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Sep 28, 2024
Waters Q3 2024 Earnings Report
Waters' Q3 2024 performance was marked by exceeding sales guidance with 4% growth, driven by instrument resurgence and strong recurring revenue.
Key Takeaways
Waters Corporation reported a 4% increase in sales to $740 million for Q3 2024, surpassing expectations. GAAP EPS reached $2.71, while non-GAAP EPS was $2.93, both exceeding guidance. The company raised its full-year sales and EPS guidance, anticipating 5% to 7% constant currency growth in Q4.
Sales exceeded guidance, growing 4% as reported and in constant currency.
Instruments returned to growth, with recurring revenue growing high single-digits in constant currency.
All reported regions returned to growth, with sales increasing across all end markets, led by Pharma & Industrial.
GAAP EPS of $2.71 and non-GAAP EPS of $2.93 significantly exceeded guidance, driven by strong operational performance and favorable market conditions.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Waters Corporation anticipates fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0% and non-GAAP EPS to be in the range of $3.90 to $4.10.
Positive Outlook
- Expects fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0%.
- The company expects fourth quarter 2024 non-GAAP EPS to be in the range of $3.90 to $4.10.
- The company is raising its full-year 2024 sales guidance, and now expects organic constant currency sales growth to be in the range of -0.9% to -0.3%.
- The Company is also raising its full-year 2024 non-GAAP EPS guidance to now be in the range of $11.67 to $11.87.
- Strong commercial execution, competitive product portfolio, and excellent operational performance give us confidence in the long-term outlook for Waters.
Challenges Ahead
- Currency translation is expected to decrease fourth quarter sales growth by 1.7%.
- The resulting fourth quarter 2024 reported sales growth is expected in the range of +3.3% to +5.3%.
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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