Waters Corp. profits drop 15% amid pandemic
Photo/Grant Welker
Waters Corp.'s Milford headquarters
Just over a month before the first switches out its CEO, Milford life sciences company Waters Corp. on Tuesday announced its profits dropped 15% in the second quarter, as its revenues fell 13%.
Waters' profits totalled $122.9 million in the three months ending June 27, a decrease from the $144.4 million it profited in the second quarter of 2019.
That decrease in profits came almost entirely from falling revenues, as the company reported $520 million in sales for the quarter, down from $599 million in the second quarter 2019.
"As anticipated, our second quarter revenue declined due to the ongoing impacts of the COVID-19 pandemic,” said President and CEO Chris O’Connell. “However, our results reflected modestly better-than-anticipated market conditions and strong execution by our global sales, service and operations teams.”
After Waters announced the new on Tuesday, it stock price fell 1% in trading on the New York Stock Exchange, down to $224.84 per share by noon.
O'Connell is set to step down as CEO on Sept. 1, with Udit Batra, the head of the Boston life sciences firm MillporeSigma replacing him.
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