Waters Corp (NYSE:WAT) reported fiscal first-quarter 2024 sales of $636.8 million, beating the analyst consensus of $635.6 million.

Quarterly revenues declined 7%, as reported, and 9% in organic constant currency.

The company reported adjusted earnings per share of $2.21, beating the Wall Street estimate of $2.10.

Gross margin expanded 40 basis points, and adjusted operating margin extended 20 basis points in the quarter under review.

Geographically, sales in Asia during the quarter decreased by 18%, as reported, and 16% in organic constant currency. 

Sales in the Americas declined by 2% as reported, and 8% in organic constant currency. 

Sales in Europe increased by 2%, as reported, and decreased by 3% in organic constant currency.

CEO Dr. Udit Batra said, “The margin expansion we delivered reflects the strength of our operational performance, especially when considering current volume and foreign exchange headwinds.”

Dr. Batra continued, “With our steady stream of innovative new products and focus on higher growth areas, we are well-positioned in our attractive end-markets.”

Outlook: Waters Corp reiterated full-year 2024 organic constant currency sales growth to be -0.5% to +1.5%.

The company maintained reported sales growth of 0% to +2% or sales of $2.96 billion – $3.02 billion (versus consensus of $2.98 billion) with adjusted EPS of $11.75 – $12.05 (estimate: $11.89).

Waters Corp projects second-quarter organic constant currency sales growth of (6)% – (4)%. For the first quarter, the company projects reported sales growth of (6.5)% to – (4.5)% or $692.44 million – $707.25 million (versus consensus of $728.84 million), with adjusted EPS of $2.50 – $2.60 (estimate: $2.77).

The analytical laboratory instrument and software company, Waters Corp, stock gained close to 10% in the last 12 months. 

Price Action: WAT shares are trading higher by 1.88% to $325.59 at the last check Tuesday.

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