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Waters' Q1 Revenues Jump 10 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Waters today reported a 10 percent increase in its first-quarter 2010 revenues, citing demand for new products and improving end markets.

The Milford, Mass.-based life science research and environmental testing products firm brought in total revenues of $367.7 million for the three-month period ended April 3, 2010, compared to $333.1 million for the first quarter of 2009. Its Q1 2010 revenues beat analysts' consensus estimate of $359.2 million.

Excluding a foreign currency translation benefit of 4 percent, Waters' sales were up 6 percent year over year.

"Strong demand for our new products and improving end-markets contributed to our sales growth in the first quarter," Waters Chairman, President, and CEO Douglas Berthiaume, said in a statement. "Shipments of our new instrument systems, including the Synapt G-2 and Acquity UPLC H-Class, ramped up nicely in the quarter while our TA Instruments sales returned to growth based on strong product positions and improving demand from industrial chemical customers."

Waters posted a profit of $75.5 million, or $.79 per share, up from $73.3 million, or $.75 per share, for the first quarter of 2009. The firm beat analysts' consensus estimate for EPS of $.78.

Its R&D spending for the quarter increased 10 percent to $20.1 million from $18.3 million, while its SG&A spending rose 7 percent to $106.7 million from $99.2 million.

Waters finished the quarter with $692.2 million in cash, cash equivalents, and short-term investments.

During a conference call this morning, Berthiaume said that the firm has lowered its expectations for stimulus-related revenues to a range of $10 million to $15 million from its previous expectations of $20 million to $30 million.

For full-year 2010, Waters anticipates sales to grow between 5 percent and 7 percent on a currency-neutral basis, to between $1.575 billion and $1.605 billion.

In Tuesday trade on the New York Stock Exchange, shares of Waters closed up under 1 percent at $70.33. Its shares traded as high as $72.58 during the day.

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