Waters Q1 Profit Declines, Misses Estimates On Nearly Flat Sales - Quick Facts

(RTTNews) - Waters Corp. (WAT), an analytical instrument manufacturer, reported Tuesday that its first-quarter net income declined to $70.30 million or $0.82 per share from last year's $121.06 million or $1.39 per share.

On an adjusted basis, earnings were $78.62 million or $0.92 per share, compared to $93.42 million or $1.07 per share in the prior year quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share for the quarter. Analysts' estimates typically exclude special items.

Sales of $430.51 million edged up from prior year's $430.34 million. Analysts estimated revenues of $447.51 million for the quarter. In the quarter, the effect of foreign currency translation was neutral to sales growth.

Douglas Berthiaume, Chairman, President, and Chief Executive Officer, said, "Sales in the quarter were below our expectations due primarily to a combination of slower growth in Asia and delays in the release of capital budgets, most significantly in the United States. Foreign currency translation and a higher operating tax rate negatively affected E.P.S in comparison to the 2013 first quarter's results."