Waters reports strong Q3 results, raises full-year outlook

NEW YORK - Waters Corporation (NYSE:WAT ) reported better-than-expected third quarter results and raised its full-year guidance, though shares fell 1.2% following the release Friday.

The analytical instrument maker posted adjusted earnings per share of $2.93, surpassing analyst estimates of $2.68. Revenue grew 4% year-over-year to $740 million, also topping expectations of $713 million.

"We delivered exceptional third quarter results, fueled by new product adoption and improved customer spending trends," said CEO Dr. Udit Batra. "Instruments returned to growth sooner than expected, as liquid chromatography sales to pharma and industrial customers turned positive."

Waters saw growth across all regions and end markets in Q3. Pharmaceutical sales rose 2% as reported and 3% in constant currency. Industrial sales increased 9% as reported and 7% in constant currency.

For the full year 2024, Waters now expects organic constant currency sales growth of -0.9% to -0.3%, up from its prior outlook. The company raised its adjusted EPS guidance to $11.67-$11.87, above the consensus of $11.60.

Looking ahead to Q4, Waters projects constant currency sales growth of 5-7% and adjusted EPS of $3.90-$4.10.

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Source: Investing.com