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For Immediate Release
|Contact:||John Lynch, Vice President, Treasurer and Investor Relations, 508-482-2314|
Waters Corporation (NYSE: WAT) Reports First Quarter 2017 Financial Results
Company Delivers Revenue of $498 Million with Strong Growth in Core End Markets
|||Sales grew 5% (6% in constant currency)|
|||Growth led by pharmaceutical and industrial businesses|
|||Continued strong growth from Asia and solid European performance|
|||GAAP EPS increased 14% to $1.31 and non-GAAP EPS grew 16% to $1.46|
Milford, Mass., April 25, 2017 - Waters Corporation (NYSE: WAT) reported first quarter 2017 sales of $498 million, a 5% increase versus sales of $475 million in the first quarter of 2016. Foreign currency translation reduced sales growth by approximately 1% in the quarter. On a GAAP basis, diluted earnings per share (EPS) for the first quarter was up 14% to $1.31 (including a $0.09 EPS tax benefit on stock compensation from the adoption of the new accounting standard as further defined in footnote (a) to our Consolidated Statements of Operations included below) compared to $1.15 for the first quarter of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, EPS increased 16% to $1.46 from $1.26 in the first quarter of 2016. A description and reconciliation of GAAP to non-GAAP EPS is attached and can be found on the Companys website at http://www.waters.com under the caption Investors.
Commenting on the Companys performance, Christopher J. OConnell, President and Chief Executive Officer said, We are pleased with our solid start to 2017, highlighted by another quarter of strong organic sales and earnings per share growth. We saw continued strength in our business with the pharmaceutical markets, encouraging growth in our industrial businesses, and overall balanced contributions across our key product lines.
Unless otherwise noted, sales growth percentages are presented on an as reported basis and are the same as the sales growth percentages presented on a constant currency basis, each of which are detailed in the attached reconciliation of sales growth rates to constant currency growth rates.
Results from the Companys markets in the quarter were highlighted by strong 8% sales growth (9% in constant currency) from the broadly defined pharmaceutical market and 5% sales growth (9% in constant currency) from the industrial market, while sales from our governmental and academic markets declined by 9% (11% in constant currency).
Instrument system sales grew 6% (7% in constant currency) in the quarter. Recurring revenues, the combination of service and chemistry consumables, posted 4% sales growth (6% in constant currency).
The following information was filed by Waters Corp (WAT) on Tuesday, April 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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