![]() Q1 2012 Earnings Release May 3, 2012 Exhibit 99.2 |
![]() Forward Looking Statements 2 This document contains information that may constitute “forward-looking statements.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Generally, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements about the separation of Xylem Inc. (the “Company”) from ITT Corporation, the terms and the effect of the separation, the nature and impact of the separation, capitalization of the Company, future strategic plans and other statements that describe the Company’s business strategy, outlook, objectives, plans intentions or goals, and any discussion of future operating or financial performance. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to orders, revenues, operating margins and earnings per share growth, and statements expressing general views about future operating results — are forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements because they involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such statements. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those set forth in Item 1A of our Annual Report on Form 10-K, and those described from time to time in subsequent reports filed with the Securities and Exchange Commission. |
![]() Q1’12 Financial Performance Summary 3 * See Appendix for Non-GAAP Reconciliations Orders > $1B Record Milestone; Book to Bill 1.09 Revenue $925M +6% (Constant Currency Basis)* Gross Margin 39.2% +130 bps Operating Margin * 11.2% 12.3% ex. Stand-Alone Costs; +70 bps EPS * $0.36 +9% Normalized Growth Free Cash Flow * $41M 61% Conversion … Typical Seasonality Solid Q1 Performance … Confident in Ability to Deliver a Strong 2012 |
![]() Q1’12 Performance Summary 4 Making Significant Progress on Key Focus Priorities Advancing Our Strategic Position • YSI Acquisition … EPS Accretive … Integration Ahead of Plan, Launched Cross Branded Products • Recognizing Revenue Synergies Across Analytics • Opened New Distribution and Customer Service Center in Russia Deploying Innovation & New Product Applications and Services • Bell & Gossett Awarded the PM Engineer Magazine Product of the Year Award • Bell & Gossett Little Red School House® Recognized as a Certified LEED (Leading Energy and Engineering Design) Education Provider • Flygt Experior - 2012 Ringier Technology Innovation Award Continued Strong Execution • Deployment of Commercial Excellence ... Continued Strong Price Realization • Operational Initiatives Underway To Drive a More Competitive Cost Structure |
![]() Geographic and End Market Q1’12 Performance 5 Performance In-Line With Expectations Geographic Region End Market (% of 2011 Revenue) + Emerging Markets + Lat. Am., Asia Pac., E. Europe - Middle East + U.S. = Europe + Industrial (~40%) = Public Utility (~36%) + Commercial (~12%) - Residential (~9%) - Agriculture (~3%) |
![]() 6 See appendix for non-GAAP reconciliations * Excludes non-recurring separation costs of $5M and $3M in Q1 2012 and Q1 2011, respectively Q1 Performance Drivers + Industrial & Commercial Strength + YSI Acquisition Adds 4% = Public Utility Stable – Residential Market Headwind + Building Backlog … Record Orders $1B (Dollars, In Millions) (Dollars, In Millions) Q1 Growth Q1 Growth Organic +2% FX -2% Acquisition +4% Total Total +4% +4% Cost Reductions +2.7% Price +1.5% Acquisitions +0.5% Vol/Mix/Invest - 1.8% Delivered Mid-Single Digit Top Line Growth … Solid Operating Performance 890 925 +4% 103 104 +1% Incremental Margin ~18% Incremental Margin ~18% (Ex. FX & Stand Alone Costs) (Ex. FX & Stand Alone Costs) Operating Income * Operating Income * Revenue Revenue |
