Waters Corporation (NYSE: WAT) Reports First Quarter 2025 Financial Results
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Highlights
- Strong start to the year as first quarter 2025 sales of $662 million landed at the high-end of guidance range; grew 4% as reported and 7% in constant currency
- Results led by instrument growth of 11% in constant currency, driven by strong momentum in Pharma and Industrial end markets
- Earnings landed at the high-end of guidance range with GAAP EPS of $2.03 and non-GAAP EPS of $2.25
- Raising full-year constant currency sales growth guidance to +5.0% to +7.0%, given first quarter strength
- Raising full-year non-GAAP EPS guidance to the range of $12.75 to $13.05, net of tariff impact, operational actions, and improvement in FX
First Quarter 2025
MILFORD, Mass., May 6, 2025 /PRNewswire/ -- Waters Corporation (NYSE: WAT), today announced its financial results for the first quarter of 2025.
Sales for the first quarter of 2025 were $662 million, an increase of 4% as reported, compared to sales of $637 million for the first quarter of 2024, and an increase of 7% in constant currency.
On a GAAP basis, diluted earnings per share (EPS) for the first quarter of 2025 was $2.03, compared to $1.72 for the first quarter of 2024. On a non-GAAP basis, EPS was $2.25, representing 2% growth, inclusive of approximately five percentage points of unfavorable foreign exchange.
"Thanks to the focus and dedication of our teams, the momentum in our business has remained strong despite a very dynamic external environment," said Dr. Udit Batra, President & CEO, Waters Corporation. "Our first-quarter results exceeded expectations, driven by double-digit instrument growth, strength in pharma, and the continued traction of our innovative product portfolio."
Dr. Batra continued, "Given our unique exposure to resilient, downstream applications and our steadfast commitment to operational excellence, we are raising our full-year 2025 guidance. Our swift operational actions, combined with improvements in foreign exchange, position us well to mitigate the impact of recently announced tariffs and policy changes. As a result, we reaffirm our expectation of delivering high single-digit adjusted EPS growth for the year."
A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company's website www.waters.com in the Investor Relations section.
Full-Year and Second Quarter 2025 Financial Guidance
Full-Year 2025 Financial Guidance
The Company is raising its full-year 2025 constant currency sales growth guidance to the range of +5.0% to +7.0%. Net of currency translation, the company is raising its full-year 2025 reported sales growth to the range of +4.0% to +6.0%.
The Company is raising its full-year 2025 non-GAAP EPS guidance to the range of $12.75 to $13.05. This reflects year-over-year growth of approximately +8% to +10%, and +10% to +12% on a constant currency basis.
Second Quarter 2025 Financial Guidance
The Company expects second quarter 2025 constant currency sales growth in the range of +5.0% to +7.0%. Net of currency translation, second quarter 2025 reported sales growth is expected in the range of +4.0% to +6.0%.
The Company expects second quarter 2025 non-GAAP EPS to be in the range of $2.88 to $2.98, which reflects year-over-year growth of approximately +10% to +13%, and +12% to +15% on a constant currency basis.
Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and second quarter.
Conference Call Details
Waters Corporation will webcast its first quarter 2025 financial results conference call today, May 6, 2025, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select "Investor Relations" under the "About Waters" section, navigate to "Events & Presentations," and click on the "Webcast." A replay will be available through at least June 3, 2025.
About Waters Corporation
Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,600+ passionate employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science.
Non-GAAP Financial Measures
This press release contains financial measures, such as constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered "non-GAAP" financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Definitions of the non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Cautionary Statement
This release contains "forward-looking" statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "feels", "believes", "anticipates", "plans", "expects", "intends", "suggests", "appears", "estimates", "projects" and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. Our actual future results may differ significantly from the results discussed in the forward- looking statements within this release for a variety of reasons, including and without limitation, risks or uncertainties related to expectations regarding our strategy, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic initiatives, including our instrument replacement initiatives, respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in various geographies and market segments, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management. Such factors and others are discussed more fully in the sections entitled "Forward-Looking Statements" and "Risk Factors" of the Company's annual report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC"), which discussions are incorporated by reference in this release, as updated by the Company's future filings with the SEC. The forward-looking statements included in this release represent the Company's estimates or views as of the date of this release and should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.
