Waters Corp. Q2 Net Profit Slips - Quick Facts

(RTTNews) - Waters Corp. (WAT) reported a decline in second-quarter 2013 net income to $89.31 million, or $1.03 a share, from last year's $97.72 million, or $1.09 a share. On a non-GAAP basis, earnings per share for the period amounted to $1.08. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $1.21 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales remained almost flat at $451.1 million, while foreign currency translation decreased sales growth by 2%. Analysts estimated revenues of $466.40 million for the quarter.

Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive said, "A late-quarter unexpected slowdown in instrument system orders offset strong recurring revenue growth and contributed to an overall disappointing performance in the second quarter. We believe that underlying demand for instrument systems is, in fact, stronger than indicated by our weak sales growth in the quarter, as order delays and a meaningful backlog build combined in late June to negatively affect our sales and earnings."