Reuters: Global Markets: Xylem cuts full-year forecast citing weak Europe

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Xylem cuts full-year forecast citing weak Europe Aug 2nd 2012, 14:36 Thu Aug 2, 2012 10:36am EDT (Reuters) - Xylem Inc (XYL.N), which makes products like water analyzers, pumps and controllers, cut its full-year forecast on weakness in Europe and a slowing U.S. economy, sending its shares down as much as 6 percent in early morning trade. The company said it expects headwinds to continue during the second half of the year, particularly in Europe. "Exiting the second quarter, it is clear we are faced with a weaker economic environment in Europe than originally expected and some moderation in U.S. growth," CEO Gretchen McClain said on a post-earnings conference call. Xylem said it now expects to earn between $1.72 and $1.82 per share, excluding items, on revenue of about $3.8 billion. The company, which was spun off from ITT Corp (ITT.N) in October, had earlier forecast earnings of $1.80 to $1.95 per share on revenue of between $3.9 billion and $4.0 billion. Net income rose to $89 million, or 48 cents per share, for April-June, from $72 million, or 39 cents per share, a year earlier. Excluding items, the company earned 49 cents per share. Revenue fell 1 percent to $966 million. The White Plains, New York-based company's shares, which have dropped almost a fifth since touching a year-high in March, were down 3 percent at $23.24 on the New York Stock Exchange. The stock touched a low of $22.45 earlier in the session. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Don Sebastian) Link this Share this Digg this Email Reprints

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