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Mar 29
Waters Q1 2025 Earnings Report
Waters Corporation reported a strong first quarter with sales and EPS reaching the high end of guidance.
Key Takeaways
Waters delivered a solid Q1 2025, driven by double-digit instrument growth and strength in Pharma and Industrial markets. Sales hit $662M, and adjusted EPS reached $2.25. The company raised its full-year sales and EPS guidance.
Sales increased to $662 million, up 4% YoY and 7% in constant currency.
GAAP EPS was $2.03 and non-GAAP EPS was $2.25.
Net income rose to $121 million from $102 million a year ago.
Raised full-year 2025 guidance for both revenue and non-GAAP EPS.
Waters
Waters
Waters Revenue by Segment
Waters Revenue by Geographic Location
Forward Guidance
Waters raised its full-year 2025 guidance, reflecting operational strength and FX improvements.
Positive Outlook
- Full-year constant currency sales growth raised to 5.0%–7.0%.
- Full-year non-GAAP EPS guidance raised to $12.75–$13.05.
- Expect Q2 2025 non-GAAP EPS of $2.88–$2.98.
- Strong momentum in instrument sales, particularly in pharma.
- Operational actions and FX improvements mitigating tariff impacts.
Challenges Ahead
- Foreign exchange remains a headwind, reducing EPS by ~5 percentage points.
- Modest sales decline in Europe.
- Flat service revenue YoY.
- TA division revenue slightly declined YoY.
- Ongoing ERP implementation and transformation costs.