Waters Corp.'s (WAT) fourth-quarter profit rose 22% and adjusted
earnings topped its upbeat forecast as sales climbed and margins
improved.
The laboratory-equipment maker has reported improved results in
recent quarters as demand has increased. Chairman and Chief
Executive Douglas Berthiaume said Tuesday "strong uptake of our new
system offerings, continued business expansion in Asian markets and
an improvement in economic conditions drove sales growth" in the
latest period.
Waters posted a profit of $126.6 million, or $1.36 a share, up
from $104.1 million, or $1.08 a share, a year earlier. Amortization
of purchased intangibles and restructuring charges cut the
latest-quarter's profit by 2 cents and the prior-year result by 4
cents. The company in October had forecast a profit of $1.28 to
$1.33, exceeding analysts' estimates at the time.
Net sales jumped 13% to $483.6 million. Analysts polled by
Thomson Reuters had expected $465 million.
Gross margin widened to 60.9% from 60.3%.
Shares closed Monday at $78.26 and were inactive in premarket
trading. Through the latest close, the stock is up 32% over the
past year.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com