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WAT · Waters

50 filings

10-Q

WAT 10-Q Quarterly Reports

Waters - 50 quarterly reports

Filing record · 2016–202610-K1210-Q338-K109

WAT filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 109 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Jul ’25Jul ’25
  1. 2026-Q3

    Waters Quarterly Report for Q3 Ended Jul 4, 2026

    Waters Corporation reported a second quarter 2026 net loss of $136 million, or $1.39 per diluted share, compared with net income of $147 million, or $2.47 per diluted share, in the second quarter of 2025. Total net revenues were $1.645 billion, up from $771 million, driven primarily by the acquisition of the Biosciences and Diagnostic Solutions (BDS) business of Becton, Dickinson and Company, which closed on February 9, 2026 and contributed $817 million of revenue in the quarter. The filing states that legacy revenue, excluding the BDS business, increased 7% in the quarter and 10% for the first half of 2026. For the first half, the company reported a net loss of $208 million and an operating loss of $134 million, compared with operating income of $340 million a year earlier. The acquisition was structured as a Reverse Morris Trust transaction, with Waters issuing 38,542 thousand shares to BD shareholders, valued at $12.8 billion, and assuming $4.0 billion of debt. Total debt rose to $5.086 billion at July 4, 2026, from $1.407 billion at December 31, 2025, and goodwill increased to $9.421 billion from $1.340 billion. Operating cash flow for the first half fell to $198 million from $301 million, which the company attributes mainly to a $673 million receivable due from BD, transaction and integration payments, and the timing of settlements. Acquisition-related inventory step-up expense of $253 million, purchased intangibles amortization, interest expense, and integration costs weighed on results. The company also recorded $52 million of severance costs from a workforce reduction affecting about 3% of employees, and it states that the IEEPA tariff refund amount is uncertain, so no material refund has been recognized. Management notes that the company may be eligible for tariff refunds following a February 2026 U.S. Supreme Court ruling, but recoverability and timing remain uncertain.

    Aug 11, 2026
  2. 2026-Q2

    Waters Quarterly Report for Q2 Ended Apr 4, 2026

    Waters Corporation's first-quarter 2026 results (quarter ended April 4, 2026) reflect the February 9, 2026 completion of the acquisition of the Biosciences & Diagnostic Solutions (BDS) business of Becton, Dickinson and Company, structured as a Reverse Morris Trust transaction. The acquisition issued 38,542 thousand shares of Waters common stock, with a total BDS Business Acquisition consideration of $12.96 billion, and it dramatically changed the comparability of the financials. Total revenues rose to $1.267 billion from $662 million, with the filing attributing $520 million of the increase to BDS Business revenue since the Closing Date. Excluding BDS, legacy revenue increased 13%, led by broad-based growth across product lines and regions. Profitability weakened sharply. The company reported an operating loss of $47 million, compared with operating income of $152 million in the prior-year quarter (the MD&A cites $151 million on a recast basis), and a net loss of $72 million, or $(0.87) per diluted share, versus net income of $121 million, or $2.03 per diluted share. The filing attributes the swing to $99 million of acquisition-related inventory and fixed asset fair value step-up expense, $140 million of incremental purchased intangibles amortization, higher interest expense, and $83 million of transaction, integration and other internal costs. Net cash used in operating activities was $3 million, compared with $260 million provided a year earlier, which management attributes largely to a $140 million net receivable due from BD and $88 million of transaction and integration payments. The balance sheet expanded significantly, with total assets of $24.53 billion (up from $5.08 billion), goodwill of $9.32 billion, intangible assets of $8.78 billion, and total debt of $5.22 billion, including $3.5 billion of Senior Notes issued by a subsidiary, Augusta SpinCo Corporation, in March 2026. The company also disclosed that it may be eligible for a refund of tariffs following a February 20, 2026 U.S. Supreme Court decision, but has not recognized any material amount as of April 4, 2026.

    May 12, 2026
  3. 2025-Q3

    Waters Quarterly Report for Q3 Ended Sep 27, 2025

    Waters Corporation reported third-quarter 2025 total net sales of $799.9 million, up 8% from $740.3 million a year earlier, and nine-month net sales of $2.23 billion, up 7%. Growth was driven by strong customer demand for Waters Division products and services across most geographies, end markets and product lines. Chemistry consumables sales rose 14% in the quarter and Waters instrument systems rose 6%. Operating income fell 9% to $192.1 million in the quarter, reflecting approximately $31 million of transaction and integration costs tied to the Merger, $6 million of ERP implementation expenses and higher selling and administrative costs. Net income was $148.9 million, or $2.50 per diluted share, versus $161.5 million, or $2.71, a year earlier. For the nine months, net income rose to $417.4 million, or $7.00 per diluted share, from $406.4 million, or $6.83. The pending Reverse Morris Trust transaction to combine Becton, Dickinson and Company's Biosciences & Diagnostic Solutions business dominates the balance sheet outlook. The transaction is valued at approximately $17.5 billion, with BD shareholders expected to own about 39.2% and existing Waters shareholders about 60.8% of the combined company. It is expected to close around the end of the first quarter of 2026. SpinCo is expected to incur $4 billion of new debt that Waters would assume, and Waters has a $1.8 billion 364-day bridge facility commitment. The Company must pay a $733 million termination fee in certain circumstances, and transaction-related expenses and financing fees are estimated at about $140 million in total. Total debt was $1.41 billion at September 27, 2025, down from $1.63 billion at December 31, 2024, and cash and cash equivalents rose to $459.1 million. Net cash provided by operating activities was $488.0 million for the nine months, compared with $522.0 million a year earlier. Investors should note that the filing flags tariff exposure, the U.S. government shutdown that began in October 2025 as a potential source of merger-approval delays, and a possible Waters Special Dividend of zero to approximately $1.8 billion depending on the share count issued in the merger. The Company has not paid dividends and has no current plans to do so.

    Nov 4, 2025
  4. 2025-Q2

    Waters Quarterly Report for Q2 Ended Jun 28, 2025

    Waters Corporation's second-quarter 2025 Form 10-Q, filed August 4, 2025, reports net sales of $771.3 million for the three months ended June 28, 2025, up from $708.5 million a year earlier, and net income of $147.1 million, or $2.47 per diluted share, versus $142.7 million and $2.40 in the prior-year quarter. For the first half of 2025, total net sales were $1.43 billion and net income was $268.5 million, or $4.50 per diluted share. Operating income for the quarter was $188.2 million, roughly flat with $189.1 million a year earlier, as higher sales were offset by higher selling and administrative expenses, which included about $14 million of transaction costs tied to the pending merger. Net cash from operating activities was $300.7 million for the first half, compared with $317.4 million in the prior-year period, and cash and cash equivalents rose to $367.2 million at June 28, 2025. The most significant development is the July 13, 2025 definitive agreement to combine with Becton, Dickinson and Company's Biosciences & Diagnostic Solutions business in a Reverse Morris Trust transaction valued at approximately $17.5 billion as of signing. BD shareholders are estimated to own about 39.2% of the combined company and Waters shareholders about 60.8%. The company expects to assume approximately $4 billion of incremental debt and must pay BD a $733 million termination fee in certain circumstances. Closing is expected around the end of the first quarter of 2026, subject to regulatory approvals and Waters shareholder approval. The company has also secured a $1.8 billion 364-day bridge loan commitment. On the balance sheet, total debt was $1.46 billion at June 28, 2025, down from $1.63 billion at December 31, 2024, and $260 million of notes became current. Net sales growth was driven by instrument systems and chemistry consumables, with China chemistry sales helped by approximately $8 million of pull-forward ahead of new tariffs. U.S. sales declined 1% in the quarter, and TA instrument sales in the U.S. fell 21% in the first half.

    Aug 4, 2025
  5. 2025-Q1

    Waters Quarterly Report for Q1 Ended Mar 29, 2025

    Waters Corporation's Form 10-Q for the first quarter ended March 29, 2025 reports total net sales of $661.7 million, up from $636.8 million in the first quarter of 2024, with product sales rising 6% and service sales flat. Operating income increased 13% to $151.7 million, and net income rose 19% to $121.4 million, or $2.03 per diluted share versus $1.72 a year earlier. The filing attributes the operating income increase mainly to higher sales volume and the absence of $8 million of restructuring expense and $10 million of patent litigation expense recorded in the prior-year quarter. Instrument system sales increased 9%, while recurring revenues rose 1%, with foreign currency translation reducing total sales growth by 3%. Cash generation was steady, with net cash provided by operating activities of $260 million versus $263 million a year earlier, and the company reduced net debt borrowings by $170 million. Total debt stood at $1.46 billion at quarter end, including a $100 million note payable classified as current, and cash and cash equivalents rose to $383 million. Stockholders' equity increased to $1.96 billion. The company made no open market share repurchases in 2025 or 2024, with $1.0 billion remaining under its authorization. The filing highlights tariffs as a key uncertainty. The U.S. government has issued tariffs on imported goods, with the effective date delayed until July 2025 for all countries except China, and management states these could have a significant impact on the statement of operations and cash flows, though it expects offsetting actions to mitigate a substantial portion of the impact. The company also notes an ongoing ERP implementation expected to cost approximately $130 million over three years.

    May 6, 2025
  6. 2024-Q3

    Waters Quarterly Report for Q3 Ended Sep 28, 2024

    Waters Corporation's Form 10-Q for the quarter ended September 28, 2024 shows a quarter of higher sales and profit, with a tougher nine-month picture. Third-quarter total net sales were $740.3 million, up from $711.7 million a year earlier, and net income rose to $161.5 million from $134.6 million. Diluted EPS was $2.71 versus $2.27. For the first nine months, net sales declined to $2.09 billion from $2.14 billion, and net income fell to $406.4 million from $426.0 million. The filing attributes the nine-month weakness to customers delaying instrument system purchases in the first half of 2024, with instrument system sales down 11% and mass spectrometry particularly affected, partly offset by growth in chemistry consumables and services. The balance sheet improved on the debt side. Long-term debt fell to $1.83 billion from $2.31 billion, the Credit Facility balance dropped to $570 million from $1.05 billion, and $50 million of notes matured in June 2024. Total stockholders' equity rose to $1.60 billion from $1.15 billion. Cash and cash equivalents were $330.5 million at quarter end. Operating cash flow for the nine months was $522.0 million, compared with $372.7 million in the prior-year period, and the company made no open-market share repurchases in 2024. The filing also reports a $1.3 million litigation provision in the quarter and $11.6 million year to date, primarily related to a patent litigation settlement. Management cited higher third-quarter sales volume and workforce-reduction savings for the operating income increase, and noted that foreign currency translation is expected to weigh on sales and gross profit for the remainder of 2024. The company also established a private $200 million Master Note Facility in July 2024, but had not issued any notes under it as of the filing date.

