Connect with us

Technology

Waters Corporation (NYSE: WAT) Reports Third Quarter 2024 Financial Results

Published

on

Highlights

Sales of $740 million exceeded guidance, grew 4% as reported and 4% in constant currencyInstruments returned to growth; recurring revenue grew high single-digits in constant currencyAll reported regions returned to growth in the quarter; sales grew across all end markets, led by Pharma & IndustrialGAAP EPS of $2.71 and non-GAAP EPS of $2.93 significantly exceeded guidance, led by strong operational performance and better-than-expected market conditionsRaised full-year sales and EPS guidance, with 5% to 7% constant currency growth expected in the fourth quarter

Third Quarter 2024

MILFORD, Mass., Nov. 1, 2024 /PRNewswire/ — Waters Corporation (NYSE: WAT) today announced its financial results for the third quarter of 2024.

Sales for the third quarter of 2024 were $740 million, an increase of 4% as reported, compared to sales of $712 million for the third quarter of 2023. Currency translation had minimal impact on sales.

On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2024 was $2.71, compared to $2.27 for the third quarter of 2023. On a non-GAAP basis, EPS was $2.93, compared to $2.84 for the third quarter of 2023. This includes a headwind of approximately 2% due to unfavorable foreign exchange.

“We delivered exceptional third quarter results, fueled by new product adoption and improved customer spending trends,” said Dr. Udit Batra, President & CEO, Waters Corporation. “Instruments returned to growth sooner than expected, as liquid chromatography sales to pharma and industrial customers turned positive.”

Dr. Batra continued, “Looking ahead, our strong commercial execution, competitive product portfolio, and excellent operational performance give us confidence in the long-term outlook for Waters.”

Other Highlights

During the third quarter of 2024, sales into the pharmaceutical market increased 2% as reported and 3% in constant currency. Sales into the industrial market increased 9% as reported and 7% in constant currency. Sales into the academic and government market increased 2% as reported and were flat in constant currency.

During the quarter, instrument system sales increased 1% as reported and in constant currency. Recurring revenues, which represent the combination of service and precision chemistries, increased 6% as reported and 7% in constant currency.

Geographically, sales in Asia during the quarter increased 5% as reported and 6% in constant currency. Sales in the Americas increased 1% as reported and in constant currency. Sales in Europe increased 6% as reported and 4% in constant currency.

Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis. A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company’s website www.waters.com in the Investor Relations section.

Full-Year and Fourth Quarter 2024 Financial Guidance

Full-Year 2024 Financial Guidance

The Company is raising its full-year 2024 sales guidance, and now expects organic constant currency sales growth to be in the range of -0.9% to -0.3%. Currency translation is expected to decrease full-year sales growth by 1.2%. M&A contribution from the Wyatt transaction covering the first four-and-a-half months of the year has added 1.3% to full-year reported sales. The resulting full-year 2024 reported sales growth is expected in the range of -0.8% to -0.2%.

The Company is also raising its full-year 2024 non-GAAP EPS guidance to now be in the range of $11.67 to $11.87, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full year.

Fourth Quarter 2024 Financial Guidance

The Company expects fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0%. Currency translation is expected to decrease fourth quarter sales growth by 1.7%. The resulting fourth quarter 2024 reported sales growth is expected in the range of +3.3% to +5.3%.

The Company expects fourth quarter 2024 non-GAAP EPS to be in the range of $3.90 to $4.10, which includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the fourth quarter.

Conference Call Details

Waters Corporation will webcast its third quarter 2024 financial results conference call today, November 1, 2024, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select “Investor Relations” under the “About Waters” section, navigate to “Events & Presentations,” and click on the “Webcast.” A replay will be available through November 29, 2024, on the same website by webcast and also by phone at (888) 282-0031.

About Waters Corporation

Waters Corporation (NYSE:WAT), a global leader in analytical instruments and software, has pioneered chromatography, mass spectrometry, and thermal analysis innovations serving the life, materials, food, and environmental sciences for more than 65 years. With approximately 7,500 employees worldwide, Waters operates directly in 35 countries, including 15 manufacturing facilities, and with products available in more than 100 countries. For more information, visit www.waters.com.

