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Waters Shares Spike 14 Percent on Strong Q4 Earnings

NEW YORK, Jan.24 (GenomeWeb News) - Waters shares rallied as much as 14 percent in Tuesday trade after the company reported a growth of 7 percent in fourth-quarter organic sales.

 

The stock was trading up $5.24 or 13.88 percent, at $43 in afternoon trade.

 

As GenomeWeb News reported earlier this morning, Waters posted fourth-quarter sales growth of 3 percent on strong growth in its chromatography business and sales in Asia.

 

Total sales for the three months ended Dec. 31 increased to $332 million from $324 million one year ago. Eliminating the effects of foreign currency, sales grew by 7 percent, the company said.

 

R&D spending in the period increased slightly to $16.7 million from $16.5 million year over year.

 

Waters' net income increased to $78.2 million, or $0.72 per basic share, from $71.5 million, or $0.59 per basic share in the year-ago period.

 

CEO and President Douglas Berthiaume said the revenue and profit "exceeded our expectations."

 

As of Jan. 1, Waters had approximately $494 million in cash and equivalents on hand.

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