    Nov 1, 2024
  7. 2024-Q2

    Waters Quarterly Report for Q2 Ended Jun 29, 2024

    Waters Corporation's second-quarter 2024 Form 10-Q, filed July 31, 2024, shows a weaker top line and lower profitability. Total net sales for the three months ended June 29, 2024 were $708.5 million, down 4% from $740.6 million a year earlier, and net income was $142.7 million versus $150.6 million. For the six months, net sales were $1.35 billion (down 6%) and net income was $244.9 million (down 16%). Management attributes the decline mainly to customers delaying instrument system purchases amid cautious capital spending. Instrument system sales fell 14% in the quarter and 17% in the first half, led by mass spectrometry, while recurring revenues (chemistry consumables and services) grew 4% in both periods. China was a notable weak spot, with sales down 13% in the quarter and 20% for the first half. Profitability and cash flow were mixed. Operating income declined 5% in the quarter and 14% for the first half, and the first half included a $10 million patent litigation settlement and first-quarter severance costs tied to a workforce reduction of about 2%. Diluted EPS was $2.40 for the quarter, down from $2.55. Operating cash flow improved to $317 million from $215 million, helped by lower incentive bonus payments and better working capital. Total debt fell to $2.01 billion from $2.36 billion at year-end 2023, as $520 million of debt was repaid, including a $300 million reduction in the credit agreement balance. The filing also reports a $200 million private Master Note Facility Agreement entered into on July 12, 2024, under which no notes had been issued as of July 31, 2024. Management still expects foreign currency translation to weigh on sales and gross profit for the remainder of 2024. The company has $1.0 billion remaining under its share repurchase authorization and states it has not paid dividends.

    Jul 31, 2024
  8. 2024-Q1

    Waters Quarterly Report for Q1 Ended Mar 30, 2024

    Waters Corporation reported a first quarter 2024 (three months ended March 30, 2024) with total net sales of $636.8 million, down 7% from $684.7 million in the prior-year quarter. Operating income fell 23% to $133.8 million from $174.2 million, and net income declined to $102.2 million, or $1.72 per diluted share, from $140.9 million, or $2.38 per diluted share. The filing attributes the sales decline mainly to lower customer demand, with customers delaying instrument system purchases amid cautious capital spending. Instrument system sales fell 20%, while recurring revenues (chemistry consumables and services) rose 3%. Operating income was also pressured by Wyatt acquisition-related costs, March 2024 severance costs tied to a workforce reduction of about 2% of employees (primarily in China), and $10.2 million of patent litigation provisions. Cash flow from operations improved to $262.9 million from $196.8 million, driven by lower annual incentive bonus payments and better working capital. The company used $292.2 million in financing activities, mainly to repay $300 million of debt, reducing total debt to $2.06 billion from $2.36 billion at year-end 2023. Cash and cash equivalents declined to $337.3 million. Waters temporarily suspended share repurchases following its May 2023 acquisition of Wyatt Technology, which was completed for $1.3 billion in cash. The company has $1.0 billion remaining under its share repurchase authorization. The filing reports that management concluded disclosure controls were effective and that no material changes occurred in risk factors relative to the 2023 Form 10-K. Stockholders' equity rose to $1.26 billion from $1.15 billion, and goodwill was $1.30 billion at March 30, 2024.

    May 7, 2024
  9. 2023-Q3

    Waters Quarterly Report for Q3 Ended Sep 30, 2023

    Waters Corporation's Form 10-Q for the quarter ended September 30, 2023 shows third-quarter net sales of $711.7 million, roughly flat versus $708.6 million a year earlier, while net income fell to $134.6 million from $156.0 million and diluted EPS was $2.27 versus $2.60. For the first nine months, net sales rose to $2.14 billion from $2.11 billion, and net income was $426.0 million versus $480.7 million. Operating income decreased 7% in the quarter and 6% for the nine months, driven by higher salary expenses, severance costs tied to a July 2023 workforce reduction affecting about 5% of employees, and Wyatt acquisition-related costs. The filing states that China was a significant drag, with sales there down 27% in the quarter and 17% for the nine months, while sales excluding China grew 7% and 5% respectively. The defining event of the period is the May 16, 2023 acquisition of Wyatt Technology for a total purchase price of $1.3 billion in cash, financed with balance sheet cash and revolver borrowings. Goodwill rose to $1.31 billion from $430 million and intangible assets to $631 million from $227 million. Total debt increased to $2.51 billion from $1.57 billion at year-end 2022, and long-term debt was $2.46 billion. Cash and equivalents fell to $336 million from $481 million. Operating cash flow was $373 million for the nine months, down from $413 million, and the company temporarily suspended share repurchases following the acquisition, with $1.0 billion remaining authorized. The filing also reports that Waters expects full-year 2023 interest expense of approximately $80 million and that foreign currency translation will be negative to sales for the remainder of 2023. Management concluded disclosure controls were effective as of September 30, 2023, with no material changes in internal control over financial reporting.

    Nov 7, 2023
  10. 2023-Q3

    Waters Quarterly Report for Q3 Ended Jul 1, 2023

    Waters Corporation's second-quarter 2023 Form 10-Q reports total net sales of $740.6 million for the three months ended July 1, 2023, up from $714.3 million a year earlier, and net income of $150.6 million versus $164.9 million. Diluted EPS was $2.55 compared with $2.72. For the six months, net sales were $1.43 billion and net income was $291.5 million, with diluted EPS of $4.95 versus $5.35. The filing attributes the quarterly sales increase partly to the Wyatt acquisition, which added about 2 percentage points of growth, while foreign currency translation reduced growth by 1 percentage point. Instrument system sales increased 1% in the quarter, but China declined 17%, and excluding China, instrument system sales increased 12%. The balance sheet changed significantly because of the May 16, 2023 acquisition of Wyatt Technology for $1.3 billion in cash. Goodwill rose to $1.31 billion from $430 million at year-end 2022, and intangible assets rose to $650 million from $227 million. Total debt increased to $2.63 billion from $1.57 billion, and cash and cash equivalents declined to $330 million from $481 million. Operating cash flow for the first half was $215 million, compared with $255 million in the prior year period. The company temporarily suspended share repurchases following the acquisition. In July 2023 Waters reduced its workforce by approximately 5% of employees, which it expects to cost about $30 million in severance in the third quarter of 2023, with estimated annual savings of about $45 million. The company estimates full-year 2023 interest expense of approximately $80 million. Operating income for the quarter was $199.9 million, flat with the prior year, and the operating margin was 27.0% compared with 27.9%.

    Aug 2, 2023
  11. 2023-Q2

    Waters Quarterly Report for Q2 Ended Apr 1, 2023

    Waters Corporation (WAT) reported first-quarter 2023 results for the three months ended April 1, 2023. Total net sales were $684.7 million, compared with $690.6 million in the prior-year quarter, a decline of 1%. Product sales fell 3% to $436.5 million, while service sales rose 4% to $248.2 million. Operating income was $174.2 million, down 11% from $195.5 million, and net income was $140.9 million, or $2.38 per diluted share, versus $159.8 million and $2.62 a year earlier. Management attributed the sales decline to weaker customer demand for instrument systems in the U.S., Europe and China, with foreign currency translation reducing sales growth by 4%. Operating income was pressured by higher salary expenses, Wyatt acquisition due diligence costs and a roughly $16 million negative effect from foreign currency translation. The most significant pending event is the agreement, signed February 14, 2023, to acquire Wyatt Technology for $1.4 billion in cash, to be financed from balance sheet cash and the revolving credit facility, with closing expected in the second quarter of 2023. A $15 million one-time fee is payable to the sellers if the agreement is validly terminated in certain circumstances. Share repurchases have been temporarily suspended because of this acquisition; $58 million of stock was repurchased in the quarter, and $1.0 billion remained authorized for future repurchases. Cash flow from operations was $196.8 million, and cash and cash equivalents ended the quarter at $486.1 million. Total debt was $1.48 billion, including $1.3 billion of senior unsecured notes and $175 million drawn on the credit facility. The credit facility was amended on March 3, 2023 to increase borrowing capacity by $200 million to $2.0 billion. The company stated it was in compliance with all debt covenants.

    May 9, 2023
  12. 2022-Q3

    Waters Quarterly Report for Q3 Ended Oct 1, 2022

    Waters Corporation's third-quarter 2022 Form 10-Q, covering the period ended October 1, 2022, shows net sales of $708.6 million, up 7% from $659.2 million a year earlier, with growth driven by strong customer demand across most geographies, end markets and product categories. Foreign currency translation reduced sales growth by 8% in the quarter and 6% for the first nine months. Net income for the quarter was $156.0 million versus $161.2 million in the prior-year quarter, and diluted EPS was $2.60, flat year over year. Operating income was essentially flat at $192.0 million, as higher sales volume and pricing were offset by electronic component and freight inflation and the negative effect of currency translation. For the first nine months of 2022, net sales rose 8% to $2.11 billion and net income was $480.7 million, or $7.94 diluted EPS, compared with $7.66 a year earlier. Operating cash flow fell to $413 million from $529 million, mainly due to higher inventory levels, which rose to $442.2 million from $356.1 million at year-end 2021, and a build-up of safety stock. Cash and equivalents declined to $443.6 million, and total debt stood at $1.54 billion, including $50 million of current notes payable. The company repurchased $467 million of common stock in the first nine months, leaving $418 million authorized under its January 2019 program, which runs through January 21, 2023. Management stated that foreign currency is expected to significantly decrease gross profit for the remainder of 2022 and into the first half of 2023. The filing also notes that the company has no material changes to risk factors from its 2021 Form 10-K, and that COVID-19 lockdowns in China caused supply chain delays and extended days sales outstanding to 77 days from 74 days.