Non-GAAP Financial Measures

This press release contains financial measures, such as organic constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered “non-GAAP” financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Cautionary Statement

This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “feels”, “believes”, “anticipates”, “plans”, “expects”, “intends”, “suggests”, “appears”, “estimates”, “projects” and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward- looking statements within this release for a variety of reasons, including and without limitation, risks related to, and expectations or ability to realize commercial success of the Wyatt transaction; the impact of this transaction on the Company’s business, anticipated progress on Waters’ research programs, development of new analytical instruments and associated software or consumables, manufacturing development and capabilities; the increased indebtedness of the Company as a result of the Wyatt transaction, the repayment of which could impact the Company’s future results, market prospects for its products and sales and earnings guidance; foreign currency exchange rate fluctuations potentially affecting translation of the Company’s future non-U.S. operating results, particularly when a foreign currency weakens against the U.S. dollar; current global economic, sovereign and political conditions and uncertainties, including the effect of new or proposed tariff or trade regulations as well as other new or changed domestic and foreign laws, regulations and policies; changes in inflation and interest rates; the impacts and costs of war, in particular as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East, and the possibility of further escalation resulting in new geopolitical and regulatory instability; the Chinese government’s ongoing tightening of restrictions on procurement by government-funded customers; the Company’s ability to access capital, maintain liquidity and service the Company’s debt in volatile market conditions; risks related to the effects of any pandemic on our business, financial condition, results of operations and prospects; changes in timing and demand for the Company’s products among the Company’s customers and various market sectors, particularly as a result of fluctuations in their expenditures or ability to obtain funding; the ability to realize the expected benefits related to the Company’s various cost-saving initiatives, including workforce reductions and organizational restructurings; the introduction of competing products by other companies and loss of market share, as well as pressures on prices from competitors and/or customers; changes in the competitive landscape as a result of changes in ownership, mergers and continued consolidation among the Company’s competitors; regulatory, economic and competitive obstacles to new product introductions; lack of acceptance of new products and inability to grow organically through innovation; rapidly changing technology and product obsolescence; risks associated with previous or future acquisitions, strategic investments, joint ventures and divestitures, including risks associated with achieving the anticipated financial results and operational synergies; contingent purchase price payments and expansion of our business into new or developing markets; risks associated with unexpected disruptions in operations; failure to adequately protect the Company’s intellectual property, infringement of intellectual property rights of third parties and inability to obtain licenses on commercially reasonable terms; the Company’s ability to acquire adequate sources of supply and its reliance on outside contractors for certain components and modules, as well as disruptions to its supply chain; risks associated with third-party sales intermediaries and resellers; the impact and costs of changes in statutory or contractual tax rates in jurisdictions in which the Company operates as well as shifts in taxable income among jurisdictions with different effective tax rates, the outcome of ongoing and future tax examinations and changes in legislation affecting the Company’s effective tax rate; the Company’s ability to attract and retain qualified employees and management personnel; risks associated with cybersecurity and technology, including attempts by third parties to defeat the security measures of the Company and its third-party partners; increased regulatory burdens as the Company’s business evolves, especially with respect to the U.S. Food and Drug Administration and U.S. Environmental Protection Agency, among others, and in connection with government contracts; regulatory, environmental and logistical obstacles affecting the distribution of the Company’s products, completion of purchase order documentation and the ability of customers to obtain letters of credit or other financing alternatives; risks associated with litigation and other legal and regulatory proceedings; and the impact and costs incurred from changes in accounting principles and practices. Such factors and others are discussed more fully in the sections entitled “Forward-Looking Statements” and “Risk Factors” of the Company’s annual report on Form 10-K for the year ended December 31, 2023, as well as in the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” of the Company’s quarterly reports on Form 10-Q for the quarterly periods ended March 30, 2024 and June 29, 2024, as filed with the Securities and Exchange Commission (“SEC”), which discussions are incorporated by reference in this release, as updated by the Company’s future filings with the SEC. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.

