UPDATE 2-Waters Q1 results top Wall Street, ups FY earnings view

* Q1 adj EPS $0.81 vs est $0.78

* Q1 revenue $367.7 mln vs est $359.7 mln

* Sees FY adj EPS $3.85-$4.00

* Sees Q2 adj EPS $0.86-$0.90

* Shares rise 3 pct
(Recasts; adds details from conference call, updates share
movement)

April 27 (BestGrowthStock) – Life-science tools maker Waters Corp’s
(WAT.N: ) quarterly results beat market estimates, helped by
strong demand for its new products and improving end-markets,
and it raised its full-year earnings forecast, sending its
shares up to their highest in two years.

The company sees adjusted earnings of $3.85 to $4.00 a
share, compared with its prior view of $3.70 to $3.85 per
share, for the full year. It expects currency-neutral sales to
grow between 5 percent to 7 percent during the year.

The better-than-expected recovery in the industrial markets
and the strength of the recovery in sales to India’s generic
pharmaceuticals prompted the company to lift its outlook,
Waters said.

For the first quarter, the company posted net income of
$75.5 million, or 79 cents a share, compared with $73.3
million, or 75 cents a share, in the year-ago quarter.

On an adjusted basis, earnings per share rose 9 percent to
81 cents in the latest quarter, while analysts were expecting a
profit of 78 cents a share, according to Thomson Reuters
I/B/E/S.

Sales grew 10 percent to $367.7 million. The company said
sales were strongest in Asia, with India and Japan driving the
lion’s share of the improvement.

Shipments of its new instrument systems, including Synapt
G-2 and Acquity UPLC H-Class, ramped up nicely in the quarter,
the company said.

Sales for its TA Instruments — used in predicting the
suitability of polymers and viscous liquids — returned to
growth, helped by improving demand from industrial chemical
customers.

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Shares of Waters were up 3 percent at $72.29 in morning
trade Tuesday on the New York Stock Exchange. They touched a
high of $72.41 earlier in the session.

Stock Market Research

(Reporting by Jennifer Robin Raj in Bangalore; Editing by
Unnikrishnan Nair, Anne Pallivathuckal)

UPDATE 2-Waters Q1 results top Wall Street, ups FY earnings view