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Waters Corporation (NYSE: WAT) Reports First Quarter 2025 Financial Results

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Waters Corporation reported strong Q1 2025 financial results with sales of $662 million, up 4% as reported and 7% in constant currency. The company saw impressive instrument growth of 11% in constant currency, driven by pharmaceutical and industrial markets. GAAP EPS reached $2.03, while non-GAAP EPS was $2.25, showing 2% growth despite forex headwinds. Given the strong performance, Waters raised its full-year 2025 guidance, projecting constant currency sales growth of 5-7% and non-GAAP EPS of $12.75-$13.05. For Q2 2025, the company expects constant currency sales growth of 5-7% and non-GAAP EPS between $2.88-$2.98.
Waters Corporation ha riportato solidi risultati finanziari per il primo trimestre 2025 con vendite pari a 662 milioni di dollari, in crescita del 4% a cambi correnti e del 7% a cambi costanti. L'azienda ha registrato una notevole crescita degli strumenti dell'11% a cambi costanti, trainata dai mercati farmaceutico e industriale. Il GAAP EPS ha raggiunto 2,03 dollari, mentre il non-GAAP EPS è stato di 2,25 dollari, mostrando una crescita del 2% nonostante le difficoltà legate al cambio valuta. Grazie a queste performance positive, Waters ha rivisto al rialzo le previsioni per l'intero 2025, prevedendo una crescita delle vendite a cambi costanti tra il 5% e il 7% e un non-GAAP EPS compreso tra 12,75 e 13,05 dollari. Per il secondo trimestre 2025, l'azienda prevede una crescita delle vendite a cambi costanti tra il 5% e il 7% e un non-GAAP EPS tra 2,88 e 2,98 dollari.
Waters Corporation reportó sólidos resultados financieros en el primer trimestre de 2025 con ventas de 662 millones de dólares, un aumento del 4% reportado y del 7% en moneda constante. La compañía experimentó un impresionante crecimiento del 11% en instrumentos a moneda constante, impulsado por los mercados farmacéutico e industrial. El EPS GAAP alcanzó 2,03 dólares, mientras que el EPS non-GAAP fue de 2,25 dólares, mostrando un crecimiento del 2% a pesar de los vientos en contra del tipo de cambio. Dado el sólido desempeño, Waters elevó su guía para todo el año 2025, proyectando un crecimiento de ventas en moneda constante del 5-7% y un EPS non-GAAP de 12,75 a 13,05 dólares. Para el segundo trimestre de 2025, la compañía espera un crecimiento de ventas en moneda constante del 5-7% y un EPS non-GAAP entre 2,88 y 2,98 dólares.
Waters Corporation는 2025년 1분기에 강력한 재무 실적을 보고했으며, 매출은 6억 6,200만 달러로 보고 기준 4%, 환율 변동을 제외한 기준으로 7% 증가했습니다. 제약 및 산업 시장에 힘입어 환율 변동을 제외한 기준으로 기기 매출이 11% 크게 성장했습니다. GAAP 주당순이익(EPS)은 2.03달러에 달했고, 비 GAAP EPS는 2.25달러로 환율 역풍에도 불구하고 2% 성장했습니다. 이러한 강력한 실적을 바탕으로 Waters는 2025년 연간 가이던스를 상향 조정하여 환율 변동을 제외한 매출 성장률을 5-7%, 비 GAAP EPS를 12.75~13.05달러로 전망했습니다. 2025년 2분기에는 환율 변동을 제외한 매출 성장률 5-7%와 비 GAAP EPS 2.88~2.98달러를 예상합니다.
Waters Corporation a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un chiffre d'affaires de 662 millions de dollars, en hausse de 4 % en données publiées et de 7 % en devises constantes. L'entreprise a enregistré une croissance impressionnante de 11 % des instruments en devises constantes, portée par les marchés pharmaceutique et industriel. Le BPA GAAP a atteint 2,03 dollars, tandis que le BPA non-GAAP s'est élevé à 2,25 dollars, affichant une croissance de 2 % malgré les vents contraires liés aux changes. Compte tenu de cette solide performance, Waters a relevé ses prévisions pour l'ensemble de l'année 2025, anticipant une croissance des ventes en devises constantes de 5 à 7 % et un BPA non-GAAP compris entre 12,75 et 13,05 dollars. Pour le deuxième trimestre 2025, la société prévoit une croissance des ventes en devises constantes de 5 à 7 % et un BPA non-GAAP entre 2,88 et 2,98 dollars.
Die Waters Corporation meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 662 Millionen US-Dollar, was einem Anstieg von 4 % nominal und 7 % in konstanter Währung entspricht. Das Unternehmen verzeichnete ein beeindruckendes Wachstum bei Instrumenten von 11 % in konstanter Währung, angetrieben von den Pharma- und Industriemärkten. Das GAAP-Ergebnis je Aktie (EPS) erreichte 2,03 US-Dollar, während das non-GAAP EPS bei 2,25 US-Dollar lag und trotz Währungsgegensätzen ein Wachstum von 2 % zeigte. Aufgrund der starken Leistung erhöhte Waters die Prognose für das Gesamtjahr 2025 und erwartet ein Umsatzwachstum in konstanter Währung von 5-7 % sowie ein non-GAAP EPS von 12,75 bis 13,05 US-Dollar. Für das zweite Quartal 2025 rechnet das Unternehmen mit einem Umsatzwachstum in konstanter Währung von 5-7 % und einem non-GAAP EPS zwischen 2,88 und 2,98 US-Dollar.
Positive
  • Q1 sales reached $662 million, growing 4% as reported and 7% in constant currency
  • Strong instrument growth of 11% in constant currency
  • GAAP EPS increased to $2.03 from $1.72 year-over-year
  • Raised full-year 2025 guidance for both sales and EPS
  • Projected high single-digit adjusted EPS growth for the year
Negative
  • Approximately five percentage points of unfavorable foreign exchange impact on EPS
  • Impact of recently announced tariffs and policy changes affecting operations

