Xylem Inc. (NYSE:XYL) reported better-than-expected first-quarter financial results and raised its 2024 guidance on Thursday.
Xylem posted adjusted earnings of 90 cents per share, beating market estimates of 84 cents per share. The company's quarterly sales came in at $2.033 billion versus expectations of $1.997 billion, according to data from Benzinga Pro.
The company said it now sees 2024 adjusted earnings of $4.10 to $4.25 per share, versus prior forecast of $4.00 to $4.20 per share. The company now expects sales of $8.5 billion versus previous guidance of $8.4 billion to $8.5 billion.
"The team outperformed on all metrics and continued Xylem's strong momentum, including record first-quarter margins," said Matthew Pine, Xylem's president and CEO. "Operational performance was robust on healthy demand across most segments and regions. We're also on track to capture the synergies of our integration with Evoqua, and are driving simplification across our business to lock in and extend our margin improvements over time."
Xylem shares gained 3.8% to close at $135.99 on Thursday.
These analysts made changes to their price targets on Xylem following earnings announcement.
- Baird raised the price target on Xylem from $151 to $155. Baird analyst Michael Halloran maintained an Outperform rating.
- Mizuho boosted the price target on Xylem from $110 to $135. Mizuho analyst Brett Linzey maintained a Neutral rating.
- Oppenheimer increased the price target on Xylem from $142 to $147. Oppenheimer analyst Bryan Blair maintained an Outperform rating.
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