Waters Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net sales

$               740,305

$               711,692

$            2,085,673

$            2,136,942

Costs and operating expenses:

Cost of sales

301,655

291,407

851,685

876,863

Selling and administrative expenses 

169,097

186,748

516,880

555,657

Research and development expenses 

45,336

41,995

136,113

130,559

Purchased intangibles amortization 

11,759

12,116

35,337

20,410

Litigation provision

1,326

11,568

Operating income 

211,132

179,426

534,090

553,453

Other (expense) income, net

(338)

328

1,619

1,364

Interest expense, net

(17,177)

(26,559)

(57,824)

(56,174)

Income from operations before income taxes

193,617

153,195

477,885

498,643

Provision for income taxes

32,114

18,643

71,449

72,614

Net income

$               161,503

$               134,552

$               406,436

$               426,029

Net income per basic common share

$                     2.72

$                     2.28

$                     6.85

$                     7.21

Weighted-average number of basic common shares

59,367

59,093

59,314

59,061

Net income per diluted common share

$                     2.71

$                     2.27

$                     6.83

$                     7.19

Weighted-average number of diluted common shares and equivalents

59,504

59,255

59,471

59,262

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Three Months Ended September 28, 2024 and September 30, 2023

(In thousands)

Constant

Three Months Ended

Percent

Impact of

Currency

September 28, 2024

September 30, 2023

Change

Currency

Growth Rate (a)

NET SALES – OPERATING SEGMENTS

Waters

$

655,652

$

629,348

4 %

0 %

4 %

TA

84,653

82,344

3 %

1 %

2 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

NET SALES – PRODUCTS & SERVICES

Instruments

$

323,076

$

319,431

1 %

0 %

1 %

Service

278,294

263,611

6 %

0 %

6 %

Chemistry

138,935

128,650

8 %

0 %

8 %

Total Recurring

417,229

392,261

6 %

(1 %)

7 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

NET SALES – GEOGRAPHY

Asia

$

251,329

$

238,228

5 %

(1 %)

6 %

Americas

279,136

275,479

1 %

0 %

1 %

Europe

209,840

197,985

6 %

2 %

4 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

NET SALES – MARKETS

Pharmaceutical

$

430,138

$

421,535

2 %

(1 %)

3 %

Industrial

227,740

209,449

9 %

2 %

7 %

Academic & Government

82,427

80,708

2 %

2 %

0 %

Total

$

740,305

$

711,692

4 %

0 %

4 %

(a)

The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands)

Organic 

Constant

Nine Months Ended

Percent

Impact of

Impact of

Currency

September 28, 2024

September 30, 2023

Change

Currency

Acquisitions

Growth Rate (a)

NET SALES – OPERATING SEGMENTS

Waters

$

1,840,112

$

1,884,658

(2 %)

(1 %)

2 %

(3 %)

TA

245,561

252,284

(3 %)

(1 %)

0 %

(2 %)

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – PRODUCTS & SERVICES

Instruments

$

859,079

$

964,380

(11 %)

0 %

3 %

(14 %)

Service

812,367

774,478

5 %

(1 %)

1 %

5 %

Chemistry

414,227

398,084

4 %

(1 %)

0 %

5 %

Total Recurring

1,226,594

1,172,562

5 %

(1 %)

1 %

5 %

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – GEOGRAPHY

Asia

$

696,319

$

745,932

(7 %)

(3 %)

1 %

(5 %)

Americas

794,775

804,827

(1 %)

0 %

3 %

(4 %)

Europe

594,579

586,183

1 %

2 %

2 %

(3 %)

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – MARKETS

Pharmaceutical

$

1,220,092

$

1,233,177

(1 %)

(1 %)

2 %

(2 %)

Industrial

644,459

648,754

(1 %)

0 %

1 %

(2 %)

Academic & Government

221,122

255,011

(13 %)

1 %

2 %

(16 %)

Total

$

2,085,673

$

2,136,942

(2 %)

(1 %)

2 %

(3 %)

(a)

The Company believes that referring to comparable organic constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Organic constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. See description of non-GAAP financial measures contained in this release.