Insights

Waters delivered strong Q1 results exceeding expectations, raised 2025 guidance despite FX headwinds, indicating robust growth trajectory through year-end.

Waters Corporation reported impressive first quarter results that landed at the high end of guidance ranges, with sales of $662 million representing 4% growth as reported and 7% in constant currency. What's particularly encouraging is the double-digit instrument growth of 11% in constant currency, driven by strong performance in pharmaceutical and industrial markets.

The company's profitability metrics were equally strong, with GAAP EPS of $2.03 (up from $1.72 in Q1 2024) and non-GAAP EPS of $2.25, representing 2% growth despite absorbing approximately five percentage points of unfavorable foreign exchange impact.

Management's confidence is clearly demonstrated by their decision to raise full-year guidance, with constant currency sales growth now projected at 5.0% to 7.0% and non-GAAP EPS guidance increased to $12.75 to $13.05. This translates to projected annual EPS growth of 8% to 10% (10% to 12% in constant currency).

For Q2 2025, the company expects constant currency sales growth of 5.0% to 7.0% and non-GAAP EPS of $2.88 to $2.98, representing year-over-year growth of 10% to 13%.

The company's proactive approach to mitigating external challenges like recently announced tariffs through operational actions and favorable shifts in foreign exchange rates demonstrates effective management and operational flexibility.

Waters' strong instrument growth signals market strength in pharma and industrial sectors, with resilient downstream applications driving sustainable performance.

Waters' Q1 performance shows exceptional momentum in their core analytical instruments business, with 11% constant currency instrument growth signaling robust capital spending from their pharmaceutical and industrial customers. This growth rate is particularly significant given the current market environment and suggests Waters' technologies remain critical to their customers' operations.

