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$XYL's gross margin for 3Q15 fell to 38.9% from 39% last year, primarily due to negative currency translation impacts. Cost inflation headwinds and unfavorable sales mix, primarily due to higher volume sold to the emerging markets, were more than offset by benefits realized from cost saving initiatives through global sourcing and lean six sigma.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.