Shares of Xylem Inc. (XYL), a leading global water technology company, plummeted by around 7% on Wednesday, as the company's third-quarter revenue and full-year outlook failed to meet market expectations.

For the third quarter of 2024, Xylem reported revenue of $2.1 billion, missing analysts' consensus estimate of $2.17 billion. The revenue miss was primarily attributed to weaker-than-expected sales in key segments like water infrastructure and applied water.

Despite the revenue shortfall, Xylem's adjusted earnings per share (EPS) of $1.11 for the quarter met analysts' expectations, representing a 12% increase compared to the same period last year.

However, the company's full-year guidance for 2024 further dampened investor sentiment. Xylem narrowed its revenue forecast for the year to $8.5 billion, down from its previous guidance of $8.55 billion and below the consensus estimate of $8.58 billion. Additionally, the company revised its adjusted EPS guidance for 2024 to a range of $4.22 to $4.24, slightly lower than the analysts' consensus of $4.26.