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

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6 months ago

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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

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Explore Sungrow’s Latest C&I Solutions at Intersolar Europe 2025: Empowering Businesses with Flexibility

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May 9, 2025

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MUNICH, May 9, 2025 /PRNewswire/ — Sungrow, the global leading PV inverter and energy storage system (ESS) provider, unveiled its latest C&I solution—the liquid-cooled ESS PowerStack 255CS and hybrid inverter SH125CX at Intersolar Europe 2025, captivating the market with its exceptional flexibility and performance.

With increasing global policy support, the installed capacity of C&I energy storage is expected to reach 46GWh by 2028. Businesses worldwide are turning to C&I ESS, to reduce energy consumption, lower electricity costs, enhance power supply reliability, and support the integration of renewable energy. However, the rapid energy transition requires innovative solutions to tackle pressing challenges such as unstable power supply and grid pressure from the growing demands of EV charging.

PowerStack 255CS: Another Flagship Product to the C&I ESS Portfolio

At the show, Sungrow offers a broad portfolio catering to small, medium, and large C&I applications. Among the shining bringings are Sungrow’s latest C&I liquid-cooled ESS PowerStack 255CS. Equipped with advanced 314Ah battery cells, it offers flexible power capacities—257kWh (2-hour system) or 514kWh (4-hour system)—along with over 90% round-trip efficiency and a 20-year design life. Fully integrated with PCS, EMS, and BMS, and certified under stringent global safety standards such as UL9540 and NFPA855/69/68/14, the system ensures seamless operation across a wide range of scenarios, including C&I standalone ESS, PV plus ESS, EV chargers plus ESS, and microgrids.

Flexible DC-coupled PV-plus-Storage Solution

Another highlight is the SH125CX, which is a truly impressive hybrid inverter with a nominal output power of 125kW. The SH125CX can be combined with the PowerStack 255CS to be the DC-coupled solution. The DC-coupled solution is designed for medium and large C&I scenarios. Key features include:

Flexible design: This 125kW hybrid inverter is fit for all modules in the market with a maximum current per MPPT of 40A. It can reach DC-AC ratios of up to 2.0, which is needed in the European market. The DC-coupled solution can save CAPEX, such as some parts of the AC distribution, the PV inverter, or the external energy management system.

Flexible scalability: Supports up to 24 units in parallel, achieving a maximum 3MW AC output and 6MWh ESS capacity.

Flexible retrofitting: This new SH125CX solution is also ideal for retrofitting, replacing the PV inverter with a hybrid inverter in one step, transforming into a power storage hub instantly.

Flexible adaptation: The SH125CX is equipped with IP66 and C5 anti-corrosion, resilient to harsh conditions. The inverter is embedded with an Arc Fault Circuit Interrupter 3.0 (AFCI 3.0) function, identifying DC-side arc faults across cable lengths up to 450 meters, ensuring maximum safety.

Sungrow’s C&I energy storage products have been deployed in over 1,000 projects worldwide, serving a wide range of industries including metallurgy, automotive, and textiles. These solutions are widely adopted across Europe—in countries such as Spain, the Benelux region, and Italy—as well as in other regions including Australia, Japan, the Middle East, and South Africa.

“The C&I market is a strategic focus for us. With an expanded product portfolio designed to meet diverse demands, we continue to push the boundaries of innovation—both in our technologies and in our local presence,” said Meng Yang, Vice President of Sungrow Europe, responsible for Distribution. “We are committed to forging stronger partnerships and driving a lower-carbon future across Europe,” she added.

About Sungrow

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 28 years. As of December 2024, Sungrow has installed 740 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the world’s most bankable energy storage company (BloombergNEF). Its innovations power clean energy projects in over 180 countries, supported by a network of 520 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit: www.sungrowpower.com.

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GIGABYTE EVENT Unveils Comprehensive AI Solutions with “LEADING EDGE” at COMPUTEX 2025

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26 minutes ago

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May 9, 2025

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TAIPEI, May 9, 2025 /PRNewswire/ — GIGABYTE, the world’s leading computer brand, today unveiled a series of brand-new AI solutions under the theme, “LEADING EDGE,” at the GIGABYTE EVENT, aiming to redefine what’s possible in gaming, creation, and AI. These solutions include the debut of AI devices, AI software, and advanced AI-enhanced performance technology. Through these cutting-edge innovations, GIGABYTE reaffirms its commitment to delivering accessible AI at the edge.

AI Devices Bring Supercomputing to the Edge

Leading the AI devices showcase is the AORUS RTX™ 5090 AI BOX, the world’s first and fastest eGPU, designed to boost laptop performance for gaming, creation, and AI inferences. The AORUS RTX™ 5090 AI BOX redefines portable performance with versatile connectivity and next-gen GPU capability, delivering 1.5 times the gaming power and up to 10 times the AI application performance compared to the previous-gen RTX™ 4090 GAMING BOX, providing unprecedented flexibility and speed.