Waters Corporation and Subsidiaries | |||
Consolidated Statements of Operations | |||
(In thousands, except per share data) | |||
(Unaudited) | |||
Three Months Ended | |||
March 29, 2025 | March 30, 2024 | ||
Net sales | $ 661,705 | $ 636,839 | |
Costs and operating expenses: | |||
Cost of sales | 276,745 | 261,786 | |
Selling and administrative expenses | 174,881 | 174,536 | |
Research and development expenses | 46,622 | 44,595 | |
Purchased intangibles amortization | 11,712 | 11,834 | |
Litigation provision | - | 10,242 | |
Operating income | 151,745 | 133,846 | |
Other income, net | 1,524 | 2,259 | |
Interest expense, net | (10,381) | (21,249) | |
Income from operations before income taxes | 142,888 | 114,856 | |
Provision for income taxes | 21,507 | 12,660 | |
Net income | $ 121,381 | $ 102,196 | |
Net income per basic common share | $ 2.04 | $ 1.73 | |
Weighted-average number of basic common shares | 59,439 | 59,232 | |
Net income per diluted common share | $ 2.03 | $ 1.72 | |
Weighted-average number of diluted common shares and equivalents | 59,711 | 59,431 | |
Waters Corporation and Subsidiaries | |||||||||||||||
Reconciliation of GAAP to Adjusted Non-GAAP | |||||||||||||||
Net Sales by Operating Segments, Products & Services, Geography and Markets | |||||||||||||||
Three Months Ended March 29, 2025 and March 30, 2024 | |||||||||||||||
(In thousands) | |||||||||||||||
Constant | |||||||||||||||
Three Months Ended | Percent | Impact of | Currency | ||||||||||||
March 29, 2025 | March 30, 2024 | Change | Currency | Growth Rate (a) | |||||||||||
NET SALES - OPERATING SEGMENTS | |||||||||||||||
Waters | $ | 587,297 | $ | 561,899 | 5 % | (3 %) | 8 % | ||||||||
TA | 74,408 | 74,940 | (1 %) | (1 %) | 1 % | ||||||||||
Total | $ | 661,705 | $ | 636,839 | 4 % | (3 %) | 7 % | ||||||||
NET SALES - PRODUCTS & SERVICES | |||||||||||||||
Instruments | $ | 262,893 | $ | 241,944 | 9 % | (3 %) | 11 % | ||||||||
Service | 261,175 | 260,688 | 0 % | (3 %) | 3 % | ||||||||||
Chemistry | 137,637 | 134,207 | 3 % | (3 %) | 5 % | ||||||||||
Total Recurring | 398,812 | 394,895 | 1 % | (3 %) | 4 % | ||||||||||
Total | $ | 661,705 | $ | 636,839 | 4 % | (3 %) | 7 % | ||||||||
NET SALES - GEOGRAPHY | |||||||||||||||
Asia | $ | 220,776 | $ | 207,559 | 6 % | (6 %) | 13 % | ||||||||
Americas | 255,537 | 241,171 | 6 % | 0 % | 6 % | ||||||||||
Europe | 185,392 | 188,109 | (1 %) | (2 %) | 1 % | ||||||||||
Total | $ | 661,705 | $ | 636,839 | 4 % | (3 %) | 7 % | ||||||||
NET SALES - MARKETS | |||||||||||||||
Pharmaceutical | $ | 391,051 | $ | 374,207 | 5 % | (3 %) | 8 % | ||||||||
Industrial | 203,365 | 195,334 | 4 % | (2 %) | 6 % | ||||||||||
Academic & Government | 67,289 | 67,298 | 0 % | (3 %) | 3 % | ||||||||||
Total | $ | 661,705 | $ | 636,839 | 4 % | (3 %) | 7 % | ||||||||
____________________________________ | |
(a) | The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation's net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release. |
Waters Corporation and Subsidiaries | |||||||||||||||||||||||||||||
Reconciliation of GAAP to Adjusted Non-GAAP Financials | |||||||||||||||||||||||||||||
Three Months Ended March 29, 2025 and March 30, 2024 | |||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||
Income from | |||||||||||||||||||||||||||||
Operations | |||||||||||||||||||||||||||||
Selling & | Research & | Operating | before | Provision for | Diluted | ||||||||||||||||||||||||
Administrative | Development | Operating | Income | Other | Income | Income | Net | Earnings | |||||||||||||||||||||
Expenses(a) | Expenses | Income | Percentage | Income | Taxes | Taxes | Income | per Share | |||||||||||||||||||||
Three Months Ended March 29, 2025 | |||||||||||||||||||||||||||||
GAAP | $ | 186,593 | $ | 46,622 | $ | 151,745 | 22.9 % | $ | 1,524 | $ | 142,888 | $ | 21,507 | $ | 121,381 | $ | 2.03 | ||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Purchased intangibles amortization (b) | (11,712) | - | 11,712 | 1.8 % | - | 11,712 | 2,832 | 8,880 | 0.15 | ||||||||||||||||||||
