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Sep 30, 2023
Waters Q3 2023 Earnings Report
Waters' Q3 2023 earnings were reported, with sales growth slightly up but organic constant currency sales declining, while non-GAAP EPS increased due to operational excellence.
Key Takeaways
Waters Corporation reported third-quarter sales of $712 million, a slight increase of less than 1% as reported, but a decline of 4% in organic constant currency. The Wyatt acquisition contributed 4% to sales growth. GAAP EPS was $2.27, while non-GAAP EPS grew 8% to $2.84, driven by gross margin expansion.
Sales increased slightly by less than 1% to $712 million, but declined 4% in organic constant currency.
Wyatt acquisition added 4% to sales growth.
GAAP EPS was $2.27, while non-GAAP EPS increased 8% to $2.84.
Adjusted operating income margin expanded 380 basis points due to operational excellence.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects fourth quarter 2023 organic constant currency sales growth to decline in the range of -8% to -5%. The Company expects fourth quarter 2023 non-GAAP EPS in the range of $3.52 to $3.62.
Positive Outlook
- Wyatt transaction is expected to increase fourth quarter reported sales growth by approximately 3.5%.
Challenges Ahead
- Currency translation is expected to decrease fourth quarter sales growth by approximately 1.5%.
- The Company expects fourth quarter 2023 organic constant currency sales growth to decline in the range of -8% to -5%.
- The Company expects fourth quarter 2023 non-GAAP EPS in the range of $3.52 to $3.62, which includes an estimated headwind of approximately 5% due to unfavorable foreign exchange.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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