Waters Corporation Earnings: Three Key Successes

S&P 500 (NYSE:SPY) component Waters Corporation (NYSE:WAT) reported net income above Wall Street’s expectations for the first quarter. Waters Corporation is an analytical instrument manufacturer, that designs, manufactures, sells and services liquid chromatography, ultra performance liquid chromatography and mass spectrometry instrument systems and support products.

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Waters Earnings Cheat Sheet for the First Quarter

Results: Net income for the scientific and technical instruments company rose to $94.5 million ($1.01/share) vs. $75.5 million (79 cents/share) in the same quarter a year earlier. A rise of 25.1% from the year earlier quarter.

Revenue: Rose 16.3% to $427.6 million YoY.

Actual vs. Wall St. Expectations: WAT beat the mean analyst estimate of 95 cents/share. Estimates ranged from 93 cents per share to 98 cents per share.

Quoting Management: Commenting on the Company’s performance, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, “Our strong performance in the quarter is indicative of broad customer acceptance of our new system offerings, continuing expansion of our key Asian businesses and an overall healthier spending environment in our pharmaceutical end-markets.”

Key Stats:

The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 21.6% and in the third quarter of the last fiscal year, the figure rose 24.7%.

From the fourth quarter of the last fiscal year, the company’s current liabilities rose to $716.2 million from $385.9 million.

Over the last five quarters, revenue has increased 10.9% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 16.3% from the year earlier quarter.

Competitors to Watch: Bruker Corporation (NASDAQ:BRKR), Dionex Corporation (NASDAQ:DNEX), Transgenomic, Inc. (TBIO), Beckman Coulter, Inc. (NYSE:BEC), PerkinElmer, Inc. (NYSE:PKI), Thermo Fisher Scientific Inc. (NYSE:TMO), Bio-Rad Laboratories, Inc. (NYSE:BIO), Harvard Bioscience, Inc. (NASDAQ:HBIO), Cepheid (NASDAQ:CPHD), and Mettler-Toledo Intl. Inc. (NYSE:MTD).

Today’s Performance: Shares of WAT are trading at $90.73 as of April 26, 2011 at 8:41 AM ET, unchanged from the previous close.

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