Technology
Waters Corporation (NYSE: WAT) Reports Third Quarter 2024 Financial Results
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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
View original content:https://www.prnewswire.com/news-releases/waters-corporation-nyse-wat-reports-third-quarter-2024-financial-results-302293299.html
SOURCE Waters Corporation
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Cv International’s WindSuite: A Comprehensive Solution for Wind Turbine Maintenance and Safety
Published
58 mins agoon
November 1, 2024By
BEND, Ore., Nov. 1, 2024 /PRNewswire/ — Cv International’s WindSuite™, a cutting-edge service solution tailored to meet the safety and operational needs of technicians maintaining wind turbines across the renewable energy sector. The WindSuite provides an integrated approach to nitrogen servicing, combining a nitrogen generator, enhanced nitrogen booster, explosion-proof nitrogen fill station, and the innovative, CE Certified, WindKit, designed for ease of use in challenging environments.
Cvi’s WindSuite has been adopted by major industry players, including Siemens Energy, Vestas American Wind Technology, and Clearway Energy Wind Power Plants. “Servicing wind turbines is no easy task due to their extreme heights and the demand for high-pressure nitrogen,” says Sam Zumbrunnen of Cv International. “Our WindKit provides a portable and efficient nitrogen solution, enabling technicians to safely service turbines at elevation while ensuring equipment integrity and enhancing personal safety.”
Key Highlights:
Cvi WindSuite: The Complete Service Solution
WindSuite provides a suite of complementary nitrogen products designed to meet the varied needs of wind turbine servicing. This comprehensive package includes a nitrogen generator, booster, explosion-proof fill station, and the WindKit for portable, on-site nitrogen application.
Expanding Distribution Network
Cvi is partnering with a growing network of national distributors, marking a significant milestone in the company’s expansion. These distributors are positioned to deliver WindSuite solutions to a broader audience across the U.S.
Growing Customer Base
WindSuite has been successfully installed in several states, including Texas, Indiana, Arizona, Colorado, and Washington, contributing to enhanced operational efficiency and safety for a wide range of wind farm operators.
Cost and Safety Benefits
By reducing maintenance costs and improving safety protocols, the WindSuite offers wind farm operators a superior return on investment, contributing to the accessibility and affordability of wind energy.
Dan Warden, CEO of Cv International, expressed excitement about the company’s continued impact on the renewable energy sector. “Our WindSuite is designed to accelerate the transition to sustainable energy by streamlining wind turbine maintenance. We’re proud to announce that our Bend, Oregon facility is powered by 100% renewable wind energy, reinforcing our commitment to sustainability for our customers, employees, and communities.”
For further details or media inquiries, please contact:
George Darcy
Chief Marketing Officer
gdarcy@cvintl.com
541-480-1716
About Cv International:
For over 40 years, Cv International has provided innovative solutions to industries including Wind Energy, Aviation, Hydro Electric, and Oil & Gas. Headquartered in Bend, Oregon, Cv International is a Veteran-Owned Small Business (VOSB) delivering high-performance nitrogen systems, contaminated fuel detectors, cryogenic samplers, and maintenance solutions. Visit us at cvintl.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cv-internationals-windsuite-a-comprehensive-solution-for-wind-turbine-maintenance-and-safety-302293193.html
SOURCE Cv International
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WorkFusion Named a Category Leader in the Chartis RiskTech Quadrant® for KYC Solutions
Published
58 mins agoon
November 1, 2024By
Recognition as a leader in KYC, plus being named an AI category winner in the RiskTechAI50®, highlight the company’s market leadership in financial crime compliance technology
NEW YORK, Nov. 1, 2024 /PRNewswire/ — WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced that it has been named a Category Leader in the Chartis RiskTech Quadrant® for KYC Data and Solutions, 2024. It was also recognized recently as the winner for the Workflow and Automation category in Chartis’ RiskTechAI50® 2024.
Chartis is a research and advisory firm that supports financial services firms in the areas of risk, compliance and RegTech.
“WorkFusion’s bespoke AI assistance is a unique capability in the KYC marketplace and can be utilized in such areas as alert adjudication, automation and onboarding,” said Chartis Research Principal Philip Mackenzie. “Together with this cutting-edge leveraging of AI, the company’s strategy and consistent growth were key factors in WorkFusion’s designation as a category leader in the KYC Solutions quadrant.”
