Waters Corp.'s (WAT) second-quarter profit rose 21% on
better-than-expected revenue growth.
The laboratory-equipment maker dealt with soft demand for its
products during the economic downturn. It has seen revenue and
profit gradually recover as clients loosen a bit on equipment
purchases. Waters also has been ramping up new-product development
to drive revenue.
Chairman and Chief Executive Douglas Berthiaume said the company
is "encouraged by the improved demand trends that we saw across key
markets in the quarter" and it saw continued "sales growth in
Asia."
Waters reported a profit of $84.9 million, or 90 cents a share,
up from $69.9 million, or 72 cents a share, a year earlier.
Excluding write-downs, earnings rose to 93 cents from 78 cents as
revenue increased 8% to $391.1 million, rising 7% excluding
currency changes.
The company in April projected earnings of 86 cents to 90 cents
and revenue growth of 7%, on a constant-currency basis, from $363
million a year earlier.
Gross margin was flat at 60.3%.
Shares closed at $62.74 Tuesday and were inactive premarket. The
stock has risen 23% the past year.
-By Jodi Xu, Dow Jones Newswires; 212-416-3037;
jodi.xu@dowjones.com