    Nov 3, 2022
  13. 2022-Q3

    Waters Quarterly Report for Q3 Ended Jul 2, 2022

    Waters Corporation (WAT) reported its second-quarter 2022 results in this Form 10-Q for the quarter ended July 2, 2022. Total net sales were $714.3 million for the three months, up from $681.6 million, and $1.40 billion for the six months, up from $1.29 billion. Net income was $164.9 million for the quarter, compared with $167.3 million a year earlier, and $324.7 million for the first half, compared with $315.4 million. Diluted EPS was $2.72 for the quarter and $5.35 for the first half. The filing states that sales growth was driven by strong customer demand across most geographies, end markets and product categories, while foreign currency translation reduced total sales growth by 5% in the quarter and 4% in the first half. Management also noted that the U.S. dollar strengthened significantly against all currencies, and that foreign currency is expected to significantly decrease gross profit for the remainder of 2022. Cash flow from operations declined to $254.9 million in the first half of 2022 from $361.4 million a year earlier. The filing attributes this mainly to higher inventory levels, a delay in shipments tied to a COVID-19 lockdown in China, and higher incentive compensation payments. Days sales outstanding rose to 81 days from 73 days. Cash, cash equivalents and investments totaled $420 million at July 2, 2022, and total debt was $1.48 billion. During the first half, the company repurchased $312 million of common stock, and roughly $0.6 billion remained authorized under the January 2019 program. The company also completed an asset acquisition of Megadalton Solutions' charge detection mass spectrometry technology for approximately $10 million, which was expensed as acquired in-process research and development. Management said the COVID-19 pandemic has not had a material impact on its manufacturing facilities or distribution, but it cannot reasonably estimate the length or severity of the pandemic.

    Aug 4, 2022
  14. 2022-Q2

    Waters Quarterly Report for Q2 Ended Apr 2, 2022

    Waters Corporation reported first-quarter 2022 results (quarter ended April 2, 2022) with total net sales of $690.6 million, up 13% from $608.5 million in the first quarter of 2021, driven by strong customer demand across most geographies, end markets and product categories. Foreign currency translation decreased total sales by 3%. Product sales rose 18% to $450.8 million, with instrument system sales up 24%, while service sales increased 6% to $239.7 million. Operating income was $195.5 million, up 14% from $171.3 million, and net income was $159.8 million, or $2.62 per diluted share, compared with $148.1 million, or $2.37 per diluted share, a year earlier. Results included a $9.8 million acquired in-process research and development charge tied to the Megadalton CDMS technology asset acquisition. Cash flow from operations was $198.0 million, down from $218.4 million, which the company attributed mainly to higher inventory levels supporting sales volumes and safety stock build, along with higher incentive compensation payments. Cash, cash equivalents and investments totaled $503 million at quarter end, and total debt was $1.44 billion, including $1.3 billion of senior unsecured notes and $140 million drawn under the 2021 Credit Agreement. The company repurchased $160 million of common stock during the quarter, and $724.2 million remained available under its repurchase authorization. The company also noted that new COVID-related lockdowns in China late in the quarter may negatively affect future sales growth if they persist.

    May 5, 2022
  15. 2021-Q3

    Waters Quarterly Report for Q3 Ended Oct 2, 2021

    Waters Corporation reported strong third-quarter 2021 results, with total net sales of $659.2 million for the three months ended October 2, 2021, up 11% from $593.8 million a year earlier, and net income of $161.2 million, or $2.60 per diluted share, compared with $126.8 million, or $2.03 per diluted share, in the prior-year quarter. For the first nine months, net sales rose 23% to $1,949.4 million, operating income increased 47% to $559.5 million, and diluted EPS was $7.66 versus $4.86. Management attributed the growth to customers resuming laboratory and manufacturing operations, with pharmaceutical sales up 27% for the nine months and China sales up 37%, while the prior-year period had included about $81 million of cost reductions tied to the COVID-19 pandemic that were largely reinstated in 2021. The balance sheet shows total debt rising to $1.61 billion from $1.36 billion at December 31, 2020, following March 2021 senior unsecured note issuances of $500 million and a September 2021 amended credit agreement providing a $1.8 billion revolving facility. Cash, cash equivalents and investments totaled $655 million, and stockholders' equity was $295.2 million. The company repurchased $484 million of common stock during the nine months, with $1.04 billion remaining under its authorization. Management expects a significant increase in expenses and a negative impact on cash flows in the fourth quarter of 2021 from the normalization of costs. The filing states that COVID-19 has not materially impacted manufacturing or distribution, though management cannot reasonably estimate the length or severity of the pandemic, and it cites ongoing logistics and supply chain difficulties as a potential risk to future results.

    Nov 4, 2021
  16. 2021-Q3

    Waters Quarterly Report for Q3 Ended Jul 3, 2021

    Waters Corporation reported a strong second quarter and first half of 2021 for the period ended July 3, 2021. Total net sales for the three months rose to $681.6 million from $520.0 million, a 31% increase, and net income rose to $167.3 million from $122.9 million. Diluted EPS was $2.69 versus $1.98. For the six months, net sales were $1.29 billion versus $984.9 million, and net income was $315.4 million versus $176.5 million, with diluted EPS of $5.05 versus $2.83. Management attributed the growth to customers resuming laboratory and manufacturing operations, with China sales up 42% in the quarter and 68% in the first half. Operating income rose 27% in the quarter and 65% year to date, partly offset by the restoration of expenses cut during 2020, and management expects a significant increase in expenses and a negative impact on cash flows in the second half of 2021 as those costs normalize. Balance sheet and capital allocation changed meaningfully. In March 2021 the company issued $500 million of senior unsecured notes (Series N at 1.68% due 2026 and Series O at 2.25% due 2031). Total debt rose to $1.6 billion from $1.36 billion at year-end 2020, while cash, cash equivalents and investments totaled $664 million. The company repurchased $339 million of common stock in the first half, and $1.19 billion remained authorized under the repurchase program as of July 3, 2021. Operating cash flow was $361.4 million for the six months, versus $350.4 million a year earlier. The company stated that the COVID-19 pandemic did not materially affect its manufacturing or supply chain during the first half, and that it was in compliance with all debt covenants. Management also said it believes its financial position and cash flows will be sufficient to fund operations, debt service, capital spending, share repurchases and potential acquisitions for at least the next twelve months.

    Aug 5, 2021
  17. 2021-Q2

    Waters Quarterly Report for Q2 Ended Apr 3, 2021

    Waters Corporation's first-quarter 2021 Form 10-Q, covering the quarter ended April 3, 2021, shows a strong rebound in demand. Total net sales rose to $608.5 million from $464.9 million, a 31% increase, with growth across all major geographies and customer classes. Product sales were $382.0 million and service sales $226.5 million. Operating income reached $171.3 million versus $68.3 million a year earlier, and net income was $148.1 million, or $2.37 per diluted share, compared with $53.6 million and $0.86 per diluted share. The filing attributes the growth to customers resuming laboratory and manufacturing operations, with China sales up 118%, and notes that the quarter included five more calendar days than the prior-year quarter. Management also states that the company expects a significant increase in expenses and a negative impact on cash flows in the last three quarters of 2021 as cost reductions made in 2020 are reinstated. The balance sheet and liquidity position strengthened during the quarter. Cash, cash equivalents and investments totaled $810 million at April 3, 2021. In March 2021 the company issued $500 million of senior unsecured notes, consisting of $100 million Series N at 1.68% due 2026 and $400 million Series O at 2.25% due 2031, and used the proceeds to repay other debt and for general corporate purposes. Total debt rose to $1.70 billion from $1.36 billion, and the company repurchased $173 million of common stock during the quarter, with $1.35 billion remaining under its authorization. Operating cash flow was $218.4 million, and the company states that it was in compliance with all debt covenants. The filing also discloses a settlement of patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH concerning the timsTOF product line, under which the company will receive $10 million in guaranteed payments to be recognized in other income in the second quarter of 2021. The company reports no material COVID-19 impact on its manufacturing or distribution operations during the quarter, though it states that the pandemic's length and severity cannot be reasonably estimated.

    May 6, 2021
  18. 2020-Q3

    Waters Quarterly Report for Q3 Ended Sep 26, 2020

    Waters Corporation's third-quarter 2020 Form 10-Q, filed October 28, 2020, shows net sales of $593.8 million for the three months ended September 26, 2020, up from $577.3 million a year earlier, while net income fell to $126.8 million from $138.1 million. For the nine months, net sales declined to $1.58 billion from $1.69 billion, operating income fell to $381.8 million from $472.0 million, and diluted EPS was $4.86 versus $5.63. The filing attributes the year-to-date decline mainly to the COVID-19 pandemic, which reduced customer demand and disrupted business activity, with China down 20% year-to-date and academic and governmental sales down 17%. Management says the third quarter showed recovery, with total sales up 3%, pharmaceutical sales up 5% and Europe up 11%. Cash generation improved, with operating cash flow of $523.0 million for the nine months versus $451.2 million a year earlier, helped by cost reduction actions and working capital changes. Cash and cash equivalents rose to $374.9 million, and total debt was $1.57 billion at September 26, 2020, against $1.68 billion at December 31, 2019. The company acquired Andrew Alliance for $80 million net of cash acquired in January 2020, and it has temporarily suspended share repurchases because of pandemic-related uncertainty. Stockholders' deficit narrowed to $41.6 million from $216.3 million at year-end 2019. Management states that cash, debt capacity and expected cash flows will be sufficient for at least the next twelve months. It also says it cannot reasonably estimate the length or severity of the pandemic's impact, and notes that a second wave of infections could affect the business.

    Oct 28, 2020
  19. 2020-Q2

    Waters Quarterly Report for Q2 Ended Jun 27, 2020

    Waters Corporation reported a sharp sales decline in the second quarter of 2020, with total net sales of $519,984 thousand (about $520 million) versus $599,162 thousand in the prior-year quarter, a decrease of 13%. For the first half of 2020, net sales were $984,923 thousand, down 12% from $1,113,024 thousand. The filing attributes the decline primarily to business disruption and weaker demand from the COVID-19 pandemic, with sales declining across all major geographies. Operating income fell 13% in the quarter to $155,114 thousand and 25% in the first half to $223,394 thousand. Diluted EPS was $1.98 for the quarter, versus $2.08 a year earlier, and $2.83 for the first half, versus $3.57. Cash-flow and balance-sheet items were comparatively stable. Net cash provided by operating activities was $350,446 thousand for the first half of 2020, up from $302,803 thousand, which the company linked to $54 million of expense reductions from cost actions. Cash and cash equivalents were $339,036 thousand at June 27, 2020, and total debt was $1,696,159 thousand. Stockholders' equity remained a deficit of $(191,742) thousand. The company temporarily suspended share repurchases, leaving $1,524,905 thousand available under its authorization, and it acquired Andrew Alliance for $80 million net of cash acquired in January 2020. The filing states that management expects the cost reductions to expire at the end of July 2020 and costs to gradually return to pre-COVID-19 levels. The company stated that its financial position, cash flows, and results had not been materially impacted through the filing date in terms of impairment, and that there had been no debt covenant violations. Management said it cannot reasonably estimate the length or severity of the pandemic, and it believes its financial position and borrowing capacity will be sufficient for at least the next twelve months.

