Waters Corp.'s (WAT) fourth-quarter profit rose 4.8% on
stabilizing demand and cost controls.
Reluctant spending among hospitals and universities poses a
challenge to the laboratory-equipment maker and its peers. Chairman
and Chief Executive Douglas Berthiaume said Tuesday the "steep
economic slowdown and volatile capital markets combined to depress
demand for laboratory instrumentation and supplies." In response,
the company has mitigated slowing sales with careful spending.
Waters reported earnings of $104.1 million, or $1.08 a share,
compared to $99.4 million, or $1.01 cents a share, a year earlier.
Excluding acquisition and other charges, earnings rose to $1.12
from $1.07. Sales rose 3% to $428.8 million.
Analysts polled by Thomson Reuters forecast earnings of $1.09 on
sales of $436 million.
Gross margin rose to 60.3% from 58.9%.
Shares closed Monday at $59.23 and were inactive premarket. The
stock is up 60% the past year.
-By Rachel Rosenthal and Joel Stonington, Dow Jones Newswires;
212-416-2291; rachel.rosenthal@dowjones.com