![]() Q1’12 EPS * Q1’12 Xylem Performance 7 9% Normalized EPS Growth Interest ($0.06) Stand-Alone ($0.04) Separation Costs $0.01 * See Appendix for Non-GAAP Reconciliations Operational Performance: + Base Business / – Investments + YSI Acquisition … EPS Accretive – Operating Tax Rate Spin Related: – Interest Expense – Stand-Alone Costs – Separation Costs 9% 9% Normalized Normalized EPS Growth EPS Growth Q1'11 GAAP EPS Adjustments Normalized Q1'11 EPS Operational Performance Adjusted Q1'12 EPS Separation Costs Q1'12 GAAP EPS $0.42 $0.33 $0.36 $0.34 $0.03 $0.09 $0.02 |
![]() Q1’12 Water Infrastructure Performance 8 Significant Margin Expansion Driven by Strategic Acquisitions & Initiatives See appendix for non-GAAP reconciliations * Excludes Q1 2012 non-recurring separation costs of $2M +6% (Dollars, In Millions) (Dollars, In Millions) +20% Incremental Margin ~26% (Ex. FX & Stand Alone Costs) Q1 Organic Growth Drivers • Transport +3% + Global Industrial … Dewatering Strong = Public Utility Flat • Treatment -3% – Developed Markets Soft … Project Timing + Double-Digit Emerging Markets Growth • Test -2% (Excludes YSI, Double-Digit Growth) – Exceptionally Strong Q1’11 Cost Reductions +2.7% Price +0.9% Acquisitions +0.6% Vol/Mix/Invest - 0.7% Operating Income * Revenue Q1 Growth Q1 Growth Organic +2% FX -2% Acquisition +6% Q1'11 Q1'12 551 Q1'11 Q1'12 64 Q1'11 Op Margin Operations FX Inflation Q1'12 Op Margin Before Stand- Alone* Stand- Alone Q1'12 Op Margin* 11.6% 13.4% 13.2% 2.4% 0.2% 3.5% 0.7% 77 584 Total Total +6% +6% |
![]() Q1’12 Applied Water Performance 9 Results As Expected … Confident in Delivering Operational Improvement Flat See appendix for non-GAAP reconciliations * Excludes Q1 2012 non-recurring separation costs of $1M (Dollars, In Millions) (Dollars, In Millions) -11% • Building Services +2% + Commercial Market Share Gains – Residential Weakness … Europe & Warm US Winter – Emerging Markets Down … Middle East Instability • Industrial Water +2% + General Industrial and Food & Beverage Strength – Leisure Marine • Irrigation -4% = Continued Strength in US … Strong Q1’11 Cost Reductions +2.5% Price +2.6% Vol/Mix/Invest - 3.1% Unfavorable Mix • Marine Down … Q2’12 Improvement Opportunity • Warm US Winter Drove Lower High Margin Business Revenue Operating Income * Q1 Growth Q1 Growth Organic +1% FX -1% Acquisition - Total Total Flat Flat Q1'11 Q1'12 355 Q1'11 Q1'12 46 Q1'11 Op Margin Operations FX Inflation Q1'12 Op Margin Before Stand-Alone* Stand- Alone Q1'12 Op Margin* 13.0% 12.1% 11.5% 0.1% 2.8% 0.6% 2.0% 41 355 |
![]() Xylem Financial Position 10 • Free Cash Flow $41M • Typical Seasonality • Impact of Stand-Alone Costs & Interest • Working Capital Investment • Increased Capex for Growth Initiatives • Capex > 1 Reinvestment Ratio • Strong Cash Position • No Significant Debt Maturities Until 2016 • 31% Net Debt to Net Capital • 1.3x Net Debt/Adj. TTM EBITDA • $600M Revolving Credit Facility Undrawn • Access to Commercial Paper FCF% 68% 61% W/C%** 24.1% 23.1% March 31, 2012 Cash 347 Debt 1,206 Net Debt 859 Shareholders’ Equity 1,949 Net Capital 2,808 Net Debt to Net Capital 31% (Dollars, In Millions) (Dollars, In Millions) (Dollars, In Millions) * See Appendix for Non-GAAP Reconciliations ** (AR+INV-AP)/ TTM Revenue (Adjusted for Acquisitions) Free Cash Flow * Free Cash Flow * Working Capital Working Capital Capital Summary/Liquidity Capital Summary/Liquidity Strong Cash Flow … Healthy Balance Sheet ... Providing Flexibility 54 41 843 897 |
![]() 2012 Guidance |