The company's strategic emphasis on "resilient, downstream applications" is a key differentiator in the scientific instrument market. Downstream applications typically include quality control, manufacturing support, and routine testing workflows that continue even when R&D budgets fluctuate. This focus helps explain why Waters can maintain strong growth despite what management describes as a "very dynamic external environment."

While specific products weren't detailed, Waters' reference to "continued traction of our innovative product portfolio" suggests successful market adoption of their recent technology introductions. The company specializes in high-precision analytical instruments essential for pharmaceutical development, manufacturing quality control, and industrial analysis applications.

The operational agility demonstrated by quickly adapting to mitigate tariff impacts reflects sophisticated supply chain management and manufacturing flexibility – increasingly crucial competitive advantages in the scientific instrument industry where global manufacturing networks face ongoing disruptions.

The raised guidance indicates management's confidence that the strong Q1 performance represents sustainable business momentum rather than a temporary spike, with acceleration expected into Q2 based on their projected 10% to 13% EPS growth.

Highlights

  • Strong start to the year as first quarter 2025 sales of $662 million landed at the high-end of guidance range; grew 4% as reported and 7% in constant currency
  • Results led by instrument growth of 11% in constant currency, driven by strong momentum in Pharma and Industrial end markets
  • Earnings landed at the high-end of guidance range with GAAP EPS of $2.03 and non-GAAP EPS of $2.25
  • Raising full-year constant currency sales growth guidance to +5.0% to +7.0%, given first quarter strength
  • Raising full-year non-GAAP EPS guidance to the range of $12.75 to $13.05, net of tariff impact, operational actions, and improvement in FX

First Quarter 2025

MILFORD, Mass., May 6, 2025 /PRNewswire/ -- Waters Corporation (NYSE: WAT), today announced its financial results for the first quarter of 2025.

Sales for the first quarter of 2025 were $662 million, an increase of 4% as reported, compared to sales of $637 million for the first quarter of 2024, and an increase of 7% in constant currency.

On a GAAP basis, diluted earnings per share (EPS) for the first quarter of 2025 was $2.03, compared to $1.72 for the first quarter of 2024. On a non-GAAP basis, EPS was $2.25, representing 2% growth, inclusive of approximately five percentage points of unfavorable foreign exchange.

"Thanks to the focus and dedication of our teams, the momentum in our business has remained strong despite a very dynamic external environment," said Dr. Udit Batra, President & CEO, Waters Corporation. "Our first-quarter results exceeded expectations, driven by double-digit instrument growth, strength in pharma, and the continued traction of our innovative product portfolio."

Dr. Batra continued, "Given our unique exposure to resilient, downstream applications and our steadfast commitment to operational excellence, we are raising our full-year 2025 guidance. Our swift operational actions, combined with improvements in foreign exchange, position us well to mitigate the impact of recently announced tariffs and policy changes. As a result, we reaffirm our expectation of delivering high single-digit adjusted EPS growth for the year."

A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company's website www.waters.com in the Investor Relations section. 

Full-Year and Second Quarter 2025 Financial Guidance

Full-Year 2025 Financial Guidance

The Company is raising its full-year 2025 constant currency sales growth guidance to the range of +5.0% to +7.0%. Net of currency translation, the company is raising its full-year 2025 reported sales growth to the range of +4.0% to +6.0%.

The Company is raising its full-year 2025 non-GAAP EPS guidance to the range of $12.75 to $13.05. This reflects year-over-year growth of approximately +8% to +10%, and +10% to +12% on a constant currency basis.

Second Quarter 2025 Financial Guidance

The Company expects second quarter 2025 constant currency sales growth in the range of +5.0% to +7.0%. Net of currency translation, second quarter 2025 reported sales growth is expected in the range of +4.0% to +6.0%.

The Company expects second quarter 2025 non-GAAP EPS to be in the range of $2.88 to $2.98, which reflects year-over-year growth of approximately +10% to +13%, and +12% to +15% on a constant currency basis.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and second quarter.

