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For Immediate Release
Contact: John Lynch, Vice President, Treasurer and Investor Relations, 508-482-2314
Waters Corporation (NYSE: WAT) Reports Second Quarter 2017 Financial Results
Company Delivers Another Solid Quarter of Revenue Growth and Profitability
|||Sales of $558 million grew 4% (5% in constant currency)|
|||Growth was balanced across key end markets and major product categories|
|||Continued strong growth from Asia and solid European performance|
|||GAAP EPS increased 4% to $1.63 and non-GAAP EPS grew 11% to $1.76|
Milford, Mass., July 25, 2017 - Waters Corporation (NYSE: WAT) reported second quarter 2017 sales of $558 million, a 4% increase versus sales of $537 million in the second 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 second quarter was up 4% to $1.63 compared to $1.57 for the second quarter of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, EPS increased 11% to $1.76 from $1.58 in the second 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.
Through the first half of 2017, sales for the Company were $1,056 million, up 4% compared with sales of $1,012 million in the first half of 2016. Foreign currency translation reduced sales growth by approximately 2% during the first half of 2017. On a GAAP basis, EPS for the first half of 2017 was up 8% to $2.94 compared to $2.72 for the first half of 2016. On a non-GAAP basis and including adjustments in the attached reconciliation, EPS increased 13% to $3.22 in 2017 as compared to $2.85 for the first half of 2016.
Commenting on the Companys performance, Christopher J. OConnell, President and Chief Executive Officer said, We are pleased with our performance in the second quarter, highlighted by balanced growth across our major customer end markets and product lines, along with continued strength in Asia and Europe. In addition, meaningful operating leverage drove strong adjusted earnings growth in the quarter and year to date.
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 3% sales growth (4% in constant currency) from the broadly defined pharmaceutical market, 5% sales growth (7% in constant currency) from the industrial market and 7% sales growth (5% in constant currency) from governmental and academic markets. For the first half of 2017, sales to the pharmaceutical market grew 5% (6% in constant currency), sales to the industrial market grew 5% (8% in constant currency), and sales to the governmental and academic market fell 1% (3% in constant currency).
The following information was filed by Waters Corp (WAT) on Tuesday, July 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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