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Last $127.69 USD
Change Today +0.67 / 0.53%
Volume 570.8K
WAT On Other Exchanges
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As of 8:04 PM 05/5/15 All times are local (Market data is delayed by at least 15 minutes).

waters corp (WAT) Key Developments

Waters Corporation Provides Earnings Guidance for the Second Quarter and Full Year of 2015

Waters Corporation provided earnings guidance for the second quarter and full year of 2015. The company announced that gross margins are expected to improve slightly from last year's and come in at or around 59% for the full year 2015. Moving below the operating profit line, net interest expense is expected to be approximately $31 million. Non-GAAP earnings per fully diluted share are now expected to be in the range of $5.67 to $5.87. For the full year 2015, the company expects operating tax rate to come in at around 14%. The company's expectations for the second quarter of 2015, the company's guidance anticipates that constant currency sales growth will come in at or around 7%. Currency translation in the quarter is expected to reduce reported sales growth by the same rate or about 7%. This performance is expected to result in non-GAAP earnings per fully diluted share within a range of $1.20 to $1.30 in the quarter.

Waters Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 4, 2015

Waters Corporation reported unaudited consolidated earnings results for the first quarter ended April 4, 2015. For the quarter, the company reported operating income of $119,982,000, income from operations before income taxes was $113,347,000, net income of $96,061,000 or $1.15 diluted per share on net sales of $460,404,000 against operating income of $88,761,000, income from operations before income taxes was $82,730,000, net income of $70,302,000 or $0.83 diluted per share on net sales of $430,508,000 for the same period a year ago. Adjusted Non-GAAP operating income of $123,728,000 against $99,726,000 for the same period a year ago. Adjusted Non-GAAP net income of $101,146,000 or $1.21 per share against $78,621,000 or $0.92 diluted per share for the same period a year ago.

Waters Corporation Enters into Amendment to the Credit Agreement

Waters Corporation has entered into an amendment, the first amendment dated as of April 23, 2015, to the credit agreement dated as of June 25, 2013, among the company, the lenders from time to time party hereto; JPMorgan Chase Bank, N.A., as administrative agent and J.P. Morgan Europe Limited, as London agent. Under the terms of the amendment, the parties have agreed principally (i) to increase the revolving commitments from $1.1 billion to $1.3 billion, (ii) to extend the maturity of the loans and other obligations under the credit agreement from June 25, 2018 until April 23, 2020, (iii) to provide for certain changes in the interest rate margins and fees under the credit agreement, as follows: (x) for Alternate Base Rate loans, the interest rate margin based upon company’s leverage ratio was amended to range between 0 basis points and 17.5 basis points, as compared to the previous range of between 0 basis points and 12.5 basis points, (y) for adjusted LIBO Rate or LIBO Rate borrowings, the interest rate margin based upon company's leverage ratio, was amended to range between 80 basis points and 117.5 basis points, as compared to the previous range which was between 75 basis points and 112.5 basis points and (z) the facility fee based upon company's leverage ratio, was amended to range between 7.5 basis points and 20 basis points, as compared to the previous range which was between 12.5 basis points and 25 basis points, and (iv) to amend certain other provisions of the credit agreement to reflect current market practices. Except as modified by the amendment, all of the representations and warranties, affirmative and negative covenants, events of default and other terms of the credit agreement, as in effect prior to the amendment, remain in effect. As of April 23, 2015, the total amount outstanding under the credit agreement prior to the amendment equaled approximately $1,012 million, of which $300 million was outstanding under the term loan facility, $710 million was outstanding under the revolving credit facility, and $2 million was outstanding under the letter of credit facility. These amounts remain outstanding under the credit agreement and the company plans to use the future borrowings for general corporate purposes as provided for under the credit agreement.

Chinese Food and Drug Administration Approves Waters Corporation's ACQUITY UPLC I- Class IVD/Xevo TQ-S IVD System for in Vitro Diagnostic Use in China

Waters Corporation announced that the Chinese Food and Drug Administration (CFDA) approved the Waters ACQUITY UPLC I- Class IVD/Xevo TQ-S IVD System for in vitro diagnostic (IVD) use in China. The system was approved for clinical analysis of a variety of compounds that include diagnostic indicators and compounds for treatment monitoring. To facilitate this transition, better diagnostic and predictive tools are needed so that disease can be detected earlier or even prevented. That is where Waters technologies like the ACQUITY TQD System and ACQUITY UPLC I-Class IVD/Xevo TQ-S IVD systems, approved for IVD use by the CFDA in 2014 and 2015, respectively, can make a significant impact. Using LC-MS technology, clinical laboratories perform qualitative and quantitative analyses of patients' samples to aid clinicians in many ways. These tests may be used to confirm a clinical suspicion (including making a diagnosis); assist in the selection, optimization and monitoring of treatment; provide a prognosis; screen for disease in the absence of clinical signs or symptoms; and establish and monitor the severity of physiological disturbance. Liquid chromatography separates analytes and interferents within a given sample, while mass spectrometry technology is used for detection and confirmation of those analytes. The recently CFDA approved ACQUITY UPLC I-Class IVD/Xevo TQ-S IVD System features Waters' Ultra Performance LC technology coupled with a tandem quadrupole mass spectrometer designed for the most demanding UPLC-MS/MS quantitative analysis. This system uses StepWave, a breakthrough off-axis ion source technology, and RADAR, an information rich acquisition method, enabling the system with sensitivity and robustness.

Waters Corporation, Q1 2015 Earnings Call, Apr 28, 2015

Waters Corporation, Q1 2015 Earnings Call, Apr 28, 2015

 

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WAT

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Valuation WAT Industry Range
Price/Earnings 23.5x
Price/Sales 5.2x
Price/Book 5.7x
Price/Cash Flow 22.4x
TEV/Sales 3.4x
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