![]() 2012 Financial Guidance Summary 12 2012 Full Year Financial Outlook Growth 2012E vs. 2011 Total Revenue $3.9B - $4.0B 4% - 6% (Organic) Water Infrastructure $2.5B - $2.6B 5% - 7% (Organic) Applied Water $1.4B - $1.5B 2% - 6% (Organic) Segment Margin* 14.5% - 15.0% +50 to +100 bps Operating Margin* 12.7% - 13.3% Flat to +60 bps (incl. incremental stand-alone costs $25M-$30M) EPS * $1.80 - $1.95 -7% to +1% on Adjusted Basis +8% to +17% on Normalized Basis Free Cash Flow Conversion 95% Excluding one-time separation costs * See Appendix for Non-GAAP Reconciliations Solid Q1’12 Performance … Affirming Full Year Guidance |
![]() 2012 Xylem Performance 13 Affirming 2012 EPS Outlook Illustration of Mid Point Guidance • Operational performance $0.21, includes YSI contribution, FX and tax headwind • Projected structural tax rate ~25% • Nine months incremental interest expense normalization • Full year impact of stand alone costs … in line with expectations * See Appendix for Non-GAAP Reconciliations Includes unfavorable tax rate change of 1% 13% 13% Normalized Normalized EPS Growth EPS Growth 2012 EPS * Outlook Adjusted FY'11 EPS Incremental Interest Expense Incremental Stand- Alone Costs Normalized FY'11 EPS Operational Performance Adjusted FY'12 EPS $1.93 $1.66 $1.87 $0.16 $0.11 $0.21 |
![]() Key Takeaways 14 • Solid Q1 Performance … As Expected • End Market Conditions Consistent with 2012 Guidance Assumptions • YSI … Further Demonstrates Inorganic Growth Capabilities, and Our Ability to Acquire & Effectively Integrate • Strong Financial Position & Strong Cash Flow Generation • Confident in Ability to Deliver a Strong 2012 |
![]() Appendix |
![]() 2012 Revenue Outlook 16 Strong Underlying Growth … FX Shift from Tailwind to Headwind Xylem Xylem Xylem 3.9 - 4.0 (Dollars, In Billions) 2011 2012 Comments Organic Growth 7% 4-6% - 1H’12 tough compare vs. strong 1H’11 - 2H’12 stronger than 1H FX (Translation) 4% (3)% ~65% international revenues Top foreign currencies: Euro, CAD, AUD, GBP, SEK Acquisition 8% 2% 2012 represents YSI 2011 represents incremental Godwin, Nova, OI Analytics and YSI Total Growth 19% 3-5% Quarterly Revenue Profile (% of FY Revenue) Q1 Q2 Q3 Q4 2009-2011 Composite 22% 25% 25% 28% 3.8 2011 2012 Outlook |
![]() 2012 Margin Outlook 17 Solid Margin Performance … On Track to Meet Long Term Objective Includes Stand-Alone Costs of ~70 bps Includes Stand-Alone Costs of ~10 bps Op Margin Expansion (Ex. Stand Alone Costs) ** Op Margin Expansion (Ex. Stand Alone Costs) ** • Segment Op Margin 14.5% - 15.0% • Comm’l & Oper’l Excellence Initiatives • Acquisition margin accretive • Organic growth investments • Inflation ~3% • Operating Margin 12.7% - 13.3% • Includes stand-alone costs ~$25M-$30M Segment Margin * Segment Margin * Operating Margin * Operating Margin * 12.7% - 13.3% See appendix for non-GAAP reconciliations *Excludes non-recurring separation costs of $87M and $15M-$20M for 2011 and 2012, respectively ** Adjusted for non recurring separation costs and stand alone costs 9.6% 14.5% -15.0% 14.0% 2012 Outlook 2011 2012 Outlook 2011 12.7% 9.7% 12.1% 12.8% 13.7% 2011 2010 2009 2008 2012 Midpoint Driving Consistent Improvements … On Track to Meet Long Term Objective |
![]() Quarterly Financial Performance 18 ($M, Except EPS) Q1’10 Q2’10 Q3’10 Q4’10 FY’10 Q1’11 Q2’11 Q3’11 Q4’11 FY’11 Q1’12 Revenue 686 775 806 935 3,202 890 971 939 1,003 3,803 925 COGS 431 484 497 576 1,988 553 592 574 623 2,342 562 Gross Profit 255 291 309 359 1,214 337 379 365 380 1,461 363 SG&A 164 170 183 220 737 210 219 215 233 877 231 R&D 18 17 18 21 74 24 26 23 27 100 28 Separation Costs - - - - - 3 18 46 20 87 5 Restructuring & Asset Impairment Charges, net 4 3 1 7 15 - - 2 - 2 - Op Income 69 101 107 111 388 100 116 79 100 395 99 Interest Expense - - - - - - 1 1 15 17 14 Other Non-Op -2 -1 3 - - 1 - 4 - 5 (1) Income before Tax 67 100 110 111 388 101 115 82 85 383 84 Tax 11 15 19 14 59 23 43 5 33 