Waters Corporation (NYSE: WAT) Reports First Quarter 2025 Financial Results

About this update from Waters Corporation

Highlights First Quarter 2025 MILFORD, Mass. , May 6, 2025 /PRNewswire/ -- Waters Corporation (NYSE: WAT), today announced its financial results for the first quarter of 2025. Sales for the first quarter of 2025 were $662 million , an increase of 4% as reported, compared to sales of $637 million for the first quarter of 2024, and an increase of 7% in constant currency. On a GAAP basis, diluted earnings per share (EPS) for the first quarter of 2025 was $2.03 , compared to $1.72 for the first quarter of 2024. On a non-GAAP basis, EPS was $2.25 , representing 2% growth, inclusive of approximately five percentage points of unfavorable foreign exchange. "Thanks to the focus and dedication of our teams, the momentum in our business has remained strong despite a very dynamic external environment," said Dr. Udit Batra , President & CEO, Waters Corporation. "Our first-quarter results exceeded expectations, driven by double-digit instrument growth, strength in pharma, and the continued traction of our innovative product portfolio." Dr. Batra continued, "Given our unique exposure to resilient, downstream applications and our steadfast commitment to operational excellence, we are raising our full-year 2025 guidance. Our swift operational actions, combined with improvements in foreign exchange, position us well to mitigate the impact of recently announced tariffs and policy changes. As a result, we reaffirm our expectation of delivering high single-digit adjusted EPS growth for the year." A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company's website www.waters.com in the Investor Relations section. Full-Year and Second Quarter 2025 Financial Guidance Full-Year 2025 Financial Guidance The Company is raising its full-year 2025 constant currency sales growth guidance to the range of +5.0% to +7.0%. Net of currency translation, the company is raising its full-year 2025 reported sales growth to the range of +4.0% to +6.0%. The Company is raising its full-year 2025 non-GAAP EPS guidance to the range of $12.75 to $13.05 . This reflects year-over-year growth of approximately +8% to +10%, and +10% to +12% on a constant currency basis. Second Quarter 2025 Financial Guidance The Company expects second quarter 2025 constant currency sales growth in the range of +5.0% to +7.0%. Net of currency translation, second quarter 2025 reported sales growth is expected in the range of +4.0% to +6.0%. The Company expects second quarter 2025 non-GAAP EPS to be in the range of $2.88 to $2.98 , which reflects year-over-year growth of approximately +10% to +13%, and +12% to +15% on a constant currency basis. Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year and second quarter. Conference Call Details Waters Corporation will webcast its first quarter 2025 financial results conference call today, May 6, 2025 , at 8:00 a.m. Eastern Time . To listen to the call and see the accompanying slide presentation, please visit www.waters.com , select "Investor Relations" under the "About Waters" section, navigate to "Events & Presentations," and click on the "Webcast." A replay will be available through at least June 3, 2025 . About Waters Corporation Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,600+ passionate employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science. Non-GAAP Financial Measures This press release contains financial measures, such as constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered "non-GAAP" financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Definitions of the non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are included in the tables accompanying this release. Cautionary Statement This release contains "forward-looking" statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "feels", "believes", "anticipates", "plans", "expects", "intends", "suggests", "appears", "estimates", "projects" and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. Our actual future results may differ significantly from the results discussed in the forward- looking statements within this release for a variety of reasons, including and without limitation, risks or uncertainties related to expectations regarding our strategy, our future financial and operational performance, future economic and market conditions, including our expectations about the growth rates of certain markets, our strategic initiatives, including  our instrument replacement initiatives, respond and adapt to changing global dynamics, including the potential impacts of tariffs and supply chain challenges, our ability to retain and attract customers in various geographies and market segments, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management. Such factors and others are discussed more fully in the sections entitled "Forward-Looking Statements" and "Risk Factors" of the Company's annual report on Form 10-K for the year ended December 31, 2024 , as filed with the Securities and Exchange Commission ("SEC"), which discussions are incorporated by reference in this release, as updated by the Company's future filings with the SEC. The forward-looking statements included in this release represent the Company's estimates or views as of the date of this release and should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.               Contact:  Caspar Tudor , Head of Investor Relations – (508) 482-2429 View original content: https://www.prnewswire.com/news-releases/waters-corporation-nyse-wat-reports-first-quarter-2025-financial-results-302446356.html SOURCE Waters Corporation

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