    Jul 29, 2020
  20. 2020-Q1

    Waters Quarterly Report for Q1 Ended Mar 28, 2020

    Waters Corporation reported a first quarter 2020 (three months ended March 28, 2020) with net sales of $464.9 million, down 10% from $513.9 million in the prior-year quarter. The filing attributes the decline largely to the COVID-19 pandemic and related economic uncertainty, with foreign currency translation decreasing sales by 2%. China sales fell 48%, and the company says it anticipates a more significant impact on quarterly results beginning in the second quarter of 2020. Operating income fell to $68.3 million from $121.2 million, and net income was $53.6 million, or $0.86 per diluted share, versus $108.986 million, or $1.51 per diluted share, a year earlier. Results included $18 million of severance-related and lease termination costs from a January 2020 workforce reduction affecting 3% of employees. Cash flow and balance sheet data show net cash provided by operating activities of $151.6 million and cash and cash equivalents of $390.1 million at quarter end. Total debt rose to $1.90 billion from $1.68 billion, with the credit agreement balance increasing to $940 million from $625 million. Stockholders' deficit widened to $338.0 million from $216.3 million, largely reflecting $176.2 million of treasury stock purchases. The company temporarily suspended share repurchases, with $1.52 billion remaining authorized under its January 2019 program, and said it currently plans to temporarily slow completion of its U.S. precision chemistry consumables facility. The company stated it believes its financial position will be sufficient to service debt and fund operations for at least the next twelve months. During the quarter, Waters acquired Andrew Alliance for $80 million, net of cash acquired, adding $71.6 million of goodwill. The company stated that, through the filing date, its consolidated financial position, results of operations and cash flows had not been materially impacted by COVID-19, and it had no debt covenant violations, though it noted that prolonged disruption could materially affect results.

    Apr 29, 2020
  21. 2019-Q3

    Waters Quarterly Report for Q3 Ended Sep 28, 2019

    Waters Corporation reported third-quarter 2019 net sales of $577.3 million, essentially flat versus $578.0 million in the prior-year quarter, while net income declined to $138.1 million from $141.0 million. Diluted EPS rose to $2.07 from $1.83, which the filing attributes to the effect of the ongoing share repurchase program offsetting slightly lower sales and higher net interest expense. For the first nine months, net sales were $1.69 billion, down from $1.70 billion, and operating income fell to $472.0 million from $495.2 million, reflecting lower sales volume and $9 million of severance-related costs tied to a 2019 workforce reduction. Management attributed the weaker instrument system sales (down 4% in both the quarter and nine months) to customer uncertainty from macroeconomic conditions and governmental policy changes, while recurring revenues (consumables and services) grew 4% in the quarter and 2% year-to-date. Capital allocation was the dominant theme of the period. The company repurchased $1.9 billion of stock in the first nine months under a $4 billion two-year authorization approved in January 2019, leaving $2.3 billion available, and total stockholders' equity fell to $115.5 million at September 28, 2019 from $1.57 billion at year-end 2018. To fund this, Waters issued $500 million of senior unsecured notes in September 2019 (Series L at 3.31% due 2026 and Series M at 3.53% due 2029), and total debt rose to $1.36 billion from $1.15 billion. Cash and cash equivalents declined to $404.6 million, and the company stated it is working toward a net debt to EBITDA ratio of approximately 2.5 times. Operating cash flow was $451.2 million for the nine months, up from $422.9 million, and the company disclosed a new U.S. precision chemistry consumables manufacturing facility with an estimated total cost of $215 million, of which $66 million had been incurred through the nine-month period.

    Oct 30, 2019
  22. 2019-Q2

    Waters Quarterly Report for Q2 Ended Jun 29, 2019

    Waters Corporation's Form 10-Q for the quarter ended June 29, 2019 shows a flat second quarter and a modest first half. Net sales were $599.2 million for the three months ended June 29, 2019, compared with $596.2 million a year earlier, and $1.11 billion for the six months, compared with $1.13 billion. Net income fell to $144.4 million in the quarter from $155.7 million, and diluted EPS rose to $2.08 from $1.98, reflecting a smaller share count. For the first half, net income was $253.4 million and diluted EPS was $3.57. The filing attributes weaker demand to Brexit-related uncertainty, regulatory changes in China, and unfavorable foreign currency translation, which reduced sales growth by 2% in the quarter and first half. Capital allocation dominated the period. Waters repurchased $1.3 billion of stock in the first half under a new $4 billion, two-year authorization approved in January 2019, leaving $2.8 billion available as of June 29, 2019. Total stockholders' equity fell to $556.2 million from $1.57 billion at December 31, 2018, and cash and investments dropped sharply to $676 million. The company stated it plans to increase debt up to approximately 2.5 times its net debt-to-EBITDA ratio to fund a significant portion of the repurchases. Total debt was $1.15 billion at quarter end. Operating results were steady. Operating income was $177.7 million in the quarter, down from $179.2 million, and the first-half figure was $298.8 million, down from $323.6 million. The company recorded $1 million of severance costs in the quarter and $9 million for the first half, and adopted the new lease standard, recording roughly $100 million of right-of-use assets and lease liabilities. Operating cash flow for the first half was $302.8 million, compared with $276.6 million a year earlier.

    Jul 31, 2019
  23. 2019-Q1

    Waters Quarterly Report for Q1 Ended Mar 30, 2019

    Waters Corporation (WAT) reported first-quarter 2019 results for the three months ended March 30, 2019, with total net sales of $513.9 million, down from $530.7 million in the prior-year quarter. Operating income was $121.2 million compared with $144.4 million a year earlier, and net income was $109.0 million, or $1.51 per diluted share, versus $111.95 million, or $1.40 per diluted share, in the first quarter of 2018. The filing attributes the sales decline mainly to weaker instrument system demand, with Waters instrument systems down and Europe down 12%, and notes that foreign currency translation reduced sales growth by 3%. Operating income also absorbed $8 million of severance-related costs tied to a January 2019 workforce reduction affecting 1% of employees. Capital allocation was the dominant theme of the quarter. The Board authorized in January 2019 a repurchase of up to $4 billion of common stock over two years, and the company repurchased $747 million of shares in the quarter, leaving $3.4 billion authorized. Cash, cash equivalents and investments fell to $1.167 billion from $1.735 billion at year-end 2018, while total debt was $1.149 billion. Stockholders' equity dropped to $967.7 million from $1.567 billion because of the buybacks, and management said it plans to increase debt up to roughly 2.5 times net debt-to-EBITDA to fund a significant portion of the repurchases. The filing also shows the company adopted the new lease standard on January 1, 2019, recording a right-of-use asset and lease liabilities of $100 million, with no material impact on results. Management stated that it believes its liquidity is sufficient for at least the next twelve months. Net cash provided by operating activities was $175.8 million, essentially flat year over year.

    May 3, 2019
  24. 2018-Q3

    Waters Quarterly Report for Q3 Ended Sep 29, 2018

    Waters Corporation filed its Quarterly Report on Form 10-Q for the quarter ended September 29, 2018. Total net sales for the third quarter were $578.0 million, up 2% from $565.6 million a year earlier, and for the nine months were $1.70 billion, up 5% from $1.62 billion. Operating income rose to $171.7 million in the quarter (29.7% of sales) and $495.2 million year-to-date, and net income was $141.0 million for the quarter and $408.6 million year-to-date. Diluted EPS was $1.83 for the quarter and $5.21 for the nine months, compared with $1.69 and $4.63 a year earlier. The filing notes that the year-over-year sales growth was affected by foreign currency translation, which decreased quarterly sales growth by 1%. The balance sheet shows cash, cash equivalents and investments of $2.08 billion, against total debt of $1.15 billion, down from $2.0 billion at December 31, 2017, after the company used repatriated cash to repay $850 million of debt. Operating cash flow for the nine months was $423 million, down from $505 million, reflecting $83 million of U.S. income tax payments related to the 2017 Tax Act and a $15 million litigation settlement payment. Management says it expects to finalize its 2017 Tax Act toll charge analysis in the fourth quarter of 2018 and the company repurchased $809 million of stock in the first nine months under an April 2018 program, with $3.0 billion remaining authorized. Instrument system sales were flat in the quarter and up 1% year-to-date, with growth in China and Latin America offset by weaker demand in the U.S., Europe and India. Recurring revenues (consumables and services) rose 4% in the quarter and 9% year-to-date. The company also announced a plan to terminate its frozen U.S. defined benefit pension plans, which may result in future pension accounting charges.

    Nov 2, 2018
  25. 2018-Q2

    Waters Quarterly Report for Q2 Ended Jun 30, 2018

    Waters Corporation's Form 10-Q for the quarter ended June 30, 2018 reports net sales of $596.2 million for the second quarter, up 7% from $558.3 million a year earlier, and $1.13 billion for the first half, up 7% from $1.06 billion. Operating income rose 16% to $179.2 million in the quarter and 19% to $323.6 million year-to-date. Diluted EPS was $1.98 for the quarter, compared with $1.63 in the prior-year quarter, and $3.39 year-to-date versus $2.94. The filing states that foreign currency translation contributed 2% to quarterly sales growth and 3% to first-half growth. Recurring revenues (consumables and services) grew 11% in both periods, while instrument system sales grew 3% in the quarter and 2% year-to-date, with stronger TA demand offsetting weaker LC and MS demand. Cash flow from operations was $276.6 million for the first half of 2018, down from $351.3 million, reflecting $65 million of U.S. income tax payments tied to the 2017 Tax Act and a $15 million litigation settlement payment. The company reduced debt by $850 million using cash repatriated under the 2017 Tax Act, leaving $1.15 billion of total debt at June 30, 2018, and repurchased $546 million of common stock in the first half. In April 2018 the board authorized up to $3 billion of repurchases over three years, which together with the remaining prior program brings the total to $3.5 billion. Cash, cash equivalents and investments totaled $2.25 billion at quarter end. The filing also discloses a new $215 million precision chemistry consumable manufacturing facility, a $30 million acquisition of DESI imaging technology in July 2018, and a $150 million cross-currency swap entered in July 2018. The company's U.S. federal tax liability under the 2017 Tax Act is $550 million, to be paid over several years, and the U.S. defined benefit pension plans are being terminated.