Restructuring costs and certain other items (d) | (598) | - | 598 | 0.1 % | - | 598 | 144 | 454 | 0.01 | ||||||||||||||||||||
ERP implementation and transformation costs (f) | (2,295) | - | 2,295 | 0.3 % | - | 2,295 | 551 | 1,744 | 0.03 | ||||||||||||||||||||
Retention bonus obligation (e) | (1,909) | (636) | 2,545 | 0.4 % | - | 2,545 | 611 | 1,934 | 0.03 | ||||||||||||||||||||
Adjusted Non-GAAP | $ | 170,079 | $ | 45,986 | $ | 168,895 | 25.5 % | $ | 1,524 | $ | 160,038 | $ | 25,645 | $ | 134,393 | $ | 2.25 | ||||||||||||
Three Months Ended March 30, 2024 | |||||||||||||||||||||||||||||
GAAP | $ | 196,612 | $ | 44,595 | $ | 133,846 | 21.0 % | $ | 2,259 | $ | 114,856 | $ | 12,660 | $ | 102,196 | $ | 1.72 | ||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Purchased intangibles amortization (b) | (11,834) | - | 11,834 | 1.9 % | - | 11,834 | 2,832 | 9,002 | 0.15 | ||||||||||||||||||||
Litigation provision (c) | (10,242) | - | 10,242 | 1.6 % | - | 10,242 | 2,458 | 7,784 | 0.13 | ||||||||||||||||||||
Restructuring costs and certain other items (d) | (8,347) | - | 8,347 | 1.3 % | - | 8,347 | 2,055 | 6,292 | 0.11 | ||||||||||||||||||||
Retention bonus obligation (e) | (5,725) | (1,909) | 7,634 | 1.2 % | - | 7,634 | 1,832 | 5,802 | 0.10 | ||||||||||||||||||||
Adjusted Non-GAAP | $ | 160,464 | $ | 42,686 | $ | 171,903 | 27.0 % | $ | 2,259 | $ | 152,913 | $ | 21,837 | $ | 131,076 | $ | 2.21 | ||||||||||||
____________________________________ | |
(a) | Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements. |
(b) | The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time. |
(c) | Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly. |
(d) | Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company. |
(e) | In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee's providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses. |
(f) | ERP implementation and transformation costs represent costs related to the Company's initiative to transition from its legacy enterprise resource planning (ERP) system to a new global ERP solution with a cloud-based infrastructure. These costs, which do not represent normal or future ongoing business expenses, are one-time, non-recurring costs related to the establishment of our new global ERP solution that were determined to be non-capitalizable in accordance with accounting standards. |
Waters Corporation and Subsidiaries | |||||||
Preliminary Condensed Unclassified Consolidated Balance Sheets | |||||||
(In thousands and unaudited) | |||||||
March 29, 2025 | December 31, 2024 | ||||||
Cash and cash equivalents | $ 382,872 | $ 325,355 | |||||
Accounts receivable | 713,278 | 733,365 | |||||
Inventories | 511,499 | 477,261 | |||||
Property, plant and equipment, net | 643,260 | 651,200 | |||||
Intangible assets, net | 560,754 | 567,906 | |||||
Goodwill | 1,300,020 | 1,295,720 | |||||
Other assets | 479,893 | 502,988 | |||||
Total assets | $ 4,591,576 | $ 4,553,795 | |||||
Notes payable and debt | $ 1,456,727 | $ 1,626,488 | |||||
Other liabilities | 1,172,452 | 1,098,800 | |||||
Total liabilities | 2,629,179 | 2,725,288 | |||||
Total stockholders' equity | 1,962,397 | 1,828,507 | |||||
Total liabilities and stockholders' equity | $ 4,591,576 | $ 4,553,795 | |||||
Waters Corporation and Subsidiaries | ||||||
Preliminary Condensed Consolidated Statements of Cash Flows | ||||||
Three Months Ended March 29, 2025 and March 30, 2024 | ||||||
(In thousands and unaudited) | ||||||
Three Months Ended | ||||||
March 29, 2025 | March 30, 2024 | |||||
Cash flows from operating activities: | ||||||
Net income | $ 121,381 | $ 102,196 | ||||
Adjustments to reconcile net income to net | ||||||
cash provided by operating activities: | ||||||
Stock-based compensation | 12,878 | 10,913 | ||||
Depreciation and amortization | 49,369 | 48,514 | ||||
Change in operating assets and liabilities and other, net | 75,925 | 101,247 | ||||
