Exhibit 99.1

For Immediate Release

Contact: John Lynch, Vice President, Treasurer and Investor Relations, 508-482-2314

Waters Corporation (NYSE: WAT) Reports Third Quarter 2017 Financial Results

Company Delivers Strong Quarterly Revenue Growth and Profitability

 

    Sales of $566 million grew 7% (6% in constant currency)

 

    Balanced growth across key end markets and major product categories

 

    Consistent strength in Asia and Europe

 

    GAAP EPS increased 10% to $1.69 and non-GAAP EPS grew 13% to $1.77

Milford, Mass., October 24, 2017 - Waters Corporation (NYSE: WAT) reported third quarter 2017 sales of $566 million, a 7% increase versus sales of $527 million in the third quarter of 2016. Foreign currency translation increased sales growth by approximately 1% in the quarter. On a GAAP basis, diluted earnings per share (EPS) for the third quarter was up 10% to $1.69 compared to $1.53 for the third quarter of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, EPS increased 13% to $1.77 from $1.57 in the third quarter of 2016. On a GAAP basis, net cash provided by operating activities for the third quarter increased 4% to $154 million from $149 million in the third quarter of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, adjusted free cash flow increased 5% to $134 million from $128 million in the third quarter of 2016. A description and reconciliation of GAAP to non-GAAP results is attached and can be found on the Company’s website at http://www.waters.com under the caption “Investors.”

Through the first nine months of 2017, sales for the Company were $1,622 million, up 5% compared with sales of $1,539 million in the first nine months of 2016. Foreign currency translation reduced sales growth by less than 1% during the first nine months of 2017. On a GAAP basis, EPS for the first nine months of 2017 was up 9% to $4.63 compared to $4.26 for the first nine months of 2016. On a non-GAAP basis, including adjustments in the attached reconciliation, EPS for the first nine months of 2017 increased 13% to $4.98 as compared to $4.41 for the first nine months of 2016. On a GAAP basis, net cash provided by operating activities for the first nine months of 2017 increased 8% to $505 million from $469 million in the first nine months of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, adjusted free cash flow increased 11% to $450 million from $404 million in the first nine months of 2016.

Commenting on the Company’s performance, Chris O’Connell, Chief Executive Officer said, “We are pleased with our third quarter results, featuring another quarter of strong overall constant currency sales and earnings per share growth. The quarter was highlighted by solid revenue growth from each of our major customer-defined end markets, balanced product growth between instrument systems and recurring revenue, operating leverage and strong free cash flow generation.”

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 as compared with the same period in the prior year, 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 7% sales growth (5% in constant currency) from the broadly defined pharmaceutical market, 6% sales growth (5% in constant currency) from the industrial market and 15% sales growth (13% in constant currency) from governmental and academic markets. For the first nine months of 2017, sales to the


The following information was filed by Waters Corp (WAT) on Tuesday, October 24, 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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