the quarter ending June 30,
2015. The Company expects to report revenue of $920 million, and
earnings per share of $0.41 and adjusted earnings per share of $0.43.
Xylem will report its complete second quarter results on July 30, 2015.
Reconciliation for the non-GAAP item can be found at the end of this
release.
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 2014
revenues of $3.9 billion and approximately 12,500 employees worldwide.
Xylem was named to the Dow Jones Sustainability Index for the last three
years for advancing sustainable business practices and solutions
worldwide.
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" within the meaning of the Private
Securities Litigation Act of 1995. 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 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, revenue, 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; weather conditions; ability to retain and attract
key members of management; our relationship with and the performance of
our channel partners; 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 under “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2014 and with
subsequent filings we make with the Securities and Exchange Commission.
All forward-looking statements made herein are based on information
available to the Company as of the date of this press release. 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.
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Xylem Inc. Non-GAAP Reconciliation
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Adjusted Diluted EPS
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| | | | Q2 2015 |
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EPS - GAAP
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$ 0.41
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Restructuring, realignment & special charges
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$ 0.02
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EPS - Adjusted
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$ 0.43
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View source version on businesswire.com: http://www.businesswire.com/news/home/20150713006302/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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