    Aug 3, 2018
  26. 2018-Q1

    Waters Quarterly Report for Q1 Ended Mar 31, 2018

    Waters Corporation (WAT) reported first-quarter 2018 results in this Form 10-Q, filed May 4, 2018. Total net sales were $530.7 million, up from $498.0 million in the prior-year quarter, with product sales of $339.1 million and service sales of $191.6 million. Operating income rose to $144.4 million from $118.7 million, and net income was $112.0 million, or $1.40 per diluted share, versus $1.31 a year earlier. The filing attributes sales growth partly to foreign currency translation, which contributed 5 percentage points of the 7% increase. Income tax expense was $28.6 million, with an effective tax rate of 20.3% that reflects the 2017 Tax Act. The balance sheet shows a meaningful deleveraging. Total debt fell to $1.25 billion from $2.00 billion at December 31, 2017, after the company used $750 million of cash repatriated under the 2017 Tax Cuts and Jobs Act to repay debt. Cash, cash equivalents and investments totaled $2.55 billion at March 31, 2018, compared with $3.39 billion at year-end. Operating cash flow was $175.8 million. Stockholders' equity was $2.11 billion, reduced by treasury stock purchases. Capital return is a key focus. In April 2018 the Board authorized a new repurchase program of up to $3 billion over three years, which together with the remaining $526 million under the prior program gives a total of $3.5 billion. The company repurchased $275 million of common stock in the quarter under the prior authorization. Management also disclosed plans to build a new precision chemistry consumables facility estimated at $215 million, funded from existing cash and investments, and expects to deploy about an additional $550 million of cash to reduce debt and repurchase shares during 2018.

    May 4, 2018
  27. 2017-Q3

    Waters Quarterly Report for Q3 Ended Sep 30, 2017

    Waters Corporation's third-quarter 2017 Form 10-Q, filed November 3, 2017, shows net sales of $565.6 million for the quarter, up 7% from $526.8 million a year earlier, and $1.62 billion for the nine months, up 5%. Operating income rose to $159.0 million in the quarter from $151.7 million, and net income reached $136.1 million, or $1.69 per diluted share versus $1.53 a year earlier. Year-to-date net income was $373.5 million, or $4.63 per diluted share. Management attributed sales growth to instrument systems demand for LC-MS and TA products, growth in recurring revenues from chemistry consumables and services, and strong demand in Europe and China, partly offset by weaker U.S. pharmaceutical demand and disruption in India from the new GST system. The balance sheet remained strong, with cash, cash equivalents and investments of $3,255 million at September 30, 2017, against total debt of $1,958 million. Operating cash flow was $505 million for the first nine months of 2017, compared with $469 million a year earlier. Management said $3,212 million of the cash, cash equivalents and investments were held by foreign subsidiaries. The company repurchased $238 million of stock in the first nine months under a May 2017 authorization of up to $1 billion, leaving $885 million of remaining capacity. The filing also records a $10 million German patent litigation provision, a $5 million acquired in-process R&D charge, and $12 million of severance costs tied to a German facility closure and an early retirement incentive. Lower tax expense from the adoption of new stock-based compensation accounting reduced the effective tax rate to 10.1% year to date, from 12.7% a year earlier.

    Nov 3, 2017
  28. 2017-Q3

    Waters Quarterly Report for Q3 Ended Jul 1, 2017

    Waters Corporation's Form 10-Q for the quarter ended July 1, 2017 reports net sales of $558.3 million for the second quarter, up from $536.6 million a year earlier, and $1.06 billion year-to-date, up from $1.01 billion. Net income was $131.8 million for the quarter (diluted EPS $1.63 versus $1.57) and $237.4 million year-to-date (diluted EPS $2.94 versus $2.72). The filing states that sales grew 4% for both the quarter and year-to-date, with foreign currency translation reducing growth by 1% in the quarter and approximately 2% year-to-date. Growth was led by Asia, where sales rose 13% in the quarter and 14% year-to-date, while U.S. sales declined 2% in the quarter and 4% year-to-date. Profitability was affected by a $10 million litigation provision tied to a German patent case, a $5 million acquired in-process R&D charge, and $11 million of year-to-date severance costs, including those for the closure of a facility in Germany. The tax provision benefited from a new stock-based compensation accounting standard, which decreased income tax expense by $4 million for the quarter and $12 million year-to-date. Operating income was $153.8 million for the quarter, up 1%, and $272.7 million year-to-date, up 3%. Balance sheet and cash flow: cash, cash equivalents and investments totaled $3.13 billion at July 1, 2017, against total debt of $1.91 billion. Net cash from operations was $351 million year-to-date. The Board authorized up to $1 billion of share repurchases over three years in May 2017, with $964 million remaining, and the company repurchased $159 million of stock in the first half of 2017.

    Aug 4, 2017
  29. 2017-Q2

    Waters Quarterly Report for Q2 Ended Apr 1, 2017

    Waters Corporation reported first-quarter 2017 results (quarter ended April 1, 2017) with total net sales of $497.969 million, up 5% from $475.246 million in the prior-year quarter, with foreign currency translation reducing sales growth by 1%. Operating income rose to $118.869 million from $112.662 million, and net income increased to $105.557 million from $94.052 million. Diluted EPS was $1.31 versus $1.15. Growth was driven by pharmaceutical sales (up 8%) and industrial sales (up 5%), partly offset by a 9% decline in governmental and academic sales. Sales in the U.S. and Japan declined 7% each for the period, while China grew 20% and Asia Other grew 22%. The effective tax rate fell to 7.0% from 11.8%, mainly due to the adoption of new stock-based compensation accounting guidance, which decreased income tax expense by $7 million. Operating results included $9 million of severance costs tied to closing a facility in Germany and an early retirement incentive, plus a $5 million acquired in-process R&D charge. The prior-year quarter included a $7 million expense for accelerated stock awards. Operating cash flow was $174.209 million versus $161.505 million. The company repurchased $82 million of common stock under its May 2014 authorization, leaving $41 million available, and it had total debt of $1.867 billion at April 1, 2017, with cash, cash equivalents and investments of $2.966 billion. At April 1, 2017, total assets were $4.811 billion and stockholders' equity was $2.395 billion. Most cash and investments ($2.929 billion of $2.966 billion) were held by foreign subsidiaries, which may face material tax effects on distribution to U.S. entities. The company stated it expects foreign currency translation to negatively affect gross profit for the rest of 2017 as benefits from a weaker British pound are offset by weakness in other major currencies.

    May 5, 2017
  30. 2016-Q3-A

    Waters Quarterly Report (Amendment) for Q3 Ended Oct 1, 2016

    Waters Corporation filed this Amendment No. 1 to its Form 10-Q for the quarterly period ended October 1, 2016. The sole purpose of the amendment is to furnish Exhibit 101, the XBRL data files, which the company says were attached incorrectly in the original filing due to a technical error. The amendment states that no other changes were made to the Form 10-Q and that it does not update or modify any disclosures in the original filing. The amendment itself contains no financial statements, operating results, or narrative discussion. It lists the exhibits, which include the Section 302 certifications from the Chief Executive Officer and Chief Financial Officer, the Section 906 certifications (previously filed), and the XBRL materials covering the unaudited Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Cash Flows, and Condensed Notes to Consolidated Financial Statements. The company's financial results for the quarter are therefore found in the original Form 10-Q rather than in this filing. The cover page reports that Waters is a large accelerated filer and not a shell company, with 80,577,823 shares of common stock outstanding as of October 28, 2016. The report is signed by Eugene G. Cassis, Senior Vice President and Chief Financial Officer, and is dated November 7, 2016.

    Nov 7, 2016
  31. 2016-Q3

    Waters Quarterly Report for Q3 Ended Oct 1, 2016

    Waters Corporation's third-quarter 2016 Form 10-Q, filed November 4, 2016, reports total net sales of $526.8 million for the three months ended October 1, 2016, up from $500.6 million, and $1.54 billion for the nine months, up from $1.46 billion. Net income was $124.9 million for the quarter ($1.53 per diluted share) and $347.1 million year-to-date ($4.26 per diluted share). The company attributes sales growth to strong demand from pharmaceutical customers, with sales to pharmaceutical customers growing 13% for the quarter and 11% year-to-date, partly offset by weaker instrument system sales to non-pharmaceutical customers. Instrument system sales rose 3% for both periods, while recurring revenues (chemistry consumables and services) rose 8% for both periods. Cash, cash equivalents and investments totaled $2.71 billion at October 1, 2016, with $2.66 billion held by foreign subsidiaries. Total debt rose to $1.78 billion, following the May 2016 issuance of $250 million of senior unsecured notes, and the company repurchased $236 million of common stock year-to-date under its May 2014 authorization, leaving $206 million available. Operating cash flow was $456 million for the nine months, compared with $407 million a year earlier. Management reports no material changes to its contractual obligations, market risk, or risk factors from its 2015 Form 10-K, and states that its disclosure controls were effective as of October 1, 2016. The company has not paid dividends and has no current plans to do so.