104 21 Net Income 56 85 91 97 329 78 72 77 52 279 63 EPS – Diluted * $0.30 $0.46 $0.49 $0.53 $1.78 $0.42 $0.39 $0.42 $0.28 $1.50 $0.34 * On October 31, 2011, Xylem Inc. completed the spin-off through a tax-free stock dividend to ITT Corporation’s shareholders. ITT Corporation shareholders received one share of our common stock for each share of ITT common stock. As a result on October 31, 2011, we had 184.6 million shares of common stock outstanding and this share amount is being utilized to calculate earnings per share for all periods presented prior to the spin-off. |
![]() Non-GAAP Measures 19 Management views key performance indicators including revenue, gross margins, segment operating income and margins, orders growth, free cash flow, working capital, and backlog, among others. In addition, we consider certain measures to be useful to management and investors evaluating our operating performance for the periods presented, and provide a tool for evaluating our ongoing operations, liquidity and management of assets. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. These metrics, however, are not measures of financial performance under GAAP and should not be considered a substitute for revenues, operating income, net income, earnings per share (basic and diluted) or net cash from operations as determined in accordance with GAAP. We consider the following non- GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators: “Organic revenue" and "Organic orders” transactions, and contributions from acquisitions and divestitures. Divestitures include sales of portions of our business that did not meet the criteria for classification as a discontinued operation or insignificant portions of our business that we did not classify as a discontinued operation. The period-over-period change resulting from foreign currency fluctuations assumes no change in exchange rates from the prior period. “Constant currency” conversion rate. This approach is used for countries where the functional currency is the local currency. “EBITDA” defined adjustment to EBITDA to exclude for one-time separation costs associated with the Xylem spin-off from ITT Corporation. “Operating Income *” and “Adjusted EPS” with the Xylem spin-off from ITT Corporation and tax- related special items. “Normalized EPS” tax- related special items, as well as an adjustment to reflect the incremental current period amount of interest expense and stand alone costs in the prior comparable period. “Free Cash Flow” other significant items that impact current results which management believes are not related to our ongoing operations and performance. Our definition of free cash flows does not consider non-discretionary cash payments, such as debt. as revenue and orders, respectively, excluding the impact of foreign currency fluctuations, intercompany defined as financial results adjusted for currency by translating current period and prior period activity using the same currency as earnings before interest, taxes, depreciation, amortization expense, and share -based compensation. “Adjusted EBITDA” reflects the defined as operating income and earnings per share, adjusted to exclude one-time separation costs associated as earnings per share, adjusted to exclude one -time separation costs associated with the Xylem spin-off from ITT Corporation and defined as net cash from operating activities, as reported in the Statement of Cash Flow, less capital expenditures as well as adjustments for defined defined |
