Waters's stock leaps on Q2 sales, revenue growth
Milford’s Waters Corp. has delivered sales and revenue growth that beat analysts’ predictions and sent the stock leaping up nearly 10 percent in morning trading.
The international laboratory instrument manufacturer reported sales growth of 8 percent in its second quarter of 2016 up to $537 million. Sales were up 6 percent in the same quarter to just over $1 billion. All of this helped driving earnings up 24 percent per diluted share to $1.57.
Waters’ President and CEO Christopher J. O’Connell credited the strong performance to strength in the bio and pharmaceutical end market, improvement in the industrial market and recurring revenue growth.
Upon release of the earnings report, Waters’ stock shot up from $148.44 a share to $158.03 a share by 10:30 a.m.
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