 

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

Three and Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands, except per share data)

Income from

Operations

Selling &

Research &

Operating

Other

before

Provision for

Diluted

Administrative

Development

Operating

Income

(Expense)

Income

Income

Net

Earnings

Expenses(a)

Expenses

Income

Percentage

Income

Taxes

Taxes

Income

per Share

Three Months Ended September 28, 2024

GAAP

$

182,182

$

45,336

$

211,132

28.5 %

$

(338)

$

193,617

$

32,114

$

161,503

$

2.71

Adjustments:

Purchased intangibles amortization (b)

(11,759)

11,759

1.6 %

11,759

2,814

8,945

0.15

Litigation provision (c)

(1,326)

1,326

0.2 %

1,326

318

1,008

0.02

Restructuring costs and certain other items (d)

(1,194)

1,194

0.2 %

1,194

282

912

0.02

Retention bonus obligation (f)

(1,909)

(636)

2,545

0.3 %

2,545

611

1,934

0.03

Adjusted Non-GAAP

$

165,994

$

44,700

$

227,956

30.8 %

$

(338)

$

210,441

$

36,139

$

174,302

$

2.93

Three Months Ended September 30, 2023

GAAP

$

198,864

$

41,995

$

179,426

25.2 %

$

328

$

153,195

$

18,643

$

134,552

$

2.27

Adjustments:

Purchased intangibles amortization (b)

(12,116)

12,116

1.7 %

12,116

2,901

9,215

0.16

Restructuring costs and certain other items (d)

(24,057)

24,057

3.4 %

(651)

23,406

5,387

18,019

0.30

Acquisition related costs (e)

(1,263)

1,263

0.2 %

1,263

303

960

0.02

Retention bonus obligation (f)

(5,725)

(1,909)

7,634

1.1 %

7,634

1,832

5,802

0.10

Adjusted Non-GAAP

$

155,703

$

40,086

$

224,496

31.5 %

$

(323)

$

197,614

$

29,066

$

168,548

$

2.84

Nine Months Ended September 28, 2024

GAAP

$

563,785

$

136,113

$

534,090

25.6 %

$

1,619

$

477,885

$

71,449

$

406,436

$

6.83

Adjustments:

Purchased intangibles amortization (b)

(35,337)

35,337

1.7 %

35,337

8,456

26,881

0.45

Litigation provision and settlement (c)

(11,568)

11,568

0.6 %

11,568

2,776

8,792

0.15

Restructuring costs and certain other items (d)

(10,680)

10,680

0.5 %

10,680

2,617

8,063

0.14

Retention bonus obligation (f)

(11,451)

(3,817)

15,268

0.7 %

15,268

3,664

11,604

0.20

Adjusted Non-GAAP

$

494,749

$

132,296

$

606,943

29.1 %

$

1,619

$

550,738

$

88,962

$

461,776

$

7.76

Nine Months Ended September 30, 2023

GAAP

$

576,067

$

130,559

$

553,453

25.9 %

$

1,364

$

498,643

$

72,614

$

426,029

$

7.19

Adjustments:

Purchased intangibles amortization (b)

(20,410)

20,410

1.0 %

20,410

4,852

15,558

0.26

Restructuring costs and certain other items (d)

(28,881)

28,881

1.4 %

(651)

28,230

6,860

21,370

0.36

Acquisition related costs (e)

(13,298)

13,298

0.6 %

13,298

3,191

10,107

0.17

Retention bonus obligation (f)

(8,368)

(2,790)

11,158

0.5 %

11,158

2,678

8,480

0.14

Adjusted Non-GAAP

$

505,110

$

127,769

$

627,200

29.4 %

$

713

$

571,739

$

90,195

$

481,544

$

8.13

________________________________

(a)

Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements.

(b)

The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.

(c)

Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

(d)

Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.

