Waters Corp. reported moderate earnings and sales gains, but stocks fell by 13 percent as the company reported weak sales to industrial, governmental and academic customers.
The Milford scientific instrument company reported year-over-year revenue growth of 5 percent for the third quarter with earnings per share growing even faster at 9 percent.
The growth reported was mostly in Asia at 16 percent, offsetting declines of 3 and 1 percent in Europe and the U.S., according to Waters. Similarly, a 13-percent sales growth from the bio/pharmaceutical market and 2 percent sales growth from the industrial market, offset a 15 percent decline in sales within the governmental and academic markets.
Through the first nine months of 2016, sales for the company were $1.54 billion, up 6 percent compared with sales of $1.46 billion in the first nine months of 2015.
On all this news, stocks were down more than $20 per share from the price before the Tuesday earnings release of $157.75 per share.
