Xylem Inc. Q1 FY2024 results: revenue $2.0 billion, up 40.4% on the year

Xylem Inc. (XYL) reported revenue of $2.0 billion for Q1 FY2024, the quarter ended 31 March 2024, up 40.4% on the same quarter a year earlier. Net income was $153 million, up 54.5% on the year, and diluted earnings per share $0.63. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$2.0 billionup 40.4%

Net income$153 millionup 54.5%

Diluted EPS$0.63

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,033	2,118	n/a	n/a
Cost of revenue	1,281	1,362	n/a	n/a
Gross profit	752	756	n/a	n/a
Gross margin	37.0%	35.7%	n/a
Research and development	59.0	60.0	n/a	n/a
Selling, general and administrative	474	466	n/a	n/a
Operating income	209	211	n/a	n/a
Operating margin	10.3%	10.0%	n/a
Interest expense	14.0	14.0	n/a	n/a
Pre-tax income	196	210	n/a	n/a
Income tax	43.0	-56.0	n/a	n/a
Effective tax rate	21.9%	-26.7%	n/a
Net income	153	266	n/a	n/a
Net margin	7.5%	12.6%	n/a
Diluted EPS	$0.63	$1.17	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	89.0	455	n/a	n/a
Capital expenditure	74.0	94.0	n/a	n/a
Free cash flow	15.0	361	n/a	n/a
Free cash flow margin	0.7%	17.0%	n/a
Depreciation and amortisation	134	137	n/a	n/a
Share-based compensation	18.0	14.0	n/a	n/a
Buybacks	15.0	15.0	n/a	n/a
Dividends paid	88.0	80.0	n/a	n/a
Dividend per share	$0.36	$0.36	n/a	n/a
Diluted shares, weighted	243m	218m	n/a	n/a
Shares outstanding at period end	242m	242m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	15,924	16,112	n/a	n/a
Cash and equivalents	947	1,019	n/a	n/a
Receivables	1,641	1,617	n/a	n/a
Inventory	1,039	1,018	n/a	n/a
Goodwill	7,509	7,587	n/a	n/a
Total debt, as filed	2,270	2,284	n/a	n/a
Long-term debt	1,985	2,268	n/a	n/a
Operating lease liabilities	n/a	272	n/a	n/a
Finance lease liabilities	n/a	64.0	n/a	n/a
Shareholders' equity	10,195	10,166	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,076	2,118	2,033	2,169	2,104	2,256	2,069	2,301	2,268	2,397	2,125	2,336
Cost of revenue	1,312	1,362	1,281	1,350	1,320	1,399	1,301	1,409	1,385	1,465	1,322	1,373
Gross profit	764	756	752	819	784	857	768	892	883	932	803	963
Gross margin	37%	36%	37%	38%	37%	38%	37%	39%	39%	39%	38%	41%
R&D	61.0	60.0	59.0	58.0	55.0	58.0	56.0	58.0	52.0	60.0	56.0	59.0
SG&A	491	466	474	485	445	507	460	503	474	486	472	503
Operating income	191	211	209	253	280	267	231	305	334	353	244	390
Operating margin	9%	10%	10%	12%	13%	12%	11%	13%	15%	15%	11%	17%
Interest expense	14.0	14.0	14.0	11.0	10.0	9.0	8.0	9.0	6.0	6.0	4.0	7.0
Pre-tax income	185	210	196	247	269	375	217	299	297	368	244	364
Tax rate	18%	-27%	22%	21%	19%	13%	23%	25%	24%	10%	23%	28%
Net income	152	266	153	194	217	326	169	226	227	335	193	263
Net margin	7%	13%	8%	9%	10%	14%	8%	10%	10%	14%	9%	11%
Diluted EPS	$0.63	$1.17	$0.63	$0.80	$0.89	$1.33	$0.69	$0.93	$0.93	$1.37	$0.79	$1.11
Operating cash flow	373	455	89.0	288	311	575	33.0	305	360	543	108	290
Capital expenditure	74.0	94.0	74.0	73.0	74.0	100	71.0	98.0	79.0	83.0	90.0	89.0
Free cash flow	299	361	15.0	215	237	475	-38.0	207	281	460	18.0	201
Buybacks	1.0	15.0	15.0	3.0	1.0	1.0	13.0	0.0	1.0	1.0	563	680
Dividends paid	80.0	80.0	88.0	87.0	88.0	87.0	98.0	98.0	97.0	98.0	106	101
Shares outstanding	241m	242m	242m	243m	243m	243m	243m	243m	243m	244m	238m	233m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0001524472-24-000015: the filing on EDGAR. All of Xylem Inc.'s filings: EDGAR company page.

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