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Waters Shares Sink 11.7 Percent After Company Cuts Revenue Projections, Its Second Cut in Seven Months

NEW YORK, Oct. 14 (GenomeWeb News) - Shares of Waters' stock were down 11.67 percent, or $4.83, at $36.55 in mid-afternoon trading after the company this morning reported that "slower thanexpected" sales growth has forced it to lower its third-quarter sales and earnings-per-share expectations.

 

In its second-quarter conference call July 26, Waters said it anticipated sales to grow 8 percent in the third quarter year over year. The company now expects growth to be around 3 percent year over year.

 

This is the secomd time in seven months that Waters was forced to lower its projections. In March, the company said it would revise its projected first-quarter earnings from $.44 to between $.34 and $.37 per diluted share. At that time, the firm also cited "weaker thanexpected sales growth" as cause for decreasing its sales growth projections to 3 to 4 percent from 13 to 14 percent.

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