Net cash provided by operating activities | 259,553 | 262,870 | ||||
Cash flows from investing activities: | ||||||
Additions to property, plant, equipment | ||||||
and software capitalization | (25,742) | (28,655) | ||||
Investments in unaffiliated companies | (506) | (1,064) | ||||
Net change in investments | - | (25) | ||||
Net cash used in investing activities | (26,248) | (29,744) | ||||
Cash flows from financing activities: | ||||||
Net change in debt | (170,000) | (300,000) | ||||
Proceeds from stock plans | 8,246 | 13,932 | ||||
Purchases of treasury shares | (13,934) | (13,089) | ||||
Other cash flow from financing activities, net | 2,441 | 6,981 | ||||
Net cash used in financing activities | (173,247) | (292,176) | ||||
Effect of exchange rate changes on cash and cash equivalents | (2,541) | 1,264 | ||||
Increase (decrease) in cash and cash equivalents | 57,517 | (57,786) | ||||
Cash and cash equivalents at beginning of period | 325,355 | 395,076 | ||||
Cash and cash equivalents at end of period | $ 382,872 | $ 337,290 | ||||
Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a) | ||||||
Net cash provided by operating activities - GAAP | $ 259,553 | $ 262,870 | ||||
Adjustments: | ||||||
Additions to property, plant, equipment | ||||||
and software capitalization | (25,742) | (28,655) | ||||
Litigation settlements received, net | - | (375) | ||||
Free Cash Flow - Adjusted Non-GAAP | $ 233,811 | $ 233,840 | ||||
____________________________________ | |
(a) | The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies. |
Waters Corporation and Subsidiaries | |||||||||
Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook | |||||||||
Twelve Months Ended | Three Months Ended | ||||||||
December 31, 2025 | June 28, 2025 | ||||||||
Range | Range | ||||||||
Projected Sales | |||||||||
Constant currency sales growth rate (a) | 5.0 % | - | 7.0 % | 5.0 % | - | 7.0 % | |||
Currency translation impact | (1.0 %) | - | (1.0 %) | (1.0 %) | - | (1.0 %) | |||
Sales growth rate as reported | 4.0 % | - | 6.0 % | 4.0 % | - | 6.0 % | |||
Range | Range | ||||||||
Projected Earnings Per Diluted Share | |||||||||
GAAP earnings per diluted share | $ 11.88 | - | $ 12.18 | $ 2.66 | - | $ 2.76 | |||
Adjustments: | |||||||||
Purchased intangibles amortization | $ 0.60 | - | $ 0.60 | $ 0.15 | - | $ 0.15 | |||
ERP implementation and transformation costs | $ 0.22 | - | $ 0.22 | $ 0.05 | - | $ 0.05 | |||
Retention bonus obligation | $ 0.05 | - | $ 0.05 | $ 0.02 | - | $ 0.02 | |||
Adjusted non-GAAP earnings per diluted share | $ 12.75 | - | $ 13.05 | $ 2.88 | - | $ 2.98 | |||
____________________________________ | |
(a) | Constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results. |
These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. | |
Contact: Caspar Tudor, Head of Investor Relations – (508) 482-2429
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Analysen zu Waters Corp.
| Datum | Rating | Analyst | |
|---|---|---|---|
| 30.05.2019 | Waters Underperform | Wolfe Research | |
| 03.01.2019 | Waters Hold | Needham & Company, LLC | |
| 09.10.2018 | Waters Neutral | UBS AG | |
| 24.01.2018 | Waters Equal Weight | Barclays Capital | |
| 05.01.2018 | Waters Buy | BTIG Research |
| Datum | Rating | Analyst | |
|---|---|---|---|
| 05.01.2018 | Waters Buy | BTIG Research | |
| 18.01.2017 | Waters Buy | Deutsche Bank AG | |
| 25.10.2016 | Waters Buy | Cantor Fitzgerald | |
| 29.04.2015 | Waters Buy | Maxim Group | |
| 28.10.2011 | Waters outperform | RBC Capital Markets |
| Datum | Rating | Analyst | |
|---|---|---|---|
| 03.01.2019 | Waters Hold | Needham & Company, LLC | |
| 09.10.2018 | Waters Neutral | UBS AG | |
| 24.01.2018 | Waters Equal Weight | Barclays Capital | |
| 27.04.2016 | Waters Neutral | Mizuho | |
| 01.03.2016 | Waters Equal Weight | Barclays Capital |
| Datum | Rating | Analyst | |
|---|---|---|---|
| 30.05.2019 | Waters Underperform | Wolfe Research |
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