(e)

Acquisition related costs include all incremental expenses incurred, such as advisory, legal, accounting, tax, valuation, and other professional fees. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(f)

In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

 

Waters Corporation and Subsidiaries

Preliminary Condensed Unclassified Consolidated Balance Sheets

(In thousands and unaudited)

September 28, 2024

December 31, 2023

Cash, cash equivalents and investments

$                331,458

$                395,974

Accounts receivable

669,534

702,168

Inventories

518,994

516,236

Property, plant and equipment, net

642,627

639,073

Intangible assets, net

591,883

629,187

Goodwill

1,306,593

1,305,446

Other assets

450,531

438,770

   Total assets

$             4,511,620

$             4,626,854

Notes payable and debt

$             1,826,248

$             2,355,513

Other liabilities

1,082,273

1,121,000

   Total liabilities

2,908,521

3,476,513

Total stockholders’ equity

1,603,099

1,150,341

   Total liabilities and stockholders’ equity

$             4,511,620

$             4,626,854

 

Waters Corporation and Subsidiaries

Preliminary Condensed Consolidated Statements of Cash Flows

Three and Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands and unaudited)

Three Months Ended

Nine Months Ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Cash flows from operating activities:

Net income

$                     161,503

$                   134,552

$                   406,436

$                   426,029

Adjustments to reconcile net income to net

cash provided by operating activities:

Stock-based compensation

10,647

8,490

32,993

32,224

Depreciation and amortization

47,507

47,807

143,250

117,845

Change in operating assets and liabilities and other, net

(15,077)

(33,031)

(60,695)

(203,411)

Net cash provided by operating activities

204,580

157,818

521,984

372,687

Cash flows from investing activities:

Additions to property, plant, equipment

and software capitalization

(25,618)

(38,047)

(90,377)

(119,044)

Business acquisitions, net of cash acquired

(1,285,907)

(Investments in) proceeds from unaffiliated companies

(425)

651

(1,489)

651

Net change in investments

(8)

(5)

(44)

(21)

Net cash used in investing activities

(26,051)

(37,401)

(91,910)

(1,404,321)

Cash flows from financing activities:

Net change in debt

(180,000)

(125,181)

(530,000)

929,601

Proceeds from stock plans

3,237

9,464

25,073

18,092

Purchases of treasury shares

(141)

(692)

(13,475)

(70,433)

Other cash flow from financing activities, net

20

2,884

15,305

8,178

Net cash used in financing activities

(176,884)

(113,525)

(503,097)

885,438

Effect of exchange rate changes on cash and cash equivalents

2,442

(171)

8,461

2,081

Increase (decrease) in cash and cash equivalents

4,087

6,721

(64,562)

(144,115)

Cash and cash equivalents at beginning of period

326,427

329,693

395,076

480,529

Cash and cash equivalents at end of period

$                     330,514

$                   336,414

$                   330,514

$                   336,414

Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)

Net cash provided by operating activities – GAAP

$                     204,580

$                   157,818

$                   521,984

$                   372,687

Adjustments:

Additions to property, plant, equipment

and software capitalization

(25,618)

(38,047)

(90,377)

(119,044)

Tax reform payments

95,645

72,101

Litigation settlements (received) paid, net

(375)

9,250

(1,125)

Major facility renovations

3,291

12,151

Payment of acquired Wyatt liabilities (b)

25,617

Payment of Wyatt retention bonus obligation (c)

19,770

Free Cash Flow – Adjusted Non-GAAP

$                     178,962

$                   122,687

$                   556,272

$                   362,387

(a)

The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.

(b)

In connection with the Wyatt acquisition, the Company assumed certain obligations of Wyatt and paid those obligations immediately upon closing the transaction. The Company believes that the assumed obligations do not represent future ongoing business expenses.

(c)

During the nine months ended September 28, 2024, the Company made its first retention payment under the Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.

 

Waters Corporation and Subsidiaries

Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook

Twelve Months Ended

Three Months Ended

December 31, 2024

December 31, 2024

Range

Range

Projected Sales

Organic constant currency sales growth rate (a)

(0.9 %)

(0.3 %)

5.0 %

7.0 %

Impact of:

Currency translation

(1.2 %)

(1.2 %)

(1.7 %)

(1.7 %)

Acquisitions

1.3 %

1.3 %

Sales growth rate as reported

(0.8 %)

(0.2 %)

3.3 %

5.3 %

Range

Range

Projected Earnings Per Diluted Share

GAAP earnings per diluted share

$    10.55

$    10.75

$      3.72

$      3.92

Adjustments:

Purchased intangibles amortization 

$      0.60

$      0.60

$      0.15

$      0.15

Litigation settlement

$      0.15

$      0.15

$            –

$            –

Restructuring costs and certain other items 

$      0.14

$      0.14

$            –

$            –

Retention bonus obligation

$      0.23

$      0.23

$      0.03

$      0.03

Adjusted non-GAAP earnings per diluted share

$    11.67

$    11.87

$      3.90

$      4.10

(a) Organic constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results.

