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.