Xylem Revenue Declines in Second Quarter
Xylem's second-quarter 2013 revenue was 3.4% lower than the same period in 2012
In the second quarter of 2013, Xylem shares fell 17%, the biggest drop since 2011, according to Bloomberg.
The company reported a second-quarter revenue of $960 million, a 3.4% decline from the same period in 2012.
"While our second quarter results were lower than expected, we captured important contract wins in June, resulting in record orders of more than $1 billion in the quarter,” said Gretchen McClain, president and CEO of Xylem Inc. “We continue to take strong and decisive actions to position the company for efficient operation and profitable growth. While we’re seeing the initial benefits from our ongoing restructuring and organizational realignment, we are accelerating additional short- and long-term actions to further reduce our cost base and drive more efficiencies throughout our business.”
Xylem revised its 2013 forecast to $3.7 billion, down 5% from its March 7, 2013 prediction.