Technology

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

Published

3 weeks ago

November 1, 2024

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 %

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 %

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

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 %)

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 %

(3 %)

Total

2,085,673

2,136,942

(2 %)

(1 %)

2 %

(3 %)

NET SALES – MARKETS

Pharmaceutical

1,220,092

1,233,177

(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

Net

Earnings

Expenses(a)

Expenses

Income

Percentage

Income

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

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

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

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

Technology

H3C takes a deep dive into the challenges – and opportunities – AI brings

Published

40 minutes ago

November 22, 2024

BEIJING, Nov. 22, 2024 /PRNewswire/ — Nothing carries quite the gravitas of the Nobel Prizes, the five awards that were founded in Switzerland back in 1901 to recognize developments that have been of the “greatest benefit to humankind” in the fields of in physics, chemistry, physiology or medicine, literature, and in the promotion of peace.

These awards have traditionally noted people who have helped alter the course of human history and so it was telling when they were handed out by The Royal Swedish Academy of Sciences at the start of October that, for the first time, the work of people developing Artificial Intelligence was recognized.

This year’s winners in the sections both for physics (John Hopfield and Geoffrey Hianton) and chemistry (David Baker and joint-winners Demis Hassabis and John Jumper) have been expanding the use of AI software into science and their recognition has again shown how far this new technology’s reach has now spread, so quickly.

That’s a conversation that was carried on to GITEX Global 2024 in Dubai from October 14-18 – an event which brands itself as the “biggest tech & startup show in the world” – with the scope of the impact AI is having around the world once again on show.

At the center-point of displays and discussions were the very latest in AI advances as were the issues of where these developments are going to take the world as the digital economy continues to evolve.

On hand in Dubai was Ray Xu, senior vice-president of H3C, as well as president of the Chinese business innovation and digital transformation group’s cloud, compute, and storage product line. Based out of the eastern Chinese tech hub of Hangzhou, H3C officially launched two new H3C UniServer systems in Dubai (R5500 G7 and R5300 G7) – servers which can support more than 70 kinds of AI.

A week later, Xu sat down to reflect on that experience and on how an AI-led digital transformation, and technological innovation, are reshaping our world.

“These AI technologies are changing our lives and present a lot of new opportunities,” said Xu. “That has sparked a lot of imagination about what the future will be. On the other hand, AI applications also face some challenges in areas such as data privacy and algorithm bias. In the end, though, I’m an optimist. I think the opportunities far outweigh the challenges.”

Through its global commercial partnerships, H3C has helped expand AI technology usage across sectors including “AIGC [Artificial Intelligence Generated Content], autonomous driving in the new energy vehicle industry, and data-driven decision-making and personalized services in finance and enterprise sectors, as well as large-scale computing centers established by governments and operators.”

AIGC is one development that has had a major impact on the way work is done all over the globe. Innovations such as ChatGPT are driving new growth across industries as those industries adapt to generative technology and explore ways to expand AI’s uses.

Xu said there were a number of important challenges ahead, including developing the necessary infrastructure to support the power needed to drive this new technology, the development of more efficient power sources and servers, the building of data centers and learning how to deal with issues of privacy when it comes to data.

“At H3C we are committed to partnering with our customers when it comes to dealing with the challenges of business innovation and digital transformation,” said Xu. “With our comprehensive product line, we have solutions for cloud, computing, networking, security, and terminal issues as well as Information and Communication Technologies [ICT] solutions. With these solutions, we help a lot of our customers in their new journey of digital information transformation.”

The development of arithmetic power was another issue Xu identified, especially in terms of the Chinese market.

“I think there are four key challenges,” he said. “The first thing is computing power. We need huge amounts of computing power, so how to scale up this computing power quickly is very important. Second, how to use this arithmetic power efficiently? How to schedule this power is critical. The third challenge is about storage. We need data so how do we make this data transfer very efficiently, very quickly?

“More computing means more data, more energy. So, how do we leverage this energy more efficiently? Making data centers more green will be the fourth challenge but in order to address these challenges, the first thing we need to do is scale up computing power more quickly.”

H3C has addressed these issues by focusing on “the upgrade and evolution of digital infrastructure to meet the needs of the AI era.”

The company has also launched “diverse heterogeneous computing platforms for intelligent computing centers, high-performance AI servers, advanced data center network architectures, and AI storage solutions to provide strong, stable, and scalable digital infrastructure support.”

There has also been a focus on a green strategy when it comes to data center design and across the H3C production line, in keeping with the requirements of the industry. This includes such innovations as liquid cooling and box immersion, which are helping drive new growth on a global scale.

Overall, H3C has identified a “multifaceted” approach that has focused on increased investment in and construction of “computing infrastructure to rapidly scale up computing power,” the company said.

Other focuses include “the development of more efficient and intelligent computing power allocation and data storage technologies to enhance resource utilization and ensure data security and stability”, while the company continues to explore “the promotion of innovation and application of energy-efficient technologies to reduce energy consumption during computing operations.”

That’s why, Xu said, the company is “open to different kinds of vendors.”

“We have the service capability to help customers build their ecosystem in anticipation of AI development, so they can actively embrace them,” he said. “We can always find ways to solve challenges and deliver more and more opportunities, backed by the belief that AI will bring us a bright and a smart future.”

