Waters Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 04, 2015; Provides Earnings Guidance for the Third Quarter and Full Year 2015
Jul 28 15
Waters Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 04, 2015. For the quarter, sales were $494,740,000 compared with $481,801,000 a year ago. On a GAAP basis, earnings per diluted share were $1.27 compared to $1.13 for the second quarter of 2014. On a non-GAAP basis, EPS to $1.32 compared to $1.22 in the second quarter of 2014. Operating income was $130,318,000 against $118,395,000 a year ago. Income from operations before income taxes was $123,772,000 against $112,124,000 a year ago. Net income was $105,667,000 against $96,529,000 a year ago. Adjusted Non-GAAP operating income was $134,834,000 against $127,089,000 a year ago. Adjusted Non-GAAP net income was $109,613,000 against $103,870,000 a year ago. In the second quarter of 2015, free cash flow came in at $96 million after funding $24 million of capital expenditures.
For the six months, net sales were $955,144,000 compared with $912,309,000 in the first six months of 2014. On a GAAP basis, EPS were $2.41 compared to $1.95 for the comparable period in 2014. On a non-GAAP basis and including adjustments, EPS were $2.52 in the first six months of 2015 as compared to $2.13 in 2014. Operating income was $250,300,000 against $207,156,000 a year ago. Income from operations before income taxes was $237,119,000 against $194,854,000 a year ago. Net income was $201,718,000 against $166,831,000 a year ago. Adjusted Non-GAAP operating income was $258,562,000 against $226,815,000 a year ago. Adjusted Non-GAAP net income was $201,759,000 against $182,491,000 a year ago. This brings year-to-date 2015 free cash flow to $234 million as compared to $218 million for the first half of 2014.
For the third quarter of 2015, the company's guidance anticipates constant currency sales growth to come in at about 7%. Currency translation in the quarter is expected to reduce reported sales growth rate by approximately 7%. This top line performance is expected to result in non-GAAP earnings per fully diluted share within a range of $1.33 to $1.43 in the third quarter.
For the full year 2015, the company expects operating tax rate to be around 14%. Full year 2015 non-GAAP earnings per fully diluted share are now expected to be in the range of $5.75 to $5.90.
Waters Corporation Announces Executive Changes
Jul 22 15
Waters Corporation announced that Christopher J O'Connell has been appointed as its new President, Chief Executive Officer (CEO) and member of its Board of Directors, effective in September 2015. Chris joins Waters from Medtronic plc. Over his 21 years at Medtronic, Chris O'Connell held a variety of leadership positions, most recently as president of the Restorative Therapies Group. He provided overall strategic direction and operational management of the group's five divisions, as well as led the integration of the group's activities within the overall strategy of the corporation. Retiring chief executive officer, Douglas A Berthiaume will continue in his role as chairman of Waters' board of directors.
Waters Corporation, Q2 2015 Earnings Call, Jul 28, 2015
Jul 7 15
Waters Corporation, Q2 2015 Earnings Call, Jul 28, 2015
Waters Corporation Announces Management Changes
Jun 25 15
On June 25, 2015, Waters Corporation announced that Christopher J. O'Connell has been hired to serve as its President and Chief Executive Officer and as a member of its Board of Directors, commencing on September 8, 2015. Previously, Mr. O'Connell served as Executive Vice President and Group President, Restorative Therapies Group, of Medtronic plc (formerly Medtronic Inc.) since August, 2009. Retiring CEO, Douglas A. Berthiaume will continue in his role as chairman of Waters’ Board of Directors.
Waters Corporation Introduces the New ACQUITY Arc System
Jun 15 15
Waters Corporation announced that it has introduced the Waters ACQUITY Arc System, a quaternary liquid chromatograph that gives analytical laboratories running established LC methods a clear choice for replicating or improving their separations performance. With this new addition to the ACQUITY product line, the new ACQUITY Arc System is specifically engineered to respond to the needs of analytical scientists for a single LC platform that can enable them to efficiently transfer, adjust or improve their methods regardless of the LC platform on which they were developed. Waters intends to begin shipping the ACQUITY Arc system to customers at the end of June 2015. Waters ACQUITYArc System is a quaternary liquid chromatograph and a new addition to the ACQUITY product line. The new ACQUITY Arc System is specifically engineered to respond to the needs of analytical scientists for a single LC platform that can enable them to efficiently transfer, adjust or improve their analytical methods regardless of the LC platform on which they were developed. In addition to replicating established HPLC assays without altering the gradient table, the ACQUITY Arc System can enable improved chromatographic performance of methods by leveraging 2.5 - 2.7 micron particle column technologies, as well as support previously developed applications on 3 - 5 micron HPLC columns. Waters is offering a full complement of LC detectors for the ACQUITY Arc System, including photodiode array, UV/Vis, fluorescence, refractive index and evaporative light scattering. The system is also fully compatible with Waters mass detector, the ACQUITY QDa. In addition, the ACQUITY Arc System features novel Auto-Blend Plus Technology that enables the operator to program directly % organic and % pH gradients to significantly reduce human error and the manual labor associated with preparing buffered mobile phases. The ACQUITY Arc System is controlled through Waters informatics packages of Empower 2 or Empower 3 software.