These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

 

Contact:    Caspar Tudor, Head of Investor Relations – (508) 482-2429

View original content:https://www.prnewswire.com/news-releases/waters-corporation-nyse-wat-reports-third-quarter-2024-financial-results-302293299.html

SOURCE Waters Corporation

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Yokogawa Marks 50 Years in Singapore with the launch of Sustainability Incubation Hub

Published

on

By

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Yokogawa Engineering Asia announces the launch of the Sustainability Incubation Hub (SIH) today, a first-of-its-kind corporate Research and Development (R&D) hub dedicated to driving environmentally sustainable innovations in process manufacturing.

This year, Yokogawa celebrates its 50th anniversary in Singapore and the 20th year of its Singapore Development Centre (SGDC) operations. Growing together with Singapore and customers globally, SGDC has expanded its operations to over 100 Yokogawa innovators exploring co-innovation, digital transformation, and AI solutions.

Co-located with the SGDC, the SIH is established in partnership with the Singapore Economic Development Board (EDB), and provides a crucial platform for Yokogawa to collaborate with customers and partners in the region and beyond to develop and deploy frontier technologies to accelerate their energy transition to net-zero future.

“We recognise the need to raise the level of climate change action in the region. To support this move, we will invest over S$6 million in establishing SIH. Through the new hub, we will apply our expertise to drive sustainable innovations across industries to close the gap between ideation and application,” said Chay Kin Wah, President and CEO of Yokogawa Engineering Asia. “As we integrate sustainability throughout our operations and business model, we are ramping up efforts to develop new solutions and collaborate with like-minded partners and agencies including the EDB to catalyse positive sustainability impact.”

“Congratulations to Yokogawa on its 50th anniversary in Singapore. The launch of the Sustainability Incubation Hub builds on this longstanding partnership, and is a good example of how Singapore can serve as an innovation hub for green and sustainability solutions. We look forward to the collaborations this Hub will foster with our ecosystem, as well as the impactful solutions this Hub will develop for the region,” said Lim Tse Yong, Senior Vice President and Head, Mobility and Industrial Solutions, EDB.

Creating Sustainable Solutions
By capitalising on Yokogawa’s expertise in automation and technology, the SIH aims to serve as a sustainability growth engine to bridge the gap between the present and future solution needs in creating cutting-edge climate technology for the process manufacturing industry. This enables the industry to define, plan, and meet their sustainability goals, addressing global challenges.

As a regional hub for innovation, SIH fosters collaboration and co-creation across Southeast Asia, Oceania, and Taiwan. The SIH leverages Yokogawa’s network to identify, evaluate, and acquire sustainable manufacturing technologies and cultivates strategic partnerships with public agencies, regulatory bodies, and technology suppliers at all stages of development – from research institutions to startups and SMEs – creating new ecosystems and enhancing existing ones.

“We need to be close to our customers to help them succeed. This means knowing the challenges they are facing intimately so that we can better address their unique needs on the ground. Our strategic location enables us to gather critical insights and talents in the region for rapid creation and deployment of innovations at scale for our global customers,” said Saurabh Bhandari, lead of SIH.

The establishment of SIH reinforces Yokogawa’s commitment towards growth for sustainability, focusing on net zero emissions, circular economy, and well-being, to support the industry transition to a low-carbon economy.

About Yokogawa
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.

Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 126 companies spanning 60 countries.

For more information, visit www.yokogawa.com

The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/yokogawa-marks-50-years-in-singapore-with-the-launch-of-sustainability-incubation-hub-302313056.html

SOURCE Yokogawa

Continue Reading

Technology

Agoda Finds Asian Markets Flocking to U.S. for a Thanksgiving Feast

Published

on

By

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — More Asian travelers are eyeing a U.S. trip for Thanksgiving this year. Digital travel platform Agoda reports a 15% Year-on-Year increase in accommodation searches for the United States by travelers from Asian markets this Thanksgiving. The increase in searches suggests a growing enthusiasm among Asian travelers to experience the Thanksgiving holiday in the U.S.

