Waters Corporation


SKU: WAT-1 Category:


Waters Corporation delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings. Despite a modest overall sales growth of less than 1%, the organic constant currency sales witnessed a 4% decline in the third quarter. Challenges in the Chinese market, surpassing expectations, led to sales landing at the lower end of the guidance. However, Waters continued to make strides with Wyatt, contributing to a 4% growth for the quarter. The company expanded gross and adjusted operating margins significantly amidst market challenges and adverse currency effects, showcasing operational excellence. The Pharma segment demonstrated growth in the US and Europe, while China experienced persistent weakness. In the Industrial segment, China declined, but there were pockets of strength in applications such as PFAS and battery testing. Their strategic focus on innovation was evident through the successful launch of new products, addressing critical customer needs and differentiating its portfolio. Despite a challenging current market, their team anticipates long-term growth supported by various factors, including innovations in analytical instruments and the ongoing revitalization of its product portfolio.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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