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Xylem Management Discusses Q2 2012 Results - Earnings Call Transcript

Now please turn to Slide 2. We will make some forward-looking statements on today's call, including references to its future events or developments that we anticipate will or may occur in the future. These statements are subject to future risks and uncertainties, such as those outlined in Xylem's annual report on Form 10-K and those described in subsequent reports as filed with the SEC. These remarks constitute forward-looking statements for purposes of the Safe Harbor provision and are made out as of today. Please note that the company undertakes no obligation to update publicly, such statements to reflect subsequent events or circumstances, and actual results could differ materially from those anticipated.

So with that, please turn to Slide 3, and I'll turn the call over to our CEO, Gretchen McClain.

Gretchen W. McClain

Thank you, Phil. Good morning, everyone, and thank you for joining the call. We appreciate your interest in Xylem. I'll begin the call by providing you an update of our overall financial results for second quarter, then a few minutes updating on the progress we've made on our strategic objective and provide my perspective on our first half revenue performance and our full year outlook. I will also discuss the actions we're taking to address the continued economic uncertainty and positions us future growth. I'll then hand it over to Mike to walk through the details of our quarterly performance on our full year guidance.

Today, we're reporting second quarter revenue of $966 million, reflecting growth of 4% on a constant currency basis. Organic growth was 1%, with acquisitions adding another 3%. While overall revenue were below our expectations for the quarter, our performance was on top of strong growth last year and in a more challenging environment. In Europe, where overall economic growth is negative, our revenues, on a constant currency basis, were down a modest 1%. And our continued focus an attractive acquisitions is helping us to drive top line growth. YSI added $32 million in revenue in the quarter and continued to outperform our expectations.

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