Waters Q3 Profits Down, But Revenue Up
Milford-based Waters Corp. reported a slight decline in profits Tuesday and missed analysts’ estimates for revenue and earnings-per-share growth.
The company reported non-GAAP net income of $102.7 million in the third quarter, a slight decline from $104.5 million last year. Earnings per share rose year over year from $1.18 to $1.19, but fell short of analysts’ estimates of $1.23.
Revenue jumped to $457.3 million from $449.9 million a year ago, but didn’t meet net sales expectations of $463.5 million.
“Slower sales growth to our pharmaceutical base affected our overall top-line performance,” said Douglas Berthiaume, chairman, president and CEO, in a statement. “However, improved business conditions across our industrial chemical markets, in combination with stronger global governmental and academic demand, contributed to sales growth in the quarter.”
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