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Waters' Q2 Profit Recedes, Dragging Down Shares

NEW YORK (GenomeWeb News) – Waters today reported that second-quarter revenue increased 6 percent as net income fell 12 percent on increased expenses, causing shares to slide 8.8 percent, or $3.75, to $38.85 in mid-afternoon trading.
 
Total receipts for the three months ended July 1 increased to $302 million from $285 million year over year. Waters said it is seeing strong demand for its Acquity UPLC technology.
 
Profit in the quarter declined to $48 million, or $.46 per share, from $54 million, or $.47 per share, last year. The company reported about $3 million in restructuring costs while expenses increased 7 percent in the quarter.
 
R&D spending increased 25 percent to about $20 million from $16 million in the year-ago period.
 
As of July 1, Waters had $490 million in cash and cash equivalents.

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