![]() Non-GAAP Reconciliation: Organic & Constant Currency Revenue / Order Growth 20 Constant Currency (A) (B) (C) (D) (E) (F) = B+C+D+E (G) = F/A (H) = (B + D) / A Orders Change % Change Change % Change Orders Orders 2012 v. 2011 2012 v. 2011 FX Contribution Eliminations Adj. 2012 v. 2011 Adj. 2012 v. 2011 2012 2011 Quarter Ended March 31, 2012 Xylem Inc. 1,004 978 26 2.7% (37) 18 - 7 0.7% 4.5% Water infrastructure 638 612 26 4.2% (37) 13 - 2 0.3% 6.4% Applied Water 382 381 1 0.3% - 5 (1) 5 1.3% 1.6% Revenue Change % Change Change % Change Revenue Revenue 2012 v. 2011 2012 v. 2011 FX Contribution Eliminations Adj. 2012 v. 2011 Adj. 2012 v. 2011 2012 2011 Quarter Ended March 31, 2012 Xylem Inc. 925 890 35 3.9% (34) 14 - 15 1.7% 5.5% Water infrastructure 584 551 33 6.0% (34) 10 1 10 1.8% 7.8% Applied Water 355 355 - 0.0% - 5 - 5 1.4% 1.4% Note: Due to rounding and intersegment eliminations the sum of segment amounts may not agree to Xylem totals. Acquisitions / Divestitures Acquisitions / Divestitures Xylem Inc. Non-GAAP Reconciliation Reported vs. Organic & Constant Currency Revenue / Order Growth ($ Millions) (As reported - GAAP) (As Adjusted - Organic) |
![]() ![]() Non-GAAP Reconciliation: Adjusted Diluted EPS 21 Q1 2012 Q1 2011 Net Income 63 78 Separation costs, net of tax 4 2 Adjusted Net Income before Special Tax Items 67 80 Special Tax Items - - Adjusted Net Income 67 80 Diluted Earnings per Share $0.34 $0.42 Separation costs per Share $0.02 $0.01 Adjusted diluted EPS before Special Tax Items $0.36 $0.43 Special Tax Items per Share $0.00 $0.00 Adjusted diluted EPS $0.36 $0.43 Adjusted Diluted EPS For The Three Months Ended 2012 & 2011 ($ Millions, except per share amounts) Xylem Inc. Non-GAAP Reconciliation |
![]() Non-GAAP Reconciliation: Normalized EPS 22 Q1 2011 Q1 2012 As Reported Adjustments Adjusted Adjustments Normalized As Reported Adjustments Adjusted Total Revenue 890 890 890 925 925 Operating Income 100 3 a 103 (10) c 93 99 5 a 104 Operating Margin 11.2% 11.6% 10.4% 10.7% 11.2% Interest Expense - - (13) d (13) (14) (14) Other Non-Operating Income (Expense) 1 1 1 (1) (1) Income before Taxes 101 3 104 (23) 81 84 5 89 Provision for Income Taxes (23) (1) b (24) 5 e (19) (21) (1) b (22) Net Income 78 2 80 (18) 62 63 4 67 Diluted Shares 184.6 184.6 185.9 185.9 Diluted EPS 0.42 $ 0.01 $ 0.43 $ (0.10) $ 0.33 $ 0.34 $ 0.02 $ 0.36 $ a One time separation costs b Tax impact of one time separation costs c Incremental stand alone costs incurred in 2012 d Incremental interest expense on long-term debt incurred in 2012 e Tax impact of incremental interest expense and stand alone costs incurred in 2012 Xylem Inc. Non-GAAP Reconciliation Normalized and Adjusted Diluted EPS ($ Millions, except per share amounts) |
![]() 23 Non-GAAP Reconciliation: Segment Operating Income Adjusted Segment Operating Income Q1 '12 '11 Total Revenue • Water Infrastructue 584 551 • Applied Water 355 355 Operating Income • Water Infrastructue 75 64 • Applied Water 40 46 Separation Costs • Water Infrastructue 2 - • Applied Water 1 - Adjusted Operating Income* • Water Infrastructue 77 64 • Applied Water 41 46 Operating Margin • Water Infrastructue 12.8% 11.6% • Applied Water 11.3% 13.0% Adjusted Operating Margin* • Water Infrastructue 13.2% 11.6% • Applied Water 11.5% 13.0% *Adjusted Operating Income excludes non-recurring separation costs Xylem Inc. Non-GAAP Reconciliation Segment Operating Income ($ Millions) |
![]() ![]() Non-GAAP Reconciliation: Free Cash Flow 24 2012 2011 Net Cash - Operating Activities 61 71 Capital Expenditures (31) (19) Free Cash Flow, including separation costs 30 52 Separation Costs (Cash Paid incl. Capex) 11 2 Free Cash Flow, excluding separation costs 41 54 Net Income 63 78 Separation Costs, net of tax 4 2 Adjusted Net Income 67 80 Free Cash Flow Conversion 61% 68% Xylem Inc. Non-GAAP Reconciliation Net Cash - Operating Activities vs. Free Cash Flow For The Three Months Ended 2012 & 2011 ($ Millions) Three Months Ended |
