Waters sends peers higher after Q3 beat, guidance raise
CharlieAJA
Shares of Waters Corporation (NYSE:WAT) reached a new 52-week high on Friday, sending its peers higher after the life sciences company reported better-than-expected financials for Q3 2024 and raised its guidance ahead of consensus.
Its peers Mettler-Toledo (MTD), Agilent Technologies (A), Revvity (RVTY), and Bruker (BRKR), which are yet to report quarterly results this earnings season, were among notable gainers.
Waters (NYSE:WAT) reported $740M in revenue for the quarter with ~4% YoY growth as instrument system sales increased 1% YoY while sales to Asia rose ~5%.
"We delivered exceptional third-quarter results, fueled by new product adoption and improved customer spending trends," CEO Udit Batra said.
"Instruments returned to growth sooner than expected, as liquid chromatography sales to pharma and industrial customers turned positive."
The maker of analytical workflow instruments reported $161.5M in net income, while its non-GAAP net income improved ~3% YoY to $174.3M, exceeding the consensus by $0.25 per share.
The company increased its 2024 sales growth guidance -0.8%-0.2% and non-GAAP earnings per share to $11.67-$11.87 compared to ~-1.4% and $11.60 in the consensus, respectively.
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