Milford-Based Waters Corp. Beats Wall Street Expectations

MILFORD, MA — Waters Corp. (WAT) on Tuesday reported second-quarter earnings of $131.8 million.

The Milford, Massachusetts-based company said it had net income of $1.63 per share. Earnings, adjusted for non-recurring costs and pretax expenses, were $1.76 per share.

The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.72 per share.

The maker of products used in drug discovery and development posted revenue of $558.3 million in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $552.9 million.

Waters shares have increased 38 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 10 percent. The stock has increased 24 percent in the last 12 months.

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