Net income at Waters Corp. in Milford was up 12 percent over the previous year, as the company saw sales growth in most of its busiest industry sectors.
The scientific instrument company reported $106 million in net income for the first quarter, compared to $94 million in the first quarter of last year. Diluted earnings per share also grew 14 percent to $1.31, compared to $1.15 in 2016’s first quarter.
Total sales for the quarter increased by 5 percent year-over-year to $498 million, despite a drop in the government and academic markets, where sales fell by 9 percent. Transactions from the pharmaceutical market grew by 8 percent, and industrial sales grew 5 percent. While the company saw growth from both the Asian (14 percent) and European (3 percent) markets, sales to the Americas fell 2 percent in the first quarter.
Waters reported sales of its instrument systems grew by 6 percent in the first quarter, and the combination of service and chemistry consumables grew by 4 percent.