    Nov 4, 2016
  32. 2016-Q3

    Waters Quarterly Report for Q3 Ended Jul 2, 2016

    Waters Corporation's Form 10-Q for the quarter ended July 2, 2016 reports second-quarter net sales of $536.56 million, up from $494.74 million, and operating income of $151.61 million versus $130.32 million a year earlier. Net income rose to $128.22 million ($1.57 per diluted share) from $105.66 million ($1.27 per diluted share). For the six months, net sales were $1.01 billion and net income was $222.27 million ($2.72 per diluted share). The filing attributes sales growth to strong demand from pharmaceutical, fine chemical and nutritional safety customers, recent instrument launches (ACQUITY Arc and TA Discovery DSC), and recurring revenues from chemistry consumables and services. Gross margin was 58.9% in the quarter versus 57.8% a year earlier. The balance sheet shows cash, cash equivalents and investments of $2.60 billion, with total debt of $1.76 billion at July 2, 2016. In May 2016 the company issued $250 million of senior unsecured notes, using $225 million of proceeds to repay revolving facility borrowings. Operating cash flow for the first half was $316.9 million, compared with $267.5 million a year earlier. The company repurchased $166 million of its stock in the first half under its May 2014 authorization, leaving $275 million available under that plan. Management states it has no plans to pay dividends. The filing notes that $2.56 billion of cash, cash equivalents and investments was held by foreign subsidiaries, and that these balances may carry material tax effects if distributed to U.S. entities. Management reports no material changes to risk factors or contractual obligations beyond the new notes, and states that disclosure controls were effective.

    Aug 5, 2016
  33. 2016-Q2

    Waters Quarterly Report for Q2 Ended Apr 2, 2016

    Waters Corporation reported first-quarter 2016 results for the three months ended April 2, 2016. Net sales rose 3% to $475.2 million from $460.4 million, with product sales up 2% and service sales up 6%. Foreign currency translation reduced sales growth by 2%, while recent acquisitions added 1%. Gross profit increased 1% to $274.1 million, though gross margin fell to 57.7% from 58.9%. Operating income declined 6% to $112.7 million, reflecting selling and administrative expenses up 8% to $129.4 million, which included $7 million of stock compensation tied to the retirement of senior executives. Net income decreased 2% to $94.1 million, and diluted EPS held flat at $1.15, aided by fewer shares outstanding from repurchases. Cash flow was steady, with net cash provided by operating activities of $159.9 million versus $154.6 million a year earlier. The company ended the quarter with $2.51 billion in cash, cash equivalents and investments, of which $2.48 billion was held by foreign subsidiaries. Total debt was $1.72 billion, and $328 million remained available under the Amended Credit Agreement. The company repurchased $89 million of common stock in the quarter and had $352 million remaining under its May 2014 authorization. By segment, Waters total net sales grew 4%, driven by a 7% rise in recurring revenues on the Waters side and 8% growth in chemistry sales, while Waters instrument system sales were flat. TA net sales rose 1%, with instrument system sales down 3%. Pharmaceutical customer sales increased 7%, and China and Japan showed strong growth.

    May 6, 2016
  34. 2015-Q3

    Waters Quarterly Report for Q3 Ended Oct 3, 2015

    Waters Corporation (WAT) reported third-quarter 2015 results for the period ended October 3, 2015, with net sales of $500.6 million, up from $493.2 million a year earlier, and net income of $116.3 million, or $1.40 per diluted share, versus $1.34 in the prior-year quarter. Year-to-date, net sales were $1.46 billion and net income was $318.0 million, or $3.82 per diluted share. The filing states that foreign currency translation reduced sales growth by 7% for both the quarter and year-to-date, mainly due to the weaker Euro and Japanese yen, and that foreign currency translation decreased net income per diluted share by approximately $0.20 in the quarter and $0.44 year-to-date. Operating income for the quarter was $135.8 million, slightly below the prior year, while year-to-date operating income rose to $386.1 million from $345.9 million. Research and development expenses grew 13% in the quarter and 14% year-to-date. Cash flow from operations was $406.6 million for the nine months, compared with $349.9 million a year earlier. Total cash, cash equivalents and investments were $2.31 billion, of which $2.28 billion was held by foreign subsidiaries. Total debt rose to $1.63 billion, and the company amended its credit agreement in April 2015 to increase the revolving commitments from $1.1 billion to $1.3 billion and extend maturity to April 23, 2020. The company repurchased $249 million of common stock in the first nine months under its authorizations, with $520 million remaining under the May 2014 plan. The filing also notes that the company acquired ElectroForce for approximately $9 million in May 2015 and that the company expects foreign currency translation to reduce full-year sales by approximately 6%.

    Nov 6, 2015
  35. 2015-Q3

    Waters Quarterly Report for Q3 Ended Jul 4, 2015

    Waters Corporation's Form 10-Q for the quarter ended July 4, 2015 shows continued top-line growth despite a significant foreign currency headwind. Total net sales for the second quarter were $494.7 million, up 3% from $481.8 million a year earlier, with the filing stating that foreign currency translation reduced sales growth by 7%. For the first half, net sales rose 5% to $955.1 million, and net income increased 21% to $201.7 million. Diluted EPS for the quarter was $1.27 versus $1.13, and the filing attributes part of the improvement to fewer shares outstanding from repurchases. Operating income rose 10% in the quarter to $130.3 million, and gross profit margin was 57.8% versus 58.1% a year earlier. Cash generation was strong, with net cash from operating activities of $267.5 million for the six months, compared with $222.1 million a year earlier. The company completed its May 2012 repurchase program, repurchasing 7.6 million shares at a cost of $750 million, and had $604 million remaining under the May 2014 authorization. Total debt rose to $1.56 billion at July 4, 2015, from $1.47 billion at December 31, 2014, primarily reflecting higher revolving credit borrowings. The company also amended its credit agreement in April 2015, increasing revolving commitments from $1.1 billion to $1.3 billion and extending maturity to April 23, 2020. Cash, cash equivalents and investments totaled $2.21 billion, of which $2.16 billion was held by foreign subsidiaries. The filing also notes that the company announced a new chief executive officer effective September 2015, upon the retirement of the current CEO, and lists the risk of that transition among its forward-looking risk factors. The company acquired Electroforce, a dynamic mechanical testing systems business from Bose Corporation, for about $9 million in cash in May 2015, and expects the company's full-year foreign currency impact to reduce sales by approximately 6%.

    Aug 7, 2015
  36. 2015-Q2

    Waters Quarterly Report for Q2 Ended Apr 4, 2015

    Waters Corporation reported first-quarter 2015 results (quarter ended April 4, 2015) with total net sales of $460.4 million, up 7% from $430.5 million in the prior-year quarter. The filing states that foreign currency translation reduced sales growth by 8%, while a calendar-day benefit added an estimated 4%. Gross profit rose 12% to $271.2 million, gross margin improved to 58.9% from 56.4%, and operating income increased 35% to $120.0 million. Net income was $96.1 million, or $1.15 per diluted share, compared with $70.3 million, or $0.82, a year earlier. Research and development expense grew 17%, while selling and administrative expenses fell 5%, including the effect of $6 million of severance costs recorded in the first quarter of 2014. Cash flow and liquidity were solid. Net cash from operating activities was $154.6 million versus $115.8 million, and the company held $2.1 billion of cash, cash equivalents and investments, of which $2.07 billion was held by foreign subsidiaries. Total debt was $1.49 billion at quarter end, up from $1.47 billion at December 31, 2014. The company repurchased $85 million of common stock under its authorizations and had $684 million remaining under the May 2014 plan. On April 23, 2015, the 2013 Credit Agreement was amended to increase revolving commitments from $1.1 billion to $1.3 billion and extend maturity to April 23, 2020. Management expects foreign currency translation to reduce full-year sales by approximately 6% and to negatively affect gross profit for the remainder of 2015. The filing also notes that the chief executive officer has announced his intention to retire, which the company identifies as a succession-planning risk.

    May 8, 2015
  37. 2014-Q3

    Waters Quarterly Report for Q3 Ended Sep 27, 2014

    Waters Corporation reported third-quarter 2014 net sales of $493.2 million, up 8% from $457.3 million a year earlier, with instrument system sales growing 7% and recurring revenues (services and chemistry consumables) growing 9%. Operating income rose 16% to $138.7 million and diluted EPS increased to $1.34 from $1.14. For the nine months, net sales were $1.41 billion, up 5%, but net income fell to $280.3 million from $308.4 million, largely because the prior-year period benefited from a $31 million net tax benefit; the effective tax rate was 14.1% versus 3.9%. Balance sheet and liquidity remained solid. Cash, cash equivalents and investments totaled $1.95 billion at September 27, 2014, of which $1.90 billion was held by foreign subsidiaries, which the filing notes may be subject to material tax effects on distribution to U.S. entities. Total debt rose to $1.43 billion, including $600 million of senior unsecured notes issued in June 2014 (the proceeds of which repaid revolver borrowings). Year-to-date operating cash flow was $349.9 million, and the company repurchased $255 million of stock under its May 2012 program, leaving $843 million authorized for future repurchases. Management highlighted strong pharmaceutical demand (sales up 12% in the quarter) and governmental and academic growth (up 18%), offset by a 5% year-to-date decline in China. Gross margin for the quarter improved to 59.0% from 58.1%. The filing also flags that the CEO intends to retire by the end of 2015, and the company expects foreign currency translation to marginally negatively affect gross profit for the remainder of 2014.

    Oct 31, 2014
  38. 2014-Q2

    Waters Quarterly Report for Q2 Ended Jun 28, 2014

    Waters Corporation's Form 10-Q for the quarter ended June 28, 2014 reports second-quarter net sales of $481.8 million, up 7% from $451.1 million a year earlier, with net income of $96.5 million and diluted EPS of $1.13 versus $1.03. For the first half, net sales were $912.3 million (up 4%), but net income fell to $166.8 million from $210.4 million, largely because the prior-year period included a $31 million tax benefit from completed tax audits. Operating income for the six months declined to $207.2 million from $222.1 million, and gross margin slipped to 57.3% of sales from 58.8% in the first half, which the company attributed mainly to unfavorable foreign currency translation. Selling and administrative expenses rose 7%, including a $4 million impairment on a U.K. building held for sale and $6 million of severance costs in the first quarter. Liquidity remained solid, with cash, cash equivalents and investments of $1.92 billion at June 28, 2014, of which $1.88 billion was held by foreign subsidiaries. Total debt was $1.39 billion. On June 30, 2014, Waters issued $200 million of senior unsecured notes (Series F, G and H) and used the proceeds to repay revolving credit borrowings. The Board authorized a new repurchase program of up to $750 million over three years in May 2014 and extended the prior program, leaving $920 million available for future repurchases at quarter end. Year-to-date operating cash flow was $222.1 million, down from $236.8 million, reflecting lower net income and a $21 million one-time contribution to non-U.S. pension plans. Management stated that the company's chief executive officer intends to retire by the end of 2015, which it flagged as a succession-planning risk. The filing reports no material changes to risk factors or legal proceedings from the 2013 Form 10-K, and the company acquired ULSP B.V. in January 2014 for about $4 million and, in July 2014, Medimass for about $23 million.