South Korea leads the list of Asian markets showing interest in U.S. Thanksgiving travel, followed by Japan, Taiwan, the Philippines, and Singapore. The ranking differs from 2023, when Japan was the top origin, followed by South Korea, Taiwan, India, and the Philippines.

Tarik Fadil, Vice President, Supply at Agoda said: “Thanksgiving in the U.S. is a unique cultural experience, and it’s fantastic to see more travelers from Asia eager to partake in it this year. At Agoda, we’re thrilled to be the bridge that connects these curious explorers with their holiday adventures, ensuring they have everything they need for a memorable Thanksgiving feast stateside.”

Agoda provides travelers from Asian markets with access to over 4.5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, making it easy to seamlessly plan a trip, for Thanksgiving or any other reason. These options can be combined in the same booking, allowing travelers to tailor their holiday experience. Explore the latest deals in the Agoda app or via Agoda.com/deals.

ABOUT THE DATA

Agoda looked at accommodation searches on its platform made between 16 October – 15 November 2024, with 28 November 2024 (Thanksgiving Day) as the check-in date. The corresponding dates in 2023 were 11 October – 10 November 2023 for the search window and 23 November 2023 as the check-in date.

ABOUT AGODA

Agoda, a digital travel platform, helps anyone see the world for less with its great value deals on a global network of more than 4.5M hotels and holiday properties worldwide, plus flights, activities, and more. Discover the perfect accommodation and travel options for your Asian festival adventure. Agoda.com and the Agoda mobile app are available in 39 languages and supported by 24/7 customer support.

Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 7,000 staff in 27 markets, dedicated to leveraging best-in-class technology to make travel even easier.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/agoda-finds-asian-markets-flocking-to-us-for-a-thanksgiving-feast-302313090.html

SOURCE Agoda

Continue Reading

Technology

Gilbane Building Company President & CEO Adam R. Jelen Joins ACE Mentor Program Board of Directors and Executive Committee

Published

on

By

Jelen, a long-time partner of ACE to offer leadership, vision, and strategy to benefit the Program

PROVIDENCE, R.I., Nov. 21, 2024 /PRNewswire-PRWeb/ — Gilbane Building Company announced the appointment of President & CEO Adam R. Jelen to the ACE Mentor Program of America Board of Directors. Jelen will serve in this prestigious leadership role for a renewable three-year term.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company. “The Program empowers and inspires the next generation by enabling young people to see what’s possible in our industry. It plays a crucial role in developing new talent to enter our workforce, fostering diversity, and supporting career pathways. I look forward to contributing to the impactful work ACE Mentor continues to do in building a brighter, more inclusive future for our field.”

Jelen’s appointment bolsters an already esteemed board committed to steering ACE’s goal of inspiring the next generation of architects, engineers, and construction leaders. The board plays a crucial role in shaping ACE’s initiatives and supporting the development of young talent in the field. Jelen has long championed ACE, including serving as a founding member and emeritus board member of the ACE Mentor Program of Wisconsin.

The mission of the ACE Mentor Program is to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.

For additional details about the ACE Mentor Program and board members, please click here.

About Gilbane Building Company

Gilbane Building Company is a global leader in construction management, delivering high-quality projects for clients across various markets. Gilbane provides a full slate of construction and facilities-related services – from preconstruction planning and integrated consulting capabilities to comprehensive construction management, general contracting, design-build, and facility management services. Founded in 1870, Gilbane is still a privately held, family-owned company. With more than 45 office locations worldwide, Gilbane brings world-class experience to local communities.

For more information, visit http://www.gilbaneco.com.

Media Contact

Lynn Rasic, Gilbane Building Company, 212-822-0319, lrasic@gilbaneco.com, www.gilbaneco.com

View original content to download multimedia:https://www.prweb.com/releases/gilbane-building-company-president–ceo-adam-r-jelen-joins-ace-mentor-program-board-of-directors-and-executive-committee-302313546.html

SOURCE Gilbane Building Company

Continue Reading

Trending