Waters Unveils Strong Q3 Results and Raises Year-End Expectations

NEW YORK - Waters Corporation (NYSE:WAT) reported third-quarter results that exceeded expectations and raised year-end forecasts, but shares fell by 1.2% following the announcement on Friday.
The analytical instrument manufacturer announced adjusted earnings per share of $2.93, surpassing analysts' expectations of $2.68. Revenues rose 4% from the same period last year to reach $740 million, exceeding forecasts of $713 million.
CEO Dr. Udit Batra stated, "We achieved outstanding third-quarter results thanks to new product adoption and improvements in customer spending trends. Device sales returned to growth earlier than expected, and liquid chromatography sales to pharmaceutical and industrial customers turned positive."
Waters recorded growth in all regions and end markets during the third quarter. Pharmaceutical sales increased by 2% on a reported basis and by 3% on a constant currency basis. Industrial sales rose by 9% on a reported basis and by 7% on a constant currency basis.
Waters raised its organic constant currency sales growth forecast for the full year 2024 to a range of -0.9% to -0.3%, revising it upward from previous estimates. The company increased its adjusted earnings per share (EPS) forecast to a range of $11.67 to $11.87, exceeding the consensus expectation of $11.60.
For the fourth quarter, Waters forecasts a constant currency sales growth of 5-7% and adjusted earnings per share in the range of $3.90 to $4.10.