    Aug 1, 2014
  39. 2014-Q1

    Waters Quarterly Report for Q1 Ended Mar 29, 2014

    Waters Corporation filed its Form 10-Q for the first quarter ended March 29, 2014 on May 2, 2014. Net sales were flat at $430.5 million versus $430.3 million a year earlier, as a 5% increase in recurring revenues (services and chemistry consumables) was offset by a 5% decrease in instrument system sales, which the filing attributes to delays in customer capital spending. Gross profit fell 5% to $242.8 million, and gross margin declined to 56.4% from 59.4%, mainly due to unfavorable foreign currency translation. Selling and administrative expenses rose 7%, including $6 million of severance-related costs. Operating income dropped 19% to $88.8 million, and net income fell 42% to $70.3 million, or $0.82 per diluted share, compared with $1.39 a year earlier. The prior-year quarter included a $31 million tax benefit, which the filing identifies as a key reason for the sharp earnings decline. The balance sheet and liquidity position remained solid. Cash, cash equivalents and investments totaled $1.85 billion, of which $1.82 billion was held by foreign subsidiaries. Total debt rose to $1.33 billion, including $400 million of senior unsecured notes and $925 million under the 2013 Credit Agreement. Operating cash flow was $115.8 million, down from $127.8 million. The company repurchased 0.8 million shares for $86 million under its May 2012 program, leaving $262 million authorized. The company reported that it was in compliance with all debt covenants. The filing also notes that the chief executive officer has announced his intention to retire by the end of 2015, which the filing lists among its forward-looking risk factors. Management said that the company's risk factors had no material changes from its 2013 Form 10-K.

    May 2, 2014
  40. 2013-Q3

    Waters Quarterly Report for Q3 Ended Sep 28, 2013

    Waters Corporation's third-quarter 2013 Form 10-Q (quarter ended September 28, 2013) shows total net sales of $457.3 million, up 2% from $449.9 million a year earlier, while operating income fell 2% to $119.1 million and diluted EPS rose to $1.14 from $1.12. Gross margin slipped to 58.1% from 59.4%, which the company attributes to unfavorable foreign currency translation, amortization of the UNIFI software platform, and product mix. Year-to-date, net sales rose 1% to $1.34 billion and net income climbed 8% to $308.4 million, but this was helped by a $35 million reduction in unrecognized tax benefits, which cut the nine-month effective tax rate to 3.9% from 14.7%. Demand was mixed. Service sales grew 4% year-to-date and chemistry sales grew 1%, while instrument system sales were flat as larger pharmaceutical customers reduced capital spending. Japan was the weakest region, with sales down 16% in the quarter and 19% year-to-date, driven largely by a 21% and 17% drop in currency exchange rates. China grew 7% in the quarter and 11% year-to-date. Management expects foreign currency translation to continue to weigh significantly on 2013 net income per diluted share. The balance sheet remains liquid, with cash, cash equivalents and investments of $1.70 billion, though $1.67 billion of that is held by foreign subsidiaries. Long-term debt increased to $1.16 billion from $1.05 billion after the company entered a new $1.1 billion revolving facility and $300 million term loan in June 2013, used largely to repay the 2011 credit agreement. The company repurchased $220 million of stock year-to-date and has $423 million remaining under its May 2012 authorization. Two small acquisitions, Nonlinear Dynamics and Scarabaeus, were completed for roughly $27 million combined.

    Nov 1, 2013
  41. 2013-Q2

    Waters Quarterly Report for Q2 Ended Jun 29, 2013

    Waters Corporation (WAT) reported second-quarter 2013 results in this Form 10-Q for the quarter ended June 29, 2013. Total net sales were $451.1 million, essentially flat versus $451.5 million a year earlier, with the filing attributing the flat result to a 2% negative effect from foreign currency translation, principally the weakness of the Japanese yen. Gross profit fell 3% to $262.8 million and gross margin declined to 58.3% from 60.3%. Operating income was $112.7 million versus $120.1 million, and diluted EPS was $1.03 compared with $1.09. Management attributed the instrument system decline of 5% to delayed U.S. capital spending late in the quarter and late timing of certain non-U.S. orders, which increased backlog. Service sales grew 6% and chemistry sales grew 3%. For the six months, net income rose to $210.4 million from $186.4 million, and diluted EPS rose to $2.42 from $2.08. The filing states that the year-to-date tax line included a net $31 million tax benefit from completed tax audit examinations, which increased EPS by $0.39. Excluding that benefit, year-to-date operating results were weaker, with gross profit down 1% and operating income down 4%. Operating cash flow was $236.8 million, up from $216.3 million, and the company repurchased $165 million of stock year-to-date. Balance sheet activity centered on refinancing. In June 2013 Waters entered into a 2013 Credit Agreement providing a $1.1 billion revolving facility and a $300 million term loan, both maturing June 25, 2018, and used $860 million of proceeds to repay its 2011 credit agreement. Total debt was $1.27 billion at June 29, 2013, and cash, cash equivalents and investments totaled $1.65 billion, of which $1.61 billion was held by foreign subsidiaries. The company also disclosed a $1.6 million other-than-temporary impairment charge on an investment and the July 2013 acquisition of Scarabaeus Mess-und Prodktionstechnik GmbH for approximately $4 million.

    Aug 1, 2013
  42. 2013-Q1

    Waters Quarterly Report for Q1 Ended Mar 30, 2013

    Waters Corporation's first-quarter 2013 Form 10-Q, filed May 3, 2013, reports net sales of $430.3 million, up 2% from $420.5 million a year earlier, with product sales of $293.7 million and service sales of $136.6 million. Foreign currency translation reduced sales by 3% in the quarter, principally due to the weakness of the Japanese yen. Operating income was $109.4 million, down 1% from $110.2 million, and gross margin fell to 59.4% of sales from 60.2%, driven by amortization of the recently launched UNIFI software and a change in product mix. Net income rose 37% to $121.1 million, or $1.39 per diluted share, but this was aided by a $31 million reduction in unrecognized tax benefits from resolving tax audit examinations, which produced a tax benefit for the quarter. Management said the benefit increased diluted EPS by $0.39. Cash flow from operations was $127.8 million, versus $111.2 million in the prior-year quarter, mainly reflecting the timing of vendor payments. The company repurchased 1.0 million shares for $95 million under its May 2012 program, leaving $548 million authorized. Cash, cash equivalents and investments totaled $1.59 billion, of which $1.56 billion was held by foreign subsidiaries. Total debt rose to $1.23 billion, including $1.1 billion of long-term debt, as the company increased borrowings under its revolving credit facility and term loan. Management expects foreign currency translation to significantly reduce net income per diluted share for full-year 2013 compared with 2012, partly offset by share repurchases. It also expects selling and administrative expenses to rise and research and development growth to be in the mid-single digits for the full year.

    May 3, 2013
  43. 2012-Q3

    Waters Quarterly Report for Q3 Ended Sep 29, 2012

    Waters Corporation's Form 10-Q for the quarter ended September 29, 2012 shows a modest top-line decline. Total net sales for the three months were $449.95 million versus $454.53 million a year earlier, and nine-month sales were $1.32 billion versus $1.33 billion. Management attributes the weakness primarily to customers delaying capital spending amid weak global economic conditions and the weakening of the Euro and Indian rupee. Service sales grew 4% in the quarter and 6% year-to-date, while product sales fell 3%. Net income for the quarter was $99.1 million ($1.12 diluted EPS) versus $101.3 million ($1.10) a year earlier, and nine-month net income was $285.5 million ($3.19 diluted EPS) versus $295.8 million ($3.18). Foreign currency translation reduced sales by 3% in both periods. Cash and balance-sheet activity: cash, cash equivalents and short-term investments totaled $1.4 billion at quarter end. Operating cash flow for the nine months was $317.6 million, down from $347.3 million. Total debt rose to $1.15 billion from $990.8 million, largely from higher revolving borrowings under the 2011 Credit Agreement, which was expanded by $200 million to a $900 million revolving facility in August 2012. The board authorized up to $750 million in share repurchases in May 2012, with $704 million remaining, and the company repurchased $229 million of stock in the first nine months. Other items for investors include a $3 million litigation payment in June 2012 to settle a patent infringement complaint, acquisitions of Baehr Thermoanalyse GmbH, Blue Reference, Inc. and an Israeli distributor for about $31 million net of cash acquired, and expected higher amortization of about $43 million per year for 2013 through 2017 as a new software platform launches in late 2012. The company reported that it was in compliance with all debt covenants.

    Nov 2, 2012
  44. 2012-Q2

    Waters Quarterly Report for Q2 Ended Jun 30, 2012

    Waters Corporation's Form 10-Q for the quarter ended June 30, 2012 shows essentially flat first-half performance. Total net sales for the six months were $871.9 million versus $875.2 million a year earlier, with product sales down 3% and service sales up 6%. For the quarter, net sales rose 1% to $451.5 million, with service sales up 5% and chemistry sales down 3%. Foreign currency translation negatively affected quarterly sales by 3%. Net income was $97.7 million for the quarter ($1.09 diluted EPS) versus $100.1 million ($1.07) a year earlier, and $186.4 million ($2.08 diluted EPS) for the six months versus $194.6 million ($2.09). Management attributes instrument system weakness to customers delaying capital spending amid global economic weakness and a weaker Euro and Indian rupee. The balance sheet shows cash, cash equivalents and short-term investments of $1.4 billion, against total debt of $1.10 billion at June 30, 2012, up from $990.8 million at December 31, 2011. Operating cash flow was $216.3 million for the six months. The Board authorized a new repurchase program of up to $750 million over two years in May 2012, and the company had $771 million available for future purchases. The company repurchased $165 million of stock in the first half. Management stated that $1.35 billion of the cash and investments were held by foreign subsidiaries, which may face material tax repatriation effects. The company made several acquisitions in 2012: an Israeli distributor and Baehr Thermoanalyse GmbH for a combined $18.4 million in cash in the first half, and Blue Reference, Inc. for $14 million in cash in July 2012. The quarter also included a $3.0 million litigation provision to settle a patent infringement complaint. Management expects amortization of intangibles to rise to about $41 million per year for 2013 through 2017, driven by a new software platform planned for launch in the fourth quarter of 2012.

