NEW YORK, July 26 (GenomeWeb News) - Waters today said that second-quarter sales increased around 8 percent organically atop increasing R&D spending and a 10-percent slide in net profits.
Still, the company's stock was up more than 9 percent, or $3.80, at $44.50 in heavy trading Tuesday afternoon because the profit beat analysts' consensus estimate.
Total sales for the period ended July 2 increased 9 percent to $284.6 million from $260.5 million year over year, Waters said. Approximately 1 percent of the growth was the result of favorable foreign-currency exchange rates.
R&D spending in the period increased around 5 percent to $16.5 million from $15.7 million in the year-ago quarter.
Net income, however, slid almost 10 percent to $54 million, or $.47 per basic share, from $59.8 million, or $.50 per basic share, year over year.
Waters said it had around $615 million in cash and equivalents as of July 2.