Waters Corporation

Latest Results (14.08.2024):

Sales Performance

Waters Corporation reported sales of $709 million for the second quarter of 2024, which exceeded their guidance on a reported basis. However, this figure represents a 4% decline compared to the same quarter in 2023. The decrease was influenced by a 2% negative impact from currency translation, while acquisitions contributed a 2% increase in sales.

Earnings Per Share

For the second quarter of 2024, Waters Corporation achieved a GAAP diluted earnings per share (EPS) of $2.40, down from $2.55 in the second quarter of 2023. On a non-GAAP basis, the EPS was $2.63, compared to $2.80 in the previous year. The non-GAAP EPS exceeded guidance, driven by strong operational performance despite a 5% headwind from unfavorable foreign exchange rates.

Geographical Sales

Geographically, Waters Corporation experienced a 7% decline in sales in Asia on a reported basis, with a 3% decrease in organic constant currency. Sales in the Americas decreased by 3% as reported and 7% in organic constant currency, while European sales also saw a 3% decline as reported and 7% in organic constant currency.

Market Segment Performance

During the second quarter of 2024, Waters Corporation's sales into the pharmaceutical market decreased by 3% as reported and 4% in organic constant currency. The industrial market saw a 4% decline in both reported and organic constant currency sales. The academic and government market experienced a more significant drop, with sales decreasing by 15% as reported and 16% in organic constant currency.

Full-Year Outlook

Waters Corporation has adjusted its full-year 2024 financial guidance, now expecting organic constant currency sales growth to range between -2.0% and -0.5%. Currency translation is anticipated to reduce full-year sales growth by approximately 1.5%, while the Wyatt acquisition is expected to contribute 1.3% to reported sales. Consequently, the full-year reported sales growth is projected to be between -2.2% and -0.7%, with non-GAAP EPS expected to range from $11.55 to $11.65.