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Waters Corporation (NYSE:WAT) shares are trading higher on Tuesday.
The company reported fourth-quarter full-year 2023 sales of $819.47 million, beating the analyst consensus of $815.03 million.
Quarterly revenues declined 4.5%, as reported, and 8% in organic constant currency.
The company reported adjusted earnings per share of $3.62, beating the Wallstreet estimate of $3.55.
Gross margin expanded 170 basis points and adjusted operating margin extended 120 basis points in the quarter under review.
“We have made very good progress integrating the team, achieving our target sales contribution of 2.5% for the year,” said Udit Batra, President & CEO, Waters Corporation.
Geographically, sales in Asia during the quarter decreased by 18%, as reported, and 16% in organic constant currency (with China sales declining almost 40%).
Sales in the Americas increased by 4% as reported, and decreased 2% in organic constant currency.
Sales in Europe increased by 3%, as reported, and decreased by 6% in organic constant currency.
Outlook: Waters Corp. expects full-year 2024 organic constant currency sales growth to be -0.5% to +1.5%.
The company forecasts reported sales growth of 0% to +2%, with adjusted EPS of $11.75-$12.05 (estimate: $11.97).
Waters Corp projects first quarter organic constant currency sales growth of -11% to -9%. For the first quarter, the company projects reported sales growth of -8.5% to -6.5%, with adjusted EPS of $2.05-$2.15 (estimate: $2.39).
Price Action: WAT shares are trading higher by 1.88% to $330.96 on the last check Tuesday.
Posted In: WAT