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/h3c-takes-a-deep-dive-into-the-challenges–and-opportunities–ai-brings-302313932.html

SOURCE H3C

Technology

IMMOTION WINS BEST VR AWARD FOR THE GREAT MIGRATION AT WCFF 2024

Published

40 minutes ago

November 22, 2024

MONTERREY, Mexico, Nov. 22, 2024 /PRNewswire/ — IMMOTION, the global leader in immersive edutainment, received the Best Virtual Reality Award at the Wildlife Conservation Film Festival (WCFF) last month for The Great Migration, its groundbreaking 360º VR film experience.

“What their team accomplished with their intricate and non-intrusive camerawork was previously unseen by our judges.”

The WCFF annually awards the best in conservation filmmaking that spotlight global conservation advocacy.

In The Great Migration, IMMOTION immerses viewers into the incredible journey of over 2 million animals traveling between Tanzania’s Serengeti and Kenya’s Maasai Mara reserves as part of an annual phenomenon known as the Great Migration of East Africa. This journey is filled with predators preying on vulnerable herds that instinctually cross the treacherous Mara River each year.

IMMOTION’s team of VR filmmakers, led by Creative Director Ken Musen, captured breathtaking, immersive footage of the migration using custom-built 360º VR cameras within “rock-cams,” “croc-cams,” drones, and hot air balloons.

“We placed special VR cameras in places along the migration’s paths that no one has ever tried before,” said Musen. “The footage we captured was spectacular; for the first time in VR, you can see inside a herd of wildebeest as they struggle across the river or even come face-to-face with a hippo in the Mara.”

When up for consideration, the film’s production quality and craftsmanship were apparent from start to finish.

“After watching The Great Migration, the decision to award IMMOTION was instantly unanimous,” said Mauricio De La Maza, Interim CEO at the WCFF. “What their team accomplished with their intricate and non-intrusive camerawork was previously unseen by our judges.”

This award adds to the acclaim the film has received since debuting at the Association of Zoos and Aqaurium’s Mid-Year conference in March.

“The reaction from our partners and viewers has been astounding,” said Rod Findley, President and CEO of IMMOTION. “We are honored to receive this award from the WCFF as our missions align on advocating for global wildlife conservation education.”

The Great Migration is the most powerful film in IMMOTION’s growing library, including new immersive content slated for next year.

About IMMOTION

IMMOTION offers dynamic, motion-based virtual reality experiences, featuring live-action and animated educational content guided by marine biologists, wildlife experts, and conservation organizations such as the Marine Megafauna Foundation, Bimini Shark Lab, and the Dian Fossey Gorilla Fund. With over 100 locations worldwide and more than 2M unique annual users, IMMOTION helps leading zoos, aquariums, museums, and science centers generate ancillary revenue through award-winning, on-mission immersive attractions while reinforcing the impact of their education and conservation programs.

About WCFF

The Wildlife Conservation Film Festival aims to inform, engage, and inspire audiences about the utmost need and importance of protecting global biodiversity through its annual film festivals in New York, Los Angeles, and Monterrey, Mexico.

View original content to download multimedia:https://www.prnewswire.com/news-releases/immotion-wins-best-vr-award-for-the-great-migration-at-wcff-2024-302313936.html

SOURCE Immotion

Technology

CCTV+: Embarking on a Renewed Dialogue at Liangzhu Between Global Civilizations–The ‘Liangzhu: A Dialogue across World Civilizations’ Promotional Video and Documentary to Premier

Published

40 minutes ago

November 22, 2024

BEIJING, Nov. 22, 2024 /PRNewswire/ — Exchanges make civilizations colorful, and mutual learning makes them prosper. A documentary on the recently-concluded Portugal and Greece stops of the ‘Belt and Road Initiative’ ‘Liangzhu: A Dialogue across World Civilizations’ cultural exchanges is about to be aired. A representation of cultural exchanges between the land of divine emblems and inscriptions of Liangzhu and the realm of Athena and navigational compasses, it presents Liangzhu culture’s popularity abroad and appreciation by local youth, media outlets, as well as cultural and academic communities.

The documentary, filled with exciting moments at the Events, could serve as a preview to the upcoming second Liangzhu Forum, building up the anticipation for an even more splendid future of human civilization. Also, it features further explorations into the stories and significance behind the Events.

This event was organized by the Information Office of Zhejiang Provincial People’s Government, the Foreign Affairs Office of Zhejiang Provincial People’s Government, and Zhejiang Media Group. It was hosted by the Overseas Center, or ZTV-World, of Zhejiang Media Group and was supported by the Chinese Embassy in Portuga, the Chinese Embassy in Greece, University of Lisbon, Portugal, and Aristotle University of Thessaloniki, Greece, among other institutions.

Video – https://mma.prnewswire.com/media/2565121/2024.mp4

View original content:https://www.prnewswire.co.uk/news-releases/cctv-embarking-on-a-renewed-dialogue-at-liangzhu-between-global-civilizationsthe-liangzhu-a-dialogue-across-world-civilizations-promotional-video-and-documentary-to-premier-302313937.html