Conference Call Details

Waters Corporation will webcast its first quarter 2025 financial results conference call today, May 6, 2025, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select "Investor Relations" under the "About Waters" section, navigate to "Events & Presentations," and click on the "Webcast." A replay will be available through at least June 3, 2025.

About Waters Corporation

Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,600+ passionate employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science.

Non-GAAP Financial Measures

This press release contains financial measures, such as constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered "non-GAAP" financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Definitions of the non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Cautionary Statement

This release contains "forward-looking" statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "feels", "believes", "anticipates", "plans", "expects", "intends", "suggests", "appears", "estimates", "projects" and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. Our actual future results may differ significantly from the results discussed in the forward- looking statements within this release for a variety of reasons, including and without limitation, risks or uncertainties related to expectations regarding our strategy, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic initiatives, including  our instrument replacement initiatives, respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in various geographies and market segments, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management. Such factors and others are discussed more fully in the sections entitled "Forward-Looking Statements" and "Risk Factors" of the Company's annual report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC"), which discussions are incorporated by reference in this release, as updated by the Company's future filings with the SEC. The forward-looking statements included in this release represent the Company's estimates or views as of the date of this release and should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.

 

Waters Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)






Three Months Ended


March 29, 2025


March 30, 2024





Net sales

$             661,705


$             636,839





Costs and operating expenses:




Cost of sales

276,745


261,786

Selling and administrative expenses 

174,881


174,536

Research and development expenses 

46,622


44,595

Purchased intangibles amortization 

11,712


11,834

Litigation provision

-


10,242





Operating income 

151,745


133,846





Other income, net

1,524


2,259

Interest expense, net

(10,381)


(21,249)





Income from operations before income taxes

142,888


114,856





Provision for income taxes

21,507


12,660





Net income

$             121,381


$             102,196









Net income per basic common share

$                   2.04


$                   1.73





Weighted-average number of basic common shares

59,439


59,232









Net income per diluted common share

$                   2.03


$                   1.72





Weighted-average number of diluted common shares and equivalents

59,711


59,431

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Three Months Ended March 29, 2025 and March 30, 2024

(In thousands)
































Constant






Three Months Ended


Percent


Impact of


Currency






March 29, 2025


March 30, 2024


Change


Currency


Growth Rate (a)

















NET SALES - OPERATING SEGMENTS





























Waters



$

587,297


$

561,899


5 %


(3 %)


8 %

TA





74,408



74,940


(1 %)


(1 %)


1 %

















Total




$

661,705


$

636,839


4 %


(3 %)


7 %

































NET SALES - PRODUCTS & SERVICES





























Instruments



$

262,893


$

241,944


9 %


(3 %)


11 %

















Service




261,175



260,688


0 %


(3 %)


3 %

Chemistry




137,637



134,207


3 %


(3 %)


5 %

Total Recurring




398,812



394,895


1 %


(3 %)


4 %

















Total




$

661,705


$

636,839


4 %


(3 %)


7 %

































NET SALES - GEOGRAPHY





























Asia




$

220,776


$

207,559


6 %


(6 %)


13 %

Americas




255,537



241,171


6 %


0 %


6 %

Europe




185,392



188,109


(1 %)


(2 %)


1 %

















Total




$

661,705


$

636,839


4 %


(3 %)


7 %

































NET SALES - MARKETS





























Pharmaceutical



$

391,051


$

374,207


5 %


(3 %)


8 %

Industrial




203,365



195,334


4 %


(2 %)


6 %

Academic & Government



67,289



67,298


0 %


(3 %)


3 %

















Total




$

661,705


$

636,839


4 %


(3 %)


7 %

____________________________________

(a)

The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation's net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

Three Months Ended March 29, 2025 and March 30, 2024

(In thousands, except per share data)



















































