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For Immediate Release
Contact: Bryan Brokmeier, CFA, Senior Director, Investor Relations, 508-482-3448
Waters Corporation (NYSE: WAT) Reports First Quarter 2018 Financial Results
|||Sales of $531 million grew 7% as reported and 2% in constant currency|
|||Continued sales growth in pharma and TA, partially offset by declines in other areas|
|||Solid China and U.S. sales growth, somewhat offset by weakness in India|
|||GAAP EPS increased 7% to $1.40; non-GAAP EPS increased 9% to $1.59|
|||Board authorizes an additional $3 billion share repurchase program|
Milford, Mass., April 24, 2018 - Waters Corporation (NYSE: WAT) today announced first quarter 2018 sales of $531 million, a 7% increase as reported, versus sales of $498 million for the first quarter of 2017. Foreign currency translation increased year-over-year sales growth by approximately 5% for the quarter.
On a GAAP basis, diluted earnings per share (EPS) for the first quarter increased 7% to $1.40, compared to $1.31 for the first quarter of 2017. On a non-GAAP basis, EPS for the first quarter increased 9% to $1.59, compared to $1.46 for the first quarter of 2017. A description and reconciliation of GAAP to non-GAAP results appear in the table below and can be found on the Companys website at http://www.waters.com under the caption Investors.
On a GAAP basis, net cash provided by operating activities for the first quarter increased 1% to $176 million from $174 million for the first quarter of 2017. On a non-GAAP basis, adjusted free cash flow increased 2% to $160 million from $156 million for the first quarter of 2017.
Commenting on the Companys performance, Chris OConnell, Chairman and Chief Executive Officer, said, Our first quarter top-line performance fell short of our expectations in a few specific areas of our business. Given that context, sales to our core pharmaceutical market, as well as sales of our TA product line, saw continued attractive growth during the quarter. Additionally, we delivered meaningful operating leverage, exceeded our earnings per share expectations, and remain confident in our business outlook.
Unless otherwise noted, sales growth and decline 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 reconciliation of sales growth rates to constant currency growth rates found below.
During the first quarter of 2018, sales into the pharmaceutical market grew 9% as reported and 3% in constant currency, sales into the industrial market grew 1% as reported and declined 3% in constant currency, and sales into the governmental and academic markets grew 11% as reported and 7% in constant currency.
The following information was filed by Waters Corp (WAT) on Tuesday, April 24, 2018 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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