Waters Corp 3Q Profit Up 25% On Increased New-Product Shipments

Date : 10/26/2010 @ 7:51AM
Source : Dow Jones News
Stock : Waters Corp. (WAT)
Quote : 181.16  -0.63 (-0.35%) @ 4:02PM

Waters Corp 3Q Profit Up 25% On Increased New-Product Shipments

Waters (NYSE:WAT)
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   DOW JONES NEWSWIRES 

Waters Corp. (WAT) third-quarter profit jumped 25% on improved revenue led by increased orders for its new products as results topped expectations.

The maker of analytical instrument has shown improvement the past several quarters as demand has increased. For the third quarter, Chairman and Chief Executive Douglas Berthiaume said gains were "significantly driven by shipments of our new instrument systems."

He added strength continued in the pharmaceutical and chemical sectors, with the Americas and Asia showing "accelerated global demand."

Waters reported a profit of $94.7 million, or $1.02 a share, up from $75.9 million, or 79 cents a share, a year earlier. Excluding asset write-downs and tax adjustments, earnings rose to 98 cents a share from 81 cents. Revenue increased 7% to $401 million, and rose 9% excluding currency changes.

The company in July predicted earnings of 93 cents to 97 cents a share on revenue growth of 6%, on a constant-currency basis.

Gross margin widened to 59.4% from 59%.

Shares closed at $73.26 Monday and didn't trade premarket. The stock has risen 18% this year.

-By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com

 
 

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