Waters second-quarter 2010 sales increase 8% to $391 million

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Waters Corporation (NYSE/WAT) reported today second quarter 2010 sales of $391 million, an increase of 8% over sales of $363 million in the second quarter of 2009. These quarterly sales include an adverse foreign currency translation impact of approximately 1%. On a GAAP basis, earnings per diluted share (E.P.S.) for the second quarter were $0.90, compared to $0.72 for the second quarter in 2009. On a non-GAAP basis, E.P.S. were up 19% to $0.93 in the second quarter of 2010 from $ 0.78 in the second quarter of 2009. A reconciliation of GAAP to non-GAAP E.P.S. is attached.

Through the first six months of 2010, sales for the Company were $759 million, an increase of 9% in comparison to sales of $696 million in the first six months of 2009. Foreign currency translation contributed positively to sales growth during the first half of 2010 and increased sales by 1%. E.P.S. for the first six months of 2010 were $1.69 compared to $1.47 for the comparable period in 2009. On a non-GAAP basis, including the adjustments on the attached reconciliation, E.P.S grew 14% in the first six months of 2010 to $1.74 from $1.52 in 2009.

Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, "We are encouraged by the improved demand trends that we saw across key markets in the quarter. Strong acceptance of new chromatography and mass spectrometry systems launched in the first half of 2010, continued superior sales growth in Asia and an impressive recovery in demand for our TA Instruments business contributed significantly to Waters' improved results."

As communicated in a prior press release, Waters Corporation will webcast its second quarter 2010 financial results conference call this morning, July 28, 2010 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose "Investors" and click on the Live Webcast. A replay of the call will be available through August 4, 2010, similarly by webcast and also by phone at 402-220-3893.


The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
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