Waters 1Q Net Up 25% As Sales Keep Climbing

Date : 04/26/2011 @ 7:50AM
Source : Dow Jones News
Stock : Waters Corp. (WAT)
Quote : 187.55  -0.59 (-0.31%) @ 4:02PM

Waters 1Q Net Up 25% As Sales Keep Climbing

Waters (NYSE:WAT)
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Waters Corp.'s (WAT) first-quarter profit jumped 25%, topping expectations, as sales climbed.

The laboratory-equipment maker has reported improved results in recent quarters as demand has increased. Chairman and Chief Executive Douglas Berthiaume said the company's Asian business continued to expand while the pharmaceuticals market was benefiting from "an overall healthier spending environment."

Waters reported earnings of $94.5 million, or $1.01 a share, up from $75.5 million, or 79 cents, a year earlier. Excluding restructuring costs, asset write-downs and tax benefits, earnings climbed to $1.04 a share from 81 cents.

Sales rose for the sixth straight quarter, climbing 16% to $427.6 million, or 14% on a currency neutral basis.

The company in January projected earnings of 90 cents to 95 cents on revenue of $400.8 million to $404.5 million.

Gross margin remained at 60.3%.

Shares closed Monday at $90.73 and were inactive premarket. The stock is up 30% over the past year.

-By Ian Thomson, Dow Jones Newswires; 212-416-2314; ian.thomson@dowjones.com


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