Barclays Maintains an 'Equalweight' on Xylem (XYL); 3Q11: Details + Model

Barclays Maintains an 'Equalweight' on Xylem (NYSE: XYL) price target of $28.00.

Barclays analyst says, "Xylem reported full 3Q results after the close last night. 3Q adjusted EPS was $0.55, excluding $0.13 of one-time separation costs, up from $0.49 in 3Q10 (note no consensus or Barclays Capital estimates due to lack of quarterly disclosure). Revenues of $939M were up 16.5% y/y (organic +6.5%, acquisitions +5.2%, FX +4.8%). Orders were up 19.3% (+9.0% organic) to $966M, and total backlog of $754M is up 4.6% y/y. The company expects approximately $500M of the backlog to convert to revenues in the remainder of 2011. Operating margins excluding separation costs were 13.3%, flat y/y."

"With the additional quarterly detail, we are adjusting our 2011E EPS to $1.95 from $1.87 prior, which implies 4Q11 EPS of $0.43. Our 2012E EPS and our price target are unchanged."

For an analyst ratings summary and ratings history on Xylem click here. For more ratings news on Xylem click here.

Shares of Xylem closed at $23.63 yesterday.

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