https://assets.capyfin.com/instruments/678fdc13234e27009c5d5a57.png avatar
Waters
🇺🇸 NYSE:WAT
View Company
OverviewEarningsDividends
•
Jul 01, 2023

Waters Q2 2023 Earnings Report

Waters' financial performance in Q2 2023 was reported, revealing a sales increase and EPS results.

Key Takeaways

Waters Corporation reported a 4% increase in sales, reaching $741 million in Q2 2023. GAAP EPS was $2.55, while non-GAAP EPS reached $2.80. The company experienced double-digit growth in the Industrial and Academic & Government markets, offset by pharmaceutical market weakness in China.

Sales increased by 4% as reported, reaching $741 million.

Organic constant currency sales grew by 3%.

GAAP EPS was $2.55, and non-GAAP EPS was $2.80.

Double-digit growth was seen in the Industrial and Academic & Government markets.

Total Revenue
$741M
Previous year: $714M
+3.7%
EPS
$2.8
Previous year: $2.75
+1.8%
Pharma Market Sales
-2%
Previous year: 5%
-140.0%
Industrial Market Sales
10%
Previous year: 3%
+233.3%
Academic & Gov Sales
23%
Previous year: 10%
+130.0%
Gross Profit
$440M
Previous year: $407M
+8.0%
Cash and Equivalents
$330M
Previous year: $419M
-21.3%
Total Assets
$4.55B
Previous year: $3.04B
+49.6%

Waters

Waters

Waters Revenue by Segment

Waters Revenue by Geographic Location

Forward Guidance

Waters Corporation provided financial guidance for the third quarter and full year 2023. They anticipate Q3 organic constant currency sales to decline between -4% and -2%, with reported sales growth expected in the range of 1% to 3%. Full-year organic constant currency sales growth is projected to be between 0.5% and 1.5%, with reported sales growth expected in the range of 3% to 4%.

Positive Outlook

  • Currency translation is expected to increase third quarter sales growth by approximately 1%.
  • The Wyatt transaction is expected to increase third quarter reported sales growth by approximately 4%.
  • Full-year 2023 reported sales growth is expected in the range of 3% to 4%.
  • The Wyatt transaction is expected to increase full-year reported sales growth by approximately 2.5%.
  • Currency translation is expected to have minimal impact on full-year organic sales growth.

Challenges Ahead

  • The Company expects third quarter 2023 organic constant currency sales growth to decline in the range of -4% to -2%.
  • The Company expects third quarter 2023 non-GAAP EPS in the range of $2.50 to $2.60, which includes a neutral foreign exchange impact.
  • The Company is updating its full-year 2023 non-GAAP EPS guidance to now be in the range of $12.20 to $12.30, which includes an estimated headwind of approximately 1% due to unfavorable foreign exchange.
  • Unfavorable foreign exchange is expected to impact full-year non-GAAP EPS guidance by approximately 1%.
  • The full-year 2023 organic constant currency sales growth is expected to be in the range of 0.5% to 1.5%.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Waters