Waters Corp. nets $112M in Q1

BY Zachary Comeau

Photo | Google
Photo | Google
Waters Corp.'s offices in Milford

Milford-based scientific and medical equipment manufacturer Waters Corp. reported a net income of $111.9 million in the first quarter, an increase of almost 6 percent from last year’s first quarter. 
That income growth coincides with sales of $530 million, an increase of about 7 percent from the same period last year. 
Per share, diluted earnings increased 7 percent to $1.40 for the first quarter, compared to $1.31 in last year’s Q1.
In a statement released with Tuesday’s earnings report, Chairman and CEO Chris O’Connell said the company fell short of its expectations in a few specific areas, but pharmaceutical sales and the TA Instruments product line helped drive Tuesday’s positive earnings report.
TA sales grew by 9 percent, from $54.5 million to $59.5 million, while pharmaceutical market sales also grew by 9 percent from $279.8 million to $305.3 million. 
Sales to the governmental and academic markets grew by 11 percent to $63 million, but sales to the industrial market grew by only 1 percent to $162.3 million.
European sales accounted for the largest geographic growth in the quarter at 16 percent with total sales of $148.6 million.