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Jun 29, 2024
Waters Q2 2024 Earnings Report
Waters' Q2 2024 financial performance exceeded expectations, driven by strong operational execution and favorable market conditions.
Key Takeaways
Waters Corporation reported Q2 2024 sales of $709 million, a 4% decrease compared to Q2 2023. GAAP EPS was $2.40, while non-GAAP EPS was $2.63. The company's performance exceeded guidance due to better-than-expected results in China and contributions from the Wyatt acquisition. Waters expects to return to growth in the second half of the year.
Sales of $709 million exceeded guidance, but declined 4% as reported and in organic constant currency.
GAAP EPS was $2.40, while non-GAAP EPS was $2.63, surpassing guidance due to strong operational performance.
The beat was driven by better-than-expected performance in China and higher-than-expected M&A contribution from Wyatt.
Full-year outlook reflects the potential for a more gradual market improvement in the second half of the year.
Waters
Waters
Waters Revenue by Segment
Waters Revenue by Geographic Location
Revenue by Segment
Waters Instrument Systems Revenue
CapyFin.comTA Instrument Systems Revenue
CapyFin.comRevenue by Geographic Location
Asia Revenue
CapyFin.comAmericas Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
The Company expects third quarter 2024 constant currency sales growth to be in the range of +1.0% to +3.0%. The Company expects third quarter 2024 non-GAAP EPS to be in the range of $2.60 to $2.70.
Positive Outlook
- Third quarter 2024 constant currency sales growth to be in the range of +1.0% to +3.0%.
- Third quarter 2024 reported sales growth is expected in the range of -0.5% to +1.5%.
- Third quarter 2024 non-GAAP EPS to be in the range of $2.60 to $2.70.
- Full-year 2024 organic constant currency sales growth to be in the range of -2.0% to -0.5%.
- Full-year 2024 reported sales growth is expected in the range of -2.2% to -0.7%.
Challenges Ahead
- Currency translation is expected to decrease third quarter sales growth by approximately 1.5%.
- Third quarter 2024 non-GAAP EPS includes an estimated headwind of approximately 2% due to unfavorable foreign exchange.
- Currency translation is expected to decrease full-year sales growth by approximately 1.5%.
- Full-year 2024 non-GAAP EPS to be in the range of $11.55 to $11.65, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.
- Full-year outlook reflects the potential for a more gradual market improvement in the second half of the year than previously anticipated
Revenue & Expenses
Visualization of income flow from segment revenue to net income