Waters Corporation (NYSE: WAT) has reported its financial results for the second quarter of 2024, revealing a mixed performance. The company's sales for this period amounted to $709 million, marking a 4% decrease from the second quarter of 2023 when sales were reported at $741 million.
The breakdown of sales performance across markets and regions is as follows:
- Sales into the pharmaceutical market decreased by 3% as reported and 4% in organic constant currency.
- Sales into the industrial market decreased by 4% as reported and in organic constant currency.
- Sales into the academic and government market saw a significant decline of 15% as reported and 16% in organic constant currency.
- Instrument system sales decreased by 14% as reported and 17% in organic constant currency.
- Recurring revenues, which represent the combination of service and precision chemistries, increased by 4% as reported and 5% in organic constant currency.
Geographically, sales performance was as follows: Sales in Asia decreased by 7% as reported and 3% in organic constant currency. Sales in the Americas decreased by 3% as reported and 7% in organic constant currency. * Sales in Europe also decreased by 3% as reported and 7% in organic constant currency.
Furthermore, on a GAAP basis, diluted earnings per share (EPS) for the second quarter of 2024 were $2.40, compared to $2.55 for the second quarter of 2023. On a non-GAAP basis, EPS was $2.63, compared to $2.80 for the second quarter of 2023. This non-GAAP EPS figure includes a headwind of approximately 5% due to unfavorable foreign exchange.
Looking ahead, the company's full-year 2024 financial guidance indicates an expected organic constant currency sales growth in the range of -2.0% to -0.5%, with an estimated headwind of approximately 1.5% due to currency translation. The company also anticipates a more gradual market improvement in the second half of the year than previously anticipated.
It's worth noting that Waters Corporation is a global leader in analytical instruments and software, with approximately 7,500 employees worldwide and operations in 35 countries.
The company will be hosting a webcast of its second quarter 2024 financial results conference call on July 31, 2024, at 8:00 a.m. Eastern Time.
For more details and comprehensive financial information, please visit Waters Corporation's website. Today the company's shares have moved 5.0% to a price of $343.98. For the full picture, make sure to review Waters's 8-K report.
