Waters Corp. (WAT) Misses Q1 EPS by 12c, Revenues Miss; Offers FY19 & 2Q EPS Guidance Below Consensus

Waters Corp. (NYSE: WAT) reported Q1 EPS of $1.60, $0.12 worse than the analyst estimate of $1.72. Revenue for the quarter came in at $514 million versus the consensus estimate of $545.33 million.

• Sales of $514 million declined 3% as reported and were flat in constant currency
• Recurring revenue growth offset by declines in instrument sales
• Growth in broader Asia and the U.S. offset by weakness in China and Europe
• GAAP EPS of $1.51; non-GAAP EPS of $1.60, a slight increase from prior year

“Sales in the first quarter fell short of our expectations. Softer demand during the quarter was driven by greater-than-expected macro impacts in China and Europe, as well as a slow release of budgets by key pharmaceutical and industrial customers,” commented Chris O’Connell, Chairman and Chief Executive Officer of Waters Corporation. “We remain confident in our strong market position, underlying customer activity, and the contribution of new product introductions underway and planned for 2019.”

GUIDANCE:

Waters Corp. sees Q2 2019 EPS of $2.05-$2.15, versus the consensus of $2.21.

Waters Corp. sees FY2019 EPS of $9.05-$9.25, versus the consensus of $9.34.

For earnings history and earnings-related data on Waters Corp. (WAT) click here.

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