(Reuters) – Xylem raised its annual profit forecast on Thursday on the back of strong demand for its water and waste-water treatment products and services.
The company now expects 2024 adjusted profit between $4.10 and $4.25 per share, compared with its previous forecast of $4.00 to $4.20 per share.
Analysts had expected a full-year profit of $4.14, according to LSEG data.
Xylem also forecast annual revenue of about $8.5 billion, compared with its previous outlook of $8.4 billion to $8.5 billion.
The company’s total first-quarter revenue rose 40.4% to $2.03 billion, beating Wall Street estimates of $2 billion.
Sales from its water infrastructure unit, which makes water and waste-water pumps, rose 40% to $574 million.
On an adjusted basis, Xylem earned 90 cents per share, beating estimates of 84 cents.
(Reporting by Puyaan Singh in Bengaluru; Editing by Shounak Dasgupta)
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