Waters Corp (WAT) SEC Filing 10-Q Quarterly report for the period ending Saturday, July 1, 2017

Exhibit 99.1

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

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 Company’s 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 Company’s performance, Christopher J. O’Connell, 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 Company’s 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).