Waters to take $550M hit from new federal tax plan
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Waters Corp.'s offices in Milford. The company is reporting a large tax bill due to new federal tax rules.
In its fourth quarter and year-end earnings announcement, Milford laboratory instrument maker Waters Corp. said it estimated a $550-million income tax hit from the new federal tax system, which is reducing net income per share by $6.89 for the fourth quarter and $6.82 for the full year.
The loss, which appears to be related to revenue being brought back into the United States from overseas sales, brought fourth-quarter losses to $353 million, and dragged down full-year profit to just $20 million for 2017, the company announced Jan. 23. In 2016, Waters reported $522 million in net income.
Before the tax hit, Waters Corp. saw sales jump by 9 percent in the fourth quarter to $687 million, the company reported Jan. 23.
The company reported the most sales growth in the pharmaceutical market, with 11-percent growth, and the government and academic markets, with 17-percent growth. The industrial market was more flat at just 3-percent growth.
Geographically, sales were up highest in Europe, were they were up 16 percent.
Full-year sales at Waters were up 7 percent, rising to $2.3 billion.
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