Sales flat, profits down at Waters Corp.
Slower growth in Asia and a delay in the release of corporate capital budgets in the United States resulted in flat revenue growth for Milford-based Waters Corp. in the first quarter, the laboratory instrument manufacturer said today.
Waters reported $430.5 million in revenue for the quarter, which ended March 29. That was up only slightly, from $430.3 million, in the same quarter last year.
The company also reported net income of $70.3 million, or 83 cents per share, down from $121.1 million, or $1.41 per share, in the first quarter of 2013.
Both the revenue and profit numbers were below analysts’ expectations, according to Briefing.com.
In a statement, president and CEO Douglas Berthiaume also cited foreign currency translation and a higher operating tax rate as factors that dragged down profits.
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