Water technology firm Xylem Inc. (XYL) Tuesday said its first-quarter net income declined to $41 million or $0.22 per share from $63 million or $0.34 per share in the previous year.
Adjusted earnings for the recent quarter were $0.27 per share, which excluded impact of special items that include restructuring and realignment charges, and special tax items. In the prior-year quarter, adjusted earnings were $0.36 per share.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter fell to $879 million from $925 million a year earlier, that reflected on-going European economic challenges, U.S. industrial weakness and lower shipments for treatment projects. Analysts estimated revenues of $892.73 million for the quarter.
Xylem also affirmed its full-year 2013 guidance for adjusted earnings per share of $1.79 to $1.89. Revenues are anticipated to grow 3 to 4 percent to about $3.9 billion.
Analysts are currently looking for earnings of $1.84 per share, on revenues of $3.90 billion for the year.
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