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Waters 8-K Report, Financial Results (Feb 12, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 12, 2025
Period End
February 12, 2025
Security
WAT
In the 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. Material agreement8-K · May ’16May ’16
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed February 12, 2025. Cited figures are marked; the original filing is the authoritative source.

Waters Corporation (NYSE: WAT) furnished a press release with its Form 8-K dated February 12, 2025, reporting results for the fourth quarter and full year ended December 31, 2024.

Fourth-quarter net sales were $872.7 milliona, up 6% as reported and 8% in constant currency, versus $819.5 million a year earlier. Pharmaceutical sales rose 10% in constant currency, instrument sales grew 8% and recurring revenues grew 9% in constant currency. GAAP diluted EPS was $3.88 (vs. $3.65) and non-GAAP EPS was $4.10 (up 13%).

For full-year 2024, net sales were $2.96 billionb, flat as reported, while GAAP diluted EPS was $10.71 and non-GAAP EPS was $11.86, up 1%. Operating cash flow was $762.1 million and free cash flow was $744.3 million on an adjusted basis. For 2025, Waters guided to full-year constant currency sales growth of 4.5% to 7.0% and reported sales growth of 2.5% to 5.0%, with non-GAAP EPS of $12.70 to $13.00.

For the first quarter of 2025, it guided to constant currency sales growth of 4.0% to 7.0%, reported growth of 1.0% to 4.0%, and non-GAAP EPS of $2.17 to $2.25c. The company cited currency translation as a headwind of approximately 2.0% for the full year and 3.0% for the first quarter. Management said margin expansion continued for a second consecutive year despite foreign exchange, volume and inflation pressures.

The filing notes that total debt declined to $1.63 billiond at year-end 2024 from $2.36 billion a year earlier, and the cautionary statement references the increased indebtedness from the Wyatt transaction. The 8-K itself is furnished under Item 2.02 and is not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

  1. Q4 2024 net sales of $872.7 million rose 6% as reported and 8% in constant currency, exceeding the high end of guidance.
  2. Pharmaceutical sales grew 10% in constant currency in Q4 2024, while Academic & Government grew 16% in constant currency.
  3. Full-year 2024 net sales were $2.96 billion, flat as reported and in organic constant currency terms per the filing's reconciliation.
  4. GAAP diluted EPS for full-year 2024 was $10.71; non-GAAP EPS was $11.86, up 1%, with foreign exchange a roughly 5% headwind.
  5. Full-year 2024 operating cash flow was $762.1 million and adjusted free cash flow was $744.3 million, a free cash flow to adjusted net income ratio of 105%.
  6. 2025 guidance calls for reported sales growth of 2.5% to 5.0% and non-GAAP EPS of $12.70 to $13.00.
  7. Notes payable and debt fell to $1.63 billion at December 31, 2024 from $2.36 billion a year earlier.

03—Questions

Frequently Asked Questions

  1. How did Waters perform in the fourth quarter of 2024?

    Net sales were $872.7 million, up 6% as reported and 8% in constant currency. Non-GAAP EPS rose 13% to $4.10, while GAAP diluted EPS was $3.88. The company said growth accelerated across all three reported regions.

  2. What is the company's 2025 outlook?

    For full-year 2025, Waters expects constant currency sales growth of 4.5% to 7.0%, reported sales growth of 2.5% to 5.0%, and non-GAAP EPS of $12.70 to $13.00. Currency translation is expected to reduce sales growth by about 2.0%. For the first quarter, it expects reported sales growth of 1.0% to 4.0% and non-GAAP EPS of $2.17 to $2.25.

  3. How strong was Waters' cash generation in 2024?

    The company generated $762.1 million in operating cash flow and $744.3 million in adjusted free cash flow for 2024. The filing reports free cash flow as 25% of full-year sales and a free cash flow to adjusted net income ratio of 105%.

  4. Did Waters' debt levels change in 2024?

    Yes. Notes payable and debt decreased to $1,626.5 million at December 31, 2024, from $2,355.5 million a year earlier. Net cash used in financing activities for 2024 was $696.7 million, including a $730.0 million net reduction in debt.

  5. What drove the company's margin performance?

    Full-year GAAP operating income margin was 27.9%, and adjusted operating income margin expanded to 31.0%. Management attributed the adjusted margin expansion to operational excellence, which the company said offset foreign exchange headwinds.

04—Continue

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