Waters Corporation Reports Increased First Quarter 2009 Earnings

Waters Corporation (NYSE/WAT) reported today first quarter 2009 sales of $333 million, a decrease of 10% versus sales of $372 million in the first quarter of 2008. These quarterly sales include an adverse foreign currency translation impact of approximately 5%. On a GAAP basis, earnings per diluted share (E.P.S.) for the first quarter were $0.75, compared to $0.67 for the first quarter in 2008. On a non-GAAP basis, E.P.S. were up 7% to $0.74 in the first quarter of 2009 from $0.69 in the first quarter of 2008. A reconciliation of GAAP to non-GAAP E.P.S. is attached.

Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, "Our sales volume in the quarter was largely in line with our expectations and reflects the tough economic environment. However, strong demand for our recurring revenue product lines combined with our ability to carefully control our costs contributed to earnings growth and strong cash generation.”

As communicated in a prior press release, Waters Corporation will webcast its first quarter 2009 financial results conference call this morning, April 28, 2009 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose "Investor” and click on the Live Webcast. A replay of the call will be available through May 5, 2009, similarly by webcast and also by phone at 203-369-3590.

About Waters Corporation:

Waters Corporation creates business advantage for laboratory-dependent organizations by delivering practical and sustainable innovation to enable significant advancements in such areas as healthcare delivery, environmental management, food safety, and water quality worldwide.

Pioneering a connected portfolio of separations science, laboratory information management, mass spectrometry and thermal analysis, Waters technology breakthroughs and laboratory solutions provide an enduring platform for customer success.

With revenue of $1.58 billion in 2008 and 5,000 employees, Waters is driving scientific discovery and operational excellence for customers worldwide.

CAUTIONARY STATEMENT

This release may contain "forward-looking” statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words, "believes”, "anticipates”, "plans”, "expects”, "intends”, "appears”, "estimates”, "projects”, and similar expressions are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, the impact on demand among the Company’s various market sectors from current economic difficulties and possible recession; the impact of changes in accounting principles and practices or tax rates, including the effect of recently restructuring certain legal entities; the ability to access capital in volatile market conditions; the ability to successfully integrate acquired businesses; fluctuations in capital expenditures by the Company’s customers, in particular large pharmaceutical companies, regulatory and/or administrative obstacles to the timely completion of purchase order documentation; introduction of competing products by other companies and loss of market share; pressures on prices from competitors and/or customers; regulatory obstacles to new product introductions; lack of acceptance of new products; other changes in the demands of the Company’s healthcare and pharmaceutical company customers; changes in distribution of the Company’s products; risks associated with lawsuits and other legal actions, particularly involving claims for infringement of patents and other intellectual property rights; and foreign exchange rate fluctuations potentially affecting translation of the Company’s future non-U.S. operating results. Such factors and others are discussed more fully in the section entitled "Risk Factors” of the Company’s annual report on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission, which "Risk Factors” discussion is incorporated by reference in this release. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release report and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release.