Shares of Xylem Inc. (XYL), a leading water technology company, plummeted by over 6% in early trading on Wednesday, following the company's third-quarter earnings report and revised full-year guidance for 2024.

While Xylem reported a 1% increase in revenue year-over-year and a 12% growth in adjusted earnings per share (EPS) for the third quarter, the results fell short of analysts' expectations. The company's revenue of $2.1 billion missed the consensus estimate of $2.17 billion, primarily due to weaker-than-expected sales in key segments like water infrastructure and applied water.

Furthermore, Xylem narrowed its full-year 2024 revenue guidance to $8.5 billion, down from the previous estimate of $8.55 billion and below the consensus of $8.58 billion. The company also revised its adjusted EPS guidance for the year to a range of $4.22 to $4.24, slightly lower than the analysts' consensus of $4.26.