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Waters Cuts Q4 Revenue Forecast; Expects Decline From Last Year

NEW YORK (GenomeWeb News) – Waters today became the latest firm to caution that its upcoming quarterly results would fall short of previous expectations.
 
The firm said after the close of the market that it now expects to report fourth-quarter revenues of between $410 million and $420 million, down from its previous guidance of $454 million. The new guidance would place its revenues at a 4 percent to 6 percent decline from its 2007 fourth-quarter revenues of $437 million. Waters also said that it expects a negative foreign currency translation impact of around 4 percent.
 
The chromatography products and mass spectrometry instrument seller also lowered its non-GAAP earning per share guidance to a range of between $.94 and $.99 from previous guidance of between $1.08 and $1.12.
 
“Capital spending is more constrained as our customers are more cautious given the recent economic turbulence in many regions of the world,” Waters Chairman, President, and CEO Douglas Berthiaume said in a statement. “Additionally, foreign exchange impacts are unfavorably affecting our business growth and profitability. These conditions are likely to continue into next year and we are presently assessing our spending plans to align with lower sales expectations going forward.”
 
Waters intends to release its fourth-quarter and full-year 2008 results on Jan. 27, 2009.
 
Agilent and MDS, two competitors of Waters, also said this week that they expect to report revenues and earnings below previous projections for the most recent quarter.
 

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