Xylem Inc. XYL provided its financial update for second-quarter results, considering the impacts of the coronavirus pandemic on its operational performance. Notably, the company’s share price increased 8.9% to eventually close at $73.33 yesterday.Inside the HeadlinesXylem currently anticipates second-quarter adjusted earnings per share of 37-39 cents, whereas it reported 23 cents in the first quarter. Notably, on a reported basis, its quarterly earnings are likely to be 15-17 cents.Also, for the second quarter, the company anticipates a year-over-year revenue decline of 14% (reported basis). Notably, for the quarter, the company’s organic revenues are expected to fall 12% on a year-over-year basis compared with a decline of 20-30% predicted earlier. It is worth mentioning that it recorded $1,123 million in the last reported quarter.The Zacks Consensus Estimate for revenues is currently pegged at $999.7 million for the second quarter, which suggests a decline of 25.7% from the year-ago reported figure.Moreover, Xylem communicated that it entered two significant contracts in the second quarter. Notably, it secured a large-scale irrigation project in India’s Telangana region, valued at about $115 million. The company anticipates realizing revenues from the deal over the next two to three years, commencing late in this year’s fourth quarter. In addition, it clinched a deal from Anglian Water in the U.K. for the deployment of software, smart metering and network solutions. This $90-MILLION deal will yield revenue over the next five years, starting late this year.Zacks Rank, Price Performance and Estimate TrendThe company, with a $13.2-BILLION market capitalization, currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Going forward, Xylem is expected to benefit from new products, innovation, growth initiatives and its focus on operational execution. However, weakness in end-markets caused by the coronavirus outbreak is predicted to impact its near-term results.In the past three months, the company’s share price has increased 10.1% compared with the industry’s growth of 23.2%. The Zacks Consensus Estimate for its earnings is pegged at $1.43 for 2020, marking a decline of 1.4% from the 60-day-ago figure.Stocks to ConsiderSome better-ranked stocks from the same space are Colfax Corporation CFX, Chart Industries, Inc. GTLS and The Middleby Corporation MIDD. All the companies currently carry a Zacks Rank #2 (Buy).Colfax delivered a positive earnings surprise of 6.75%, on average, in the trailing four quarters.Chart Industries delivered a positive earnings surprise of 1.41%, on average, in the trailing four quarters.Middleby delivered a positive earnings surprise of 7.54%, on average, in the trailing four quarters.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Colfax Corporation (CFX): Free Stock Analysis Report Chart Industries, Inc. (GTLS): Free Stock Analysis Report The Middleby Corporation (MIDD): Free Stock Analysis Report Xylem Inc. (XYL): Free Stock Analysis Report To read this article on Zacks.com click here.