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Waters Corp. Revises Earnings Outlook; Authorizes $3 Bln Share Buyback

Waters Corp. (WAT) revised its guidance for full-year 2018 non-GAAP earnings per fully diluted share to the range of $8.10 to $8.30, from the prior guidance range of $8.00 to $8.25. The company reiterated full-year 2018 guidance for constant currency sales growth in the mid-single-digit range, which it defines as 4% to 6%. The company currently projects currency translation to increase 2018 sales growth by approximately 2% to 3%.

On a non-GAAP basis, EPS for the first quarter increased 9% to $1.59, compared to $1.46 for the first quarter of 2017. Sales were $531 million, a 7% increase as reported, versus sales of $498 million for the first quarter of 2017. Foreign currency translation increased year-over-year sales growth by approximately 5% for the quarter.

Waters Corp. also announced that the Board of Directors authorized a new share repurchase program. The new program adds the remaining $526 million from the pre-existing program, authorizing the purchase of a total of $3.526 billion of the company's common stock over a three-year period.

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