Income from






























Operations















Selling &



Research &






Operating






before



Provision for






Diluted






Administrative



Development



Operating



Income



Other



Income



Income



Net



Earnings






Expenses(a)



Expenses



Income



Percentage



Income



Taxes



Taxes



Income



per Share

Three Months Ended March 29, 2025




























GAAP



$

186,593


$

46,622


$

151,745



22.9 %


$

1,524


$

142,888


$

21,507


$

121,381


$

2.03

Adjustments:






























Purchased intangibles amortization (b)



(11,712)



-



11,712



1.8 %



-



11,712



2,832



8,880



0.15


Restructuring costs and certain other items (d)



(598)



-



598



0.1 %



-



598



144



454



0.01


ERP implementation and transformation costs (f)



(2,295)



-



2,295



0.3 %



-



2,295



551



1,744



0.03


Retention bonus obligation (e)



(1,909)



(636)



2,545



0.4 %



-



2,545



611



1,934



0.03

Adjusted Non-GAAP


$

170,079


$

45,986


$

168,895



25.5 %


$

1,524


$

160,038


$

25,645


$

134,393


$

2.25































Three Months Ended March 30, 2024




























GAAP



$

196,612


$

44,595


$

133,846



21.0 %


$

2,259


$

114,856


$

12,660


$

102,196


$

1.72

Adjustments:






























Purchased intangibles amortization (b)



(11,834)



-



11,834



1.9 %



-



11,834



2,832



9,002



0.15


Litigation provision (c)



(10,242)



-



10,242



1.6 %



-



10,242



2,458



7,784



0.13


Restructuring costs and certain other items (d)



(8,347)



-



8,347



1.3 %



-



8,347



2,055



6,292



0.11


Retention bonus obligation (e)



(5,725)



(1,909)



7,634



1.2 %



-



7,634



1,832



5,802



0.10

Adjusted Non-GAAP


$

160,464


$

42,686


$

171,903



27.0 %


$

2,259


$

152,913


$

21,837


$

131,076


$

2.21

____________________________________

(a)

Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements.

(b)

The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.

(c)

Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

(d)

Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.

(e)

In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee's providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(f)

ERP implementation and transformation costs represent costs related to the Company's initiative to transition from its legacy enterprise resource planning (ERP) system to a new global ERP solution with a cloud-based infrastructure. These costs, which do not represent normal or future ongoing business expenses, are one-time, non-recurring costs related to the establishment of our new global ERP solution that were determined to be non-capitalizable in accordance with accounting standards.

 

Waters Corporation and Subsidiaries

Preliminary Condensed Unclassified Consolidated Balance Sheets

(In thousands and unaudited)














March 29, 2025


December 31, 2024









Cash and cash equivalents



$              382,872


$              325,355

Accounts receivable




713,278


733,365

Inventories




511,499


477,261

Property, plant and equipment, net


643,260


651,200

Intangible assets, net




560,754


567,906

Goodwill





1,300,020


1,295,720

Other assets




479,893


502,988

   Total assets




$           4,591,576


$           4,553,795

















Notes payable and debt



$           1,456,727


$           1,626,488

Other liabilities




1,172,452


1,098,800

   Total liabilities




2,629,179


2,725,288









Total stockholders' equity



1,962,397


1,828,507

   Total liabilities and stockholders' equity


$           4,591,576


$           4,553,795

 

Waters Corporation and Subsidiaries

Preliminary Condensed Consolidated Statements of Cash Flows

Three Months Ended March 29, 2025 and March 30, 2024

(In thousands and unaudited)












Three Months Ended





March 29, 2025


March 30, 2024






Cash flows from operating activities:





Net income

$                    121,381


$                 102,196


Adjustments to reconcile net income to net







cash provided by operating activities:






