Xylem Inc. Q2 2024 10-Q Filed
Ticker: XYL · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1524472
| Field | Detail |
|---|---|
| Company | Xylem Inc. (XYL) |
| Form Type | 10-Q |
| Filed Date | Jul 30, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, acquisition, financials
TL;DR
Xylem's Q2 10-Q is in, Evoqua deal closed May '23.
AI Summary
Xylem Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024. A significant event mentioned is the Evoqua acquisition, which closed on May 24, 2023.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Xylem Inc., including details related to its significant Evoqua acquisition.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- Xylem Inc. (company) — Filer of the 10-Q
- Evoqua (company) — Acquired company
- May 24, 2023 (date) — Date of Evoqua acquisition closing
- June 30, 2024 (date) — End of reporting period
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When did Xylem Inc. acquire Evoqua?
Xylem Inc.'s acquisition of Evoqua closed on May 24, 2023.
What is Xylem Inc.'s Standard Industrial Classification code?
Xylem Inc.'s Standard Industrial Classification code is 3561, for Pumps & Pump Equipment.
What was Xylem Inc.'s former company name?
Xylem Inc.'s former company name was ITT WCO, Inc.
When was the date of the former company name change?
The date of the former company name change was June 28, 2011.
Filing Stats: 4,685 words · 19 min read · ~16 pages · Grade level 16.3 · Accepted 2024-07-30 13:16:50
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share XYL New York Stock Exchange
Filing Documents
- xyl-20240630.htm (10-Q) — 2422KB
- xyl06302024ex311.htm (EX-31.1) — 9KB
- xyl06302024ex312.htm (EX-31.2) — 9KB
- xyl06302024ex321.htm (EX-32.1) — 6KB
- 0001524472-24-000033.txt ( ) — 12622KB
- xyl-20240630.xsd (EX-101.SCH) — 67KB
- xyl-20240630_cal.xml (EX-101.CAL) — 95KB
- xyl-20240630_def.xml (EX-101.DEF) — 429KB
- xyl-20240630_lab.xml (EX-101.LAB) — 858KB
- xyl-20240630_pre.xml (EX-101.PRE) — 686KB
- xyl-20240630_htm.xml (XML) — 2459KB
– Financial Information
PART I – Financial Information
- Financial Statements
Item 1 - Financial Statements: Condensed Consolidated Income Statements for the Three Months and Six Months Ended June 30 , 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 7
- Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 35
- Quantitative and Qualitative Disclosures About Market Risk
Item 3 - Quantitative and Qualitative Disclosures About Market Risk 57
- Controls and Procedures
Item 4 - Controls and Procedures 58
– Other Information
PART II – Other Information
- Legal Proceedings
Item 1 - Legal Proceedings 59
- Risk Factors
Item 1A - Risk Factors 59
- Unregistered Sales of Equity Securities and Use of Proceeds
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 59
- Defaults Upon Senior Securities
Item 3 - Defaults Upon Senior Securities 59
- Mine Safety Disclosure s
Item 4 - Mine Safety Disclosure s 59
- Other Information
Item 5 - Other Information 60
- Exhibits
Item 6 - Exhibits 60
Signatures
Signatures 62 2 PART I
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS XYLEM INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) (in millions, except per share data) Three Months Six Months For the periods ended June 30, 2024 2023 2024 2023 Revenue from products $ 1,802 $ 1,501 $ 3,492 $ 2,809 Revenue from services 367 221 710 361 Revenue 2,169 1,722 4,202 3,170 Cost of revenue from products 1,079 916 2,100 1,707 Cost of revenue from services 271 155 531 266 Cost of revenue 1,350 1,071 2,631 1,973 Gross profit 819 651 1,571 1,197 Selling, general and administrative expenses 485 446 959 800 Research and development expenses 58 58 117 111 Restructuring and asset impairment charges 23 28 33 36 Operating income 253 119 462 250 Interest expense 11 12 25 21 Other non-operating income, net 4 7 10 11 Gain/(Loss) on sale of businesses 1 — ( 4 ) — Income before taxes 247 114 443 240 Income tax expense 53 22 96 49 Net income $ 194 $ 92 $ 347 $ 191 Earnings per share: Basic $ 0.80 $ 0.45 $ 1.43 $ 0.99 Diluted $ 0.80 $ 0.45 $ 1.43 $ 0.98 Weighted average number of shares: Basic 242.6 205.5 242.2 193.0 Diluted 243.5 206.7 243.3 194.0 See accompanying notes to condensed consolidated financial statements. 3 XYLEM INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in millions) Three Months Six Months For the periods ended June 30, 2024 2023 2024 2023 Net income $ 194 $ 92 $ 347 $ 191 Other comprehensive income (loss), before tax: Foreign currency translation adjustment 6 ( 38 ) ( 59 ) ( 16 ) Net change in derivative hedge agreements: Unrealized gain (loss) — ( 3 ) ( 3 ) 1 Amount of (gain) loss reclassified into net income ( 1 ) ( 1 ) — 4 Net change in post-retirement benefit plans: Amortization of prior service credit — ( 1 ) — ( 1 ) Amortization of actuarial (gain) loss into net income — — — ( 1 ) Foreign currency translation adjustment — ( 1 ) 2 ( 1 ) Other comprehensive income