Xylem Inc. reported strong financial performance for the third quarter and the first nine months of 2024, reflecting significant growth in revenue and profitability compared to the same periods in 2023. For Q3 2024, total revenue reached $2,104 million, a 1.3% increase from $2,076 million in Q3 2023. For the nine months ended September 30, 2024, revenue surged to $6,306 million, marking a 20.2% increase from $5,246 million in the prior year. This growth was driven by organic revenue increases of 1.1% in Q3 and 5.4% for the nine-month period, primarily attributed to strong demand in the Measurement and Control Solutions segment.
Gross profit for Q3 2024 was $784 million, up from $764 million in Q3 2023, while gross profit for the nine months increased to $2,355 million from $1,961 million. Operating income for Q3 2024 rose to $280 million, a 46.6% increase from $191 million in the same quarter of 2023. For the nine months, operating income reached $742 million, up 68.3% from $441 million in the prior year. Net income for Q3 2024 was $217 million, compared to $152 million in Q3 2023, and for the nine months, net income increased to $564 million from $343 million.
The company completed the acquisition of Evoqua Water Technologies Corp. on May 24, 2023, which significantly contributed to revenue growth and operational scale. The total purchase price for the merger was approximately $6,900 million, including stock and debt repayment. The integration of Evoqua is expected to enhance Xylem's capabilities in water and wastewater treatment solutions.
Xylem's restructuring efforts, primarily related to the integration of Evoqua, resulted in restructuring charges of $4 million for Q3 2024 and $36 million for the nine months. The company anticipates total restructuring costs for 2024 to be between $40 million and $50 million.
In terms of liquidity, Xylem reported total current assets of $4,013 million as of September 30, 2024, with cash and cash equivalents at $989 million. The company has approximately $2 billion in available liquidity, including credit facilities.
Overall, Xylem's strategic initiatives, including the Evoqua acquisition and ongoing restructuring, have positioned the company for continued growth in the water technology sector, with a projected total revenue growth outlook of 15% for 2024.
About Xylem Inc.
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