Shares of Xylem Inc., a leading global water technology company, plunged by over 5.5% in pre-market trading on Tuesday after the company reported third-quarter earnings and narrowed its full-year guidance for 2024.
While Xylem's adjusted earnings per share of $1.11 for the third quarter met analysts' estimates, its revenue of $2.1 billion fell short of expectations, missing the consensus forecast of $2.175 billion. This revenue miss, combined with the company's slightly lowered earnings outlook for the full year, weighed heavily on investor sentiment.
For the fiscal year 2024, Xylem now expects revenue of $8.5 billion, down from its previous guidance of $8.55 billion and below the consensus estimate of $8.528 billion. The company also narrowed its adjusted earnings per share guidance to a range of $4.22 to $4.24, compared to the previous range of $4.18 to $4.28 and slightly below the consensus estimate of $4.26.
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