AI TOP ATOM, a personal AI supercomputer powered by the NVIDIA GB10 Grace Blackwell Superchip, features a tightly integrated CPU-GPU platform purpose-built for large-scale AI workloads. It supports fine-tuning and inference of AI models with up to 70B and 200B parameters, and can even scale through clustering to run models up to 405B parameters, ensuring data privacy and security.

AI Software Transforms Gaming, Creation, and Productivity

To fully unlock the AI device’s potential, GIGABYTE unveiled its next-gen software suite. AI TOP Utility 4.0 enables machine learning with core capabilities like image classification, object detection, segmentation, and optical character recognition, supporting various industrial applications. It also handles local inference for models with up to 685B parameters, while its built-in Model Converter streamlines deployment to the edge devices, ensuring flexibility and scalability across different hardware configurations.

GiMATE, a built-in AI agent on AORUS MASTER, GIGABYTE AERO, and GIGABYTE GAMING Series AI gaming laptops, enhances productivity under various scenarios through a Press and Speak feature with numerous AI capabilities and the GiMATE Creator. Now, the newly introduced feature GiMATE Coder, which makes coding accessible to beginners with intuitive, prompt-based code generation, debuted alongside two AI gaming laptop models, GIGABYTE GAMING A16 PRO and GAMING A18, and an all-rounder choice, GIGABYTE AERO X16, for optimal performance and superior functionality on the go.

GIGABYTE extends its AI innovation to gaming monitors with AI Tactical Features, AI-optimized Visuals, and AI Protection, delivering faster reactions, sharper visuals, and smarter tools. New models include the 4K 160Hz M27UP and M27UP ICE, which can switch to FHD 320Hz with flexible resolution options, the 280Hz MO27Q28G featuring the latest Meta 3.0 WOLED panel, the smart M27QS, and various models offering refresh rates from 200Hz up to an incredible 500Hz.

AI Redefines Design to Deliver the Optimal Performance

The all-new AORUS X870 X3D Series motherboards, X870E AORUS MASTER, PRO, and ELITE X3D ICE, come in both iconic black and pure-white ICE finishes and feature the AI-enhanced X3D Turbo Mode 2, delivering a market-leading 35% performance boost by intelligently adapting to real-time workloads, all without the need for manual overclocking or interruption. For Intel platforms, Z890 motherboards with Ultra Turbo Mode, a performance enhancement BIOS feature, unlock up to 38% more performance compared to factory settings to boost memory performance and system efficiency across diverse applications.

Furthermore, blending performance and aesthetics, the Z890 AORUS TACHYON ICE achieved a world-record memory speed through AI-enhanced overclocking, while the STEALTH ICE Series, featuring X870 AORUS STEALTH ICE and B850 AORUS STEALTH ICE motherboards, AORUS GeForce RTX™ 5090 STEALTH ICE graphics card, and the C500 PANORAMIC STEALTH ICE chassis, offers a reverse-connector layout for cleaner cable management, seamless compatibility, and pure-white minimalist builds.

These innovations underscore GIGABYTE’s dedication to providing AI solutions across its product lines, empowering both individual users and enterprises to unlock new levels of productivity and creativity in the AI era. GIGABYTE will further elaborate on these technologies and showcase its full LEADING EDGE vision at COMPUTEX 2025: GIGABYTE EVENT.

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Bybit P2P: Three Ways to Win Rewards for Block Traders

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26 minutes ago

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May 9, 2025

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DUBAI, UAE, May 9, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to renew its 10,000 USDT giveaway for P2P block trading users. The fresh round of Bybit P2P Block Trade Giveaway starts on May 8 until July 11, 2025 and comes with three tasks for specific user groups. 

Exclusive on Bybit P2P, eligible users may register for the event, start their block trading journey, or become a P2P advertiser to unlock three prize pools.

Event period: May 8, 2025, 8AM UTC – Jul. 11, 2025, 11:59PM UTC

New Users Exclusive: The first 20 new users will get to claim 175 USDT instantly by completing their first block trade. Existing Users: Users who trade 20,000 USDT or more in Block Trade (except existing Block Trade Advertisers) will get to share in a 3,500 USDT prize pool, with up to 100 USDT each in prizes up for grabs.Block Trade Advertisers Exclusive: A 3,000 USDT prize pool is reserved for Block Trade Advertisers—the first 20 eligible Block Trade Advertisers stand to earn 150 USDT when they trade at least 50,000 USDT.

 

Bybit’s P2P Block Trading platform enables private transactions of substantial volumes through Bybit’s intuitive interface. Customized for large digital asset purchases sales, the service streamlines regular order placements into a single order for bulk transactions, minimizing slippage and typically offering reduced fees on top of Bybit’s enterprise-grade security.

The marketplace presents earning potential for users with diverse cryptoholdings. With generous transaction limits ranging from 10,000 to 200,000 USDT per order, Bybit P2P Block Trading serves as a reliable solution for traders looking to scale up their P2P trading. 

Rewards are on a first-come, first-served basis. Restrictions apply. For the detailed terms and conditions, users may visit: Bybit P2P Block Trade

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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