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Waters Posts 13 Percent Increase in Q1 Revenues

NEW YORK — Waters on Tuesday reported a 13 percent year-over-year increase in revenues for the first quarter on double-digit increases in sales to both pharmaceutical and industrial customers.

For the three-month period ended April 2, Waters' revenues arrived at $690.6 million versus $608.5 million a year earlier. Analysts had, on average, been expecting Q1 revenues of $632.8 million. On a constant currency basis, Q1 2022 revenues were up 16 percent over 2021.

Sales into the pharmaceutical market were up 15 percent in the first quarter, or 19 percent in constant currency, while sales into the industrial market rose 14 percent, or 17 percent in constant currency. Instrument sales climbed 26 percent in constant currency, which Waters attributed to strong growth across its liquid chromatography, mass spectrometry, and thermal analysis product lines.

Waters posted a net profit of $159.8 million, or $2.62 per share, for the first quarter of 2022, up from a net profit of $148.1 million, or $2.37 per share, in the year-ago quarter and topping the Wall Street consensus estimate of $2.32 per share.

The firm's R&D spending in the quarter rose 6 percent to $40.5 million from $38.1 million year over year, while selling and administrative expenses climbed 10 percent to $157.5 million from $143.2 million.

At the end of the first quarter, Waters had cash, cash equivalents, and investments totaling $503.1 million.

Looking ahead, the Milford, Massachusetts-based company said that it is raising its full-year earnings guidance to between $11.90 to $12.10 per share. For the second quarter, it anticipates earnings of $2.55 to $2.65 a share.

During early morning trading on the New York Stock Exchange, shares of Waters jumped 7 percent to $323.86.