    Aug 3, 2012
  45. 2012-Q1

    Waters Quarterly Report for Q1 Ended Mar 31, 2012

    Waters Corporation's first-quarter 2012 Form 10-Q, filed May 4, 2012, reports net sales of $420.5 million for the three months ended March 31, 2012, compared with $427.6 million in the prior-year quarter. The company states that sales before foreign currency translation were flat, with instrument system sales down 8% and new and recurring chemistry consumables and services sales up 6%. Operating income was $110.2 million versus $115.9 million, and net income was $88.7 million, or $0.98 per diluted share, compared with $94.5 million, or $1.01 per diluted share. Management attributed the decline mainly to delayed capital spending by large pharmaceutical customers, a weaker Indian Rupee, and European governmental austerity programs. Cash flow and balance sheet items were steady. Net cash provided by operating activities was $111.2 million, versus $122.8 million a year earlier, and cash, cash equivalents and short-term investments totaled $1.4 billion, with $1.3 billion held by foreign subsidiaries. Total debt rose to $1,023.6 million, and the company repurchased $62 million of common stock under its February 2011 authorization, leaving $124 million available. The company also completed two small acquisitions in early 2012, Israel distributor and Baehr Thermoanalyse GmbH, for $18.4 million in cash, which the filing says are expected to add approximately $16 million to annual sales. The filing reports no material changes in market risk, legal proceedings, or risk factors relative to the 2011 Form 10-K, and it states that management believes liquidity is sufficient for at least the next twelve months. Amortization expense is expected to rise to about $41 million per year for 2013 through 2017, reflecting a new software platform planned for the fourth quarter of 2012.

    May 4, 2012
  46. 2011-Q3

    Waters Quarterly Report for Q3 Ended Oct 1, 2011

    Waters Corporation reported a strong third quarter and nine months ended October 1, 2011. Net sales were $454.5 million for the quarter, up 13% from $401.0 million, and $1,329.8 million for the nine months, up 15% from $1,159.8 million. Net income was $101.3 million ($1.10 per diluted share) for the quarter versus $94.7 million ($1.02 per diluted share) a year earlier, and $295.8 million ($3.18 per diluted share) for the nine months versus $255.2 million ($2.71). The filing attributes the growth to higher instrument system sales, including new ACQUITY UPLC H-Class, Xevo Q-Tof, Xevo TQ-S and SYNAPT G2-S systems, and to favorable foreign currency translation, which added 4% to quarterly sales and 5% to nine-month sales. Gross margin rose slightly to 60.3% for the quarter and 60.4% for the nine months. Cash generation remained solid, with net cash from operating activities of $347.3 million for the nine months versus $323.8 million a year earlier. Cash, cash equivalents and short-term investments totaled $1,194 million at period end. Total debt was $971.6 million, up from $766.1 million at December 31, 2010, reflecting a July 2011 $700 million revolving and $300 million term loan credit agreement and $200 million of March 2011 senior unsecured notes. The company repurchased $292 million of stock in the nine months and had $258 million remaining under its February 2011 $500 million authorization. The company also acquired Anter Corporation, a thermal analyzer maker, for $11 million in cash in July 2011, expected to add about $6 million to full-year sales. Interest expense rose to $15.3 million for the nine months from $10.0 million, and the effective tax rate for the nine months was 15.6%, up from 12.9%. Management stated that its risk factors had no material changes from the Form 10-K for 2010.

    Nov 4, 2011
  47. 2011-Q3

    Waters Quarterly Report for Q3 Ended Jul 2, 2011

    Waters Corporation reported second-quarter 2011 (quarter ended July 2, 2011) total net sales of $447.6 million, up from $391.1 million, and net income of $100.1 million, or $1.07 per diluted share, versus $84.9 million, or $0.90 per diluted share, a year earlier. For the six months ended July 2, 2011, net sales were $875.2 million and net income was $194.6 million, or $2.09 per diluted share. The filing attributes the growth to higher demand from pharmaceutical, industrial and chemical analysis customers, strong uptake of the recently launched ACQUITY UPLC H-Class, Xevo Q-Tof and Xevo TQ-S systems, and a favorable effect of foreign currency translation. Gross margin was 60.7% in the quarter, and the effective tax rate fell to 14.0% from 17.1%. Balance sheet and financing activity were significant in the period. Cash, cash equivalents and short-term investments totaled $1.12 billion at July 2, 2011. Total debt rose to $836.2 million from $766.1 million at December 31, 2010. In March 2011 the company issued $200 million of senior unsecured notes, and on July 28, 2011 it entered into a new $700 million revolving and $300 million term loan credit agreement maturing in July 2016, using the proceeds to repay the 2007 Credit Agreement. The company repurchased $148 million of stock in the six months, leaving $402 million authorized under its February 2011 program. Management stated that cash and expected operating cash flow are sufficient for at least the next twelve months. The company also noted it acquired Anter Corporation on July 18, 2011 for $11 million in cash, and that its Ireland statutory tax rate increased to 12.5% from a 10% contractual rate, which it expects to raise its effective tax rate in future periods. The company's risk factor update highlights possible negative effects on Japanese customer demand from the recent Japan disasters.

    Aug 5, 2011
  48. 2011-Q2

    Waters Quarterly Report for Q2 Ended Apr 2, 2011

    Waters Corporation filed this Form 10-Q for the first quarter ended April 2, 2011. Net sales rose to $427.6 million from $367.7 million, an increase of 16%, with instrument system sales up 23% and chemistry consumables and services up 9%. Management attributed the growth to higher spending by pharmaceutical and industrial customers, demand for recently launched ACQUITY UPLC H-Class, Xevo Q-Tof and Xevo TQ-S systems, and a 2% favorable effect from foreign currency translation. Operating income increased to $115.9 million from $92.4 million, net income rose to $94.5 million from $75.5 million, and diluted EPS was $1.01 compared with $0.79 a year earlier. Gross margin was 60.3% in both periods. The balance sheet shows total assets of $2.45 billion and stockholders' equity of $1.15 billion at April 2, 2011. Total debt was $790.3 million, including $400 million of long-term debt and $380 million under the 2007 Credit Agreement, which matures in January 2012 and has been reclassified as a current liability. In March 2011 the company issued $200 million of senior unsecured notes, using proceeds to repay $140 million of the term loan and other debt. Cash, cash equivalents and short-term investments totaled $1.04 billion. Operating cash flow was $122.8 million, and the company repurchased $67 million of stock during the quarter under the February 2011 $500 million authorization, leaving $483 million available. The filing notes that the Japan disasters could negatively affect demand from Japanese customers, and that Ireland's statutory tax rate increased to 12.5% from 10%. Management stated that the company was in compliance with all debt covenants and that its disclosure controls were effective.

    May 6, 2011
  49. 2010-Q3

    Waters Quarterly Report for Q3 Ended Oct 2, 2010

    Waters Corporation's third-quarter 2010 Form 10-Q, covering the period ended October 2, 2010, shows sales of $401.0 million for the quarter, up from $374.0 million a year earlier, and $1.16 billion for the nine months, up from $1.07 billion. Management attributes the growth to higher demand from improved global economic conditions, new product introductions including the SYNAPT G-2, ACQUITY UPLC H-Class and Xevo Q-Tof, and stronger pharmaceutical and industrial spending. Instrument system sales rose 10% in both the quarter and the nine-month period, with Asia up 23% in the quarter, while sales in Europe fell 10%. Operating income rose to $103.8 million in the quarter from $96.1 million, and net income was $94.7 million, or $1.02 per diluted share, compared with $0.79 a year earlier. Results were helped by an $8 million UK tax benefit, which added $0.08 per diluted share in the quarter. The balance sheet shows cash, cash equivalents and short-term investments of $837 million, and long-term debt rose to $700 million from $500 million after the company issued $100 million of 3.75% notes due 2015 and $100 million of 5.00% notes due 2020. The company repurchased $241 million of stock in the first nine months under its February 2009 authorization, leaving $102 million available. Management states that cash, short-term investments and expected operating cash flow, together with credit facilities, should be sufficient for at least the next twelve months. The filing also discloses a $71 million valuation allowance release on a foreign tax credit deferred tax asset in the third quarter, and a plan to consolidate UK manufacturing into one facility with expected capital spending of $70 million to $90 million over the next few years. The Dearborn securities class action remains on appeal, with oral arguments held November 1, 2010 and no decision yet rendered.

    Nov 5, 2010
  50. 2010-Q3

    Waters Quarterly Report for Q3 Ended Jul 3, 2010

    Waters Corporation's second-quarter 2010 Form 10-Q, filed August 6, 2010, reports net sales of $391.1 million for the three months ended July 3, 2010, up from $362.8 million a year earlier, and $758.8 million for the six months, up from $695.9 million. Sales increased 8% in the quarter and 9% in the six-month period, driven by higher instrument system demand, improved global economic conditions, and new products including the SYNAPT G-2 and ACQUITY UPLC H-Class. Net income rose to $84.9 million ($0.90 diluted EPS) in the quarter from $69.9 million ($0.72) a year earlier, and to $160.4 million ($1.69 diluted EPS) for the six months from $143.3 million ($1.47). Diluted EPS was also helped by lower weighted-average shares from the buyback program. The balance sheet shows total assets of $2.04 billion, up from $1.91 billion at year-end 2009, with cash and short-term investments combined at $754 million. Total debt rose to $756.9 million from $631.8 million, reflecting $100 million of 3.75% senior notes due 2015 and $100 million of 5.00% senior notes due 2020 issued in the first half of 2010. Stockholders' equity declined to $813.0 million from $849.0 million, largely due to $179.8 million of treasury share purchases during the six months and a $51.7 million reduction in other comprehensive income. Operating cash flow was $214.8 million for the six months, versus $173.8 million a year earlier. The company disclosed that it corrected an error in incentive plan and other accrual balances that reduced selling and administrative expense in the second quarter, and that it does not believe the error was material. The Dearborn securities class action was dismissed by the district court in March 2010, and the plaintiff has appealed. Management also indicated plans to spend $70 million to $90 million to consolidate UK manufacturing into one facility.

    Aug 6, 2010