Laboratory equipment maker Waters Corp. of Milford said aggressive cost-cutting and an emphasis on research and development led to fourth quarter sales 3 percent greater than a year earlier and a small profit increase.
The company said sales hit $429 million for the fourth quarter compared to $418 million in the same period a year ago. For the year, sales were $1.5 billion, a 5 percent decrease compared to 2008.
Net income for the quarter was $104 million compared to $99 million the prior year. Net income for the year inched up to $323 million from $322 million in 2008.
Operating income increased from $389 million in 2008 to $395 million.
The company ended the fourth quarter with $630 million in cash and equivalents compared to $429 million a year earlier.