WorkFusion CEO Adam Famularo said, “We welcome the recognition by Chartis of our advanced KYC technology and expertise. Banks and financial institutions are contending with an increasingly complex and burgeoning landscape of bad actors attempting to exploit the global financial system. Every day, our AI Agents are helping financial crime compliance teams mitigate risk and transform KYC processes by reducing manual work and delivering a faster, easier onboarding experience for customers.”
WorkFusion’s AI-driven solutions prowess has previously been highlighted by other expert assessments, including being recognized as a Leader in Everest Group’s Banking-specific IDP Products PEAK Matrix® Assessment 2024. “WorkFusion’s ‘Digital Workers’ offering has stimulated the IDP market by giving users pre-trained ML models for specific use cases, especially within the banking compliance arena.”
Chartis assessed the WorkFusion platform, called Work.ai, as well as the WorkFusion AI Agents for financial crime compliance (FCC), by reviewing and analyzing in-depth product information, live demonstrations of WorkFusion AI Agents for FCC in action and interviews with WorkFusion product experts.
About WorkFusion
WorkFusion is a pioneer in AI agents for financial crime compliance (FCC). Its AI Agents are purpose-built workers that augment compliance teams in level 1 analyst functions and alleviate the tedious tasks associated with anti-money laundering (AML), adverse media monitoring, sanctions screening alert review, customer onboarding, Know Your Customer (KYC), transaction monitoring (TM) and customer service. WorkFusion’s AI solutions are technology controls that mitigate risk, solve talent challenges, increase workforce capacity, save money, enhance employee and customer experience, and improve compliance posture. To “put AI to work” for your organization, visit workfusion.com.
Media contact:
Jessica Cassady
View original content to download multimedia:https://www.prnewswire.com/news-releases/workfusion-named-a-category-leader-in-the-chartis-risktech-quadrant-for-kyc-solutions-302293395.html
SOURCE WorkFusion
Technology
Further exits stealth with $4.1M to empower first-time homebuyers
Published
58 mins agoon
November 1, 2024By
Founded by a former fintech unicorn CEO & a proptech executive, Further aims to simplify the process for buyers with better financial planning tools
WASHINGTON, Nov. 1, 2024 /PRNewswire-PRWeb/ — New startup Further launches today and emerges from stealth with a $4.1 million pre-seed round. Founded in spring 2024, Further is on a mission to empower first-time homebuyers through the financial complexities of purchasing their first home. Investors include Link Ventures, Vesta Ventures, F4, FiDi Ventures, Flex Capital, Gaingels, Andrew Paradise, Jeff Fagnan, Ryan Moore and other angel investors.
The company arrives at a critical time in the home affordability crisis. Today’s first-time homebuyers, particularly Millennials, face unprecedented challenges. As increasingly unattainable housing prices have pushed back the average age of homebuyer to their mid-30s, the equation for homebuying has also become much more complicated. While buyers are often left to manage this highly complicated process on their own using home-made spreadsheets, Further aims to replace the guesswork with easy-to-understand yet powerful, personalized tools that simplify their financial planning.
“Buying a home is one of the most significant milestones in a person’s life, but for many, the process is daunting and far too often, feels out of reach,” said Further cofounder & CEO, Kevin Bennett. “At Further, we’re here to empower buyers, giving them the tools, confidence and knowledge they actually need to achieve their homeownership dream.”
Further was founded by CEO Kevin Bennett and COO Chris Baker, leaders with extensive experience in fintech, real estate, and tech innovation. Bennett, the founding CEO of fintech unicorn Caribou, has a proven track record of leading high-growth companies. Baker, who has held leadership positions at high-growth startups, like EverQuote, and large consumer banks, like Bank of America and Santander, brings deep expertise in real estate and financial services. Further CTO, Nassir Samatar, brings a wealth of experience in building scalable tech platforms at Amazon, Coupang & Rover.
For more information, visit www.withfurther.com.
Media Contact
Hannah Golden, Further, 1 7033406867, press@withfurther.com, www.withfurther.com
View original content to download multimedia:https://www.prweb.com/releases/further-exits-stealth-with-4-1m-to-empower-first-time-homebuyers-302293776.html
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