Analytical instruments manufacturer Waters Corporation (WAT) on Tuesday reported a rise in earnings for the fourth quarter that also came in above analysts' estimates, helped by a 3% growth in revenues.
The Milford, Massachusetts-based company's net income for the quarter increased to $104.12 million or $1.08 per share from $99.35 million or $1.01 per share in the prior year. Results included, among other items, a restructuring charge of $2.03 million compared to $0.54 million last year.
On an adjusted basis, earnings per share grew 5% to $1.12 per share from $1.07 per share in the year-ago period. On average, 12 analysts polled by Thomson Reuters expected the company to report $1.09 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter increased 3% to $428.85 million from $418.33 million the previous year as foreign currency translation increased sales growth rate by 4%. On a currency neutral basis, sales decreased by 1%. On average, 11 analysts expected the company to generate revenue of $435.75 million.
For the full year, net income improved to $323.31 million or $3.34 per share from $322.48 million or $3.21 per share in the prior year. On an adjusted basis, earnings per share grew 5% to $3.45 from $3.30 last year. Eleven analysts were looking for $3.43 in earnings per share for the year.
Sales for the full year decreased 5% to $1.499 billion from $1.575 billion last year primarily due to the effects of foreign currency translation which reduced sales by 2%. Twelve analysts expected revenue of $1.51 billion for the year.
Douglas Berthiaume, chairman, president and chief executive officer said, "In 2009, Waters faced a most challenging market environment as a steep economic slowdown and volatile capital markets combined to depress demand for laboratory instrumentation and supplies."
"However, through this difficult time, we continued to invest in new product development, support our customer base and manage our expenses prudently. As a result of these efforts, we were able to grow our earnings and generate strong cash flow while bringing exciting new products to market," Berthiaume added.
WAT shares closed Monday's regular trading at $59.23 on the NYSE.
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