![]() 25 Non-GAAP Reconciliation: Xylem EBITDA & Adj. EBITDA 2012 Q1 Q1 Q2 Q3 Q4 Total Pre-Tax Net Income 84 101 115 82 85 383 Interest, net 13 - - 1 16 17 Depreciation 23 22 25 25 21 93 Amortization 11 11 10 11 12 44 Stock Compensation 5 3 2 2 6 13 EBITDA 136 137 152 121 140 550 Separation Costs 5 3 18 46 20 87 Adjusted EBITDA 141 140 170 167 160 637 Revenues 925 890 971 939 1,003 3,803 Adjusted EBITDA Margin 15.2% 15.7% 17.5% 17.8% 16.0% 16.7% 2011 Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted EBITDA by Quarter Total Xylem ($ Millions) |
![]() 26 Non-GAAP Reconciliation: Water Infrastructure EBITDA & Adj. EBITDA 2012 Q1 Q1 Q2 Q3 Q4 Total Pre-Tax Net Income 75 65 93 88 99 345 Interest, net - - - (1) - (1) Depreciation 16 16 19 19 14 68 Amortization 10 9 9 9 9 36 Stock Compensation 1 - - 1 1 2 EBITDA 102 90 121 116 123 450 Separation Costs 2 - 2 8 6 16 Adjusted EBITDA 104 90 123 124 129 466 Revenues 584 551 602 584 679 2,416 Adjusted EBITDA Margin 17.8% 16.3% 20.4% 21.2% 19.0% 19.3% 2011 Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted EBITDA by Quarter Water Infrastructure ($ Millions) |
![]() 27 Non-GAAP Reconciliation: Applied Water EBITDA & Adj. EBITDA 2012 Q1 Q1 Q2 Q3 Q4 Total Pre-Tax Net Income 40 46 51 37 25 159 Interest, net - - - - - - Depreciation 6 6 6 6 7 25 Amortization 1 2 1 2 1 6 Stock Compensation 1 - - 1 1 2 EBITDA 48 54 58 46 34 192 Separation Costs 1 - - 9 4 13 Adjusted EBITDA 49 54 58 55 38 205 Revenues 355 355 385 368 336 1,444 Adjusted EBITDA Margin 13.8% 15.2% 15.1% 14.9% 11.3% 14.2% 2011 Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted EBITDA by Quarter Applied Water ($ Millions) |
![]() Non-GAAP Reconciliation: Guidance 28 Illustration of Mid Point Guidance 2012 Guidance FY '11 FY '12 As Reported Adjustments Adjusted Adjustments Normalized As Reported Adjustments Adjusted Total Revenue 3,803 3,803 3,803 3,950 3,950 Segment Operating Income 503 29 a 532 (8) d 524 577 8 h 585 Segment Operating Margin 13.2% 14.0% 13.8% 14.6% 14.8% Corporate Expense 108 (58) b 50 20 e 70 81 (10) h 71 Operating Income 395 87 482 (28) 454 496 18 514 Operating Margin 10.4% 12.7% 11.9% 12.6% 13.0% Interest Expense (17) (17) (39) f (56) (51) (51) Other Non-Operating Income (Expense) 5 5 5 - - Income before Taxes 383 87 470 (67) 403 445 18 463 Provision for Income Taxes (104) (7) c (111) 16 g (95) (111) (5) i (116) Net Income 279 80 359 (51) 308 334 13 347 Diluted Shares (j) 185.3 185.3 185.9 185.9 Diluted EPS 1.50 $ 0.43 $ 1.93 $ (0.27) $ 1.66 1.80 0.07 1.87 a One time separation costs incurred at the segment level b One time separation costs incurred at the corporate level c Net tax impact of above items, plus the addition of 2011 special tax items d Incremental stand alone costs to be incurred in 2012 at the segment level ($8M) e Incremental stand alone costs to be incurred in 2012 at the corporate level ($20M) f Incremental interest expense on long-term debt to be incurred in 2012 g Tax impact of incremental interest expense and stand alone costs to be incurred in 2012 h Expected one time separation costs of $8M and $10M to be incurred at the segments and headquarters, respectively. i Tax impact of one time separation costs expected to be incurred in 2012. j Full year 2012 diluted shares outstanding are based on diluted shares outstanding for quarter ended March 31, 2012 ($ Millions, except per share amounts) Guidance Xylem Inc. Non-GAAP Reconciliation |
![]() 29 NYSE: XYL http://investors.xyleminc.com Phil De Sousa, Investor Relations Officer (914) 323-5930 Janice Tedesco, Investor Relations Coordinator (914) 323-5931 |