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Waters
🇺🇸 NYSE:WAT
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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.

Total Revenue
$709M
Previous year: $741M
-4.3%
EPS
$2.63
Previous year: $2.8
-6.1%
Pharma Market Sales
415,747,000%
Previous year: -2%
-20787350100.0%
Industrial Market Sales
221,385,000%
Previous year: 10%
+2213849900.0%
Academic & Gov Sales
71,397,000%
Previous year: 23%
+310421639.1%
Gross Profit
$408M
Previous year: $440M
-7.3%
Cash and Equivalents
$326K
Previous year: $330M
-99.9%
Free Cash Flow
$18.4M
Total Assets
$4.45B
Previous year: $4.55B
-2.2%

Waters

Waters

Waters Revenue by Segment

Waters Revenue by Geographic Location

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

Company Overview

Full financial data and analysis

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