Waters reports flat growth, $716M in revenue

Photo/Grant Welker Waters Corp.'s Milford headquarters

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Waters Corp., a Milford manufacturer of lab equipment, reported flat revenue in the fourth quarter on Tuesday, sending stock falling.

Waters' revenue totaled $716 million for the quarter, matching the same quarter a year earlier. Net income rose to $201 million, up 8% year-to-year.

The company's stock was down roughly 4% Tuesday morning after results were released.

The fourth-quarter results are the second straight quarter of flat revenue for Waters, which otherwise led Central Massachusetts public companies in stock performance in 2019. Third-quarter earnings were flat at $577 million. For the full year, revenue was also roughly flat, falling by 0.6%. Net earnings were also basically flat, dropping by 0.3%.

The latest results come three weeks after Waters announced it has acquired a Swiss laboratory automation technology company, Andrew Alliance. The firm, which has its American headquarters in Waltham, has developed technology that includes robotics and software.

“The acquisition of Andrew Alliance broadens our technology portfolio to include advanced robotics and software that will positively impact our customers’ workflows across pharmaceuticals, life sciences and materials science markets,” Chris O’Connell, the chairman and CEO of Waters, said in a statement.