Stock-based compensation

12,878


10,913



Depreciation and amortization

49,369


48,514



Change in operating assets and liabilities and other, net

75,925


101,247




Net cash provided by operating activities

259,553


262,870








Cash flows from investing activities:





Additions to property, plant, equipment







and software capitalization

(25,742)


(28,655)


Investments in unaffiliated companies

(506)


(1,064)


Net change in investments

-


(25)




Net cash used in investing activities

(26,248)


(29,744)








Cash flows from financing activities:





Net change in debt

(170,000)


(300,000)


Proceeds from stock plans

8,246


13,932


Purchases of treasury shares

(13,934)


(13,089)


Other cash flow from financing activities, net

2,441


6,981




Net cash used in financing activities

(173,247)


(292,176)








Effect of exchange rate changes on cash and cash equivalents

(2,541)


1,264




Increase (decrease) in cash and cash equivalents

57,517


(57,786)








Cash and cash equivalents at beginning of period

325,355


395,076




Cash and cash equivalents at end of period

$                    382,872


$                 337,290








Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)








Net cash provided by operating activities - GAAP

$                    259,553


$                 262,870









Adjustments:






Additions to property, plant, equipment







and software capitalization

(25,742)


(28,655)



Litigation settlements received, net

-


(375)

Free Cash Flow - Adjusted Non-GAAP

$                    233,811


$                 233,840

____________________________________

(a)

The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.

 

Waters Corporation and Subsidiaries

Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook














Twelve Months Ended


Three Months Ended




December 31, 2025


June 28, 2025





Range




Range


Projected Sales


















Constant currency sales growth rate (a)

5.0 %

-

7.0 %


5.0 %

-

7.0 %

Currency translation impact

(1.0 %)

-

(1.0 %)


(1.0 %)

-

(1.0 %)

Sales growth rate as reported

4.0 %

-

6.0 %


4.0 %

-

6.0 %















Range




Range


Projected Earnings Per Diluted Share


















GAAP earnings per diluted share

$    11.88

-

$    12.18


$      2.66

-

$      2.76

Adjustments:










Purchased intangibles amortization 

$      0.60

-

$      0.60


$      0.15

-

$      0.15


ERP implementation and transformation costs 

$      0.22

-

$      0.22


$      0.05

-

$      0.05


Retention bonus obligation

$      0.05

-

$      0.05


$      0.02

-

$      0.02

Adjusted non-GAAP earnings per diluted share

$    12.75

-

$    13.05


$      2.88

-

$      2.98

____________________________________

(a)

Constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results.


These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

 

Contact:  Caspar Tudor, Head of Investor Relations – (508) 482-2429

Cision View original content:https://www.prnewswire.com/news-releases/waters-corporation-nyse-wat-reports-first-quarter-2025-financial-results-302446356.html

SOURCE Waters Corporation

FAQ

What were Waters Corporation's (WAT) Q1 2025 earnings results?

Waters reported Q1 2025 sales of $662 million (up 4% as reported), GAAP EPS of $2.03, and non-GAAP EPS of $2.25.

What is Waters Corporation's (WAT) guidance for full-year 2025?

Waters raised its full-year 2025 guidance, projecting constant currency sales growth of 5-7% and non-GAAP EPS of $12.75-$13.05, representing 8-10% growth.

How much did Waters' (WAT) instrument sales grow in Q1 2025?

Waters' instrument sales grew 11% in constant currency, driven by strong momentum in pharmaceutical and industrial end markets.

What is Waters Corporation's (WAT) outlook for Q2 2025?

Waters expects Q2 2025 constant currency sales growth of 5-7% and non-GAAP EPS between $2.88-$2.98, reflecting 10-13% year-over-year growth.

How did foreign exchange impact Waters' (WAT) Q1 2025 results?

Foreign exchange had an unfavorable impact of approximately five percentage points on Waters' non-GAAP EPS growth in Q1 2025.
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Diagnostics & Research
Laboratory Analytical Instruments
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United States
MILFORD