Waters Corp. Q3 profit up 9%

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By Zachary Comeau

Milford laboratory instrument manufacturer Waters Corp. reported on Tuesday a 9-percent increase in third quarter net income.

Waters profited $136.1 million in the quarter, up from the $124.9 million reported in last year’s Q3. The company reported sales of $566 million, a 7-percent increase over the $527 million reported last year.

On a GAAP basis, earnings per share were $1.69, compared to $1.53 for the same period in 2016.

The company’s profits are also up for the year at $373.5 million, a 7.6-percent increase from the $347 million reported in the first three quarters on 2016.

Year to date, the company’s sales are $1.62 billion, up 5-percent compared to $1.54 million during the first nine months of 2016.

Third-quarters sales from the pharmaceutical market were up 7 percent, 6 percent from the industrial market, and 15 percent from the governmental and academic markets. Year to date, those sales grew by 6 percent, 5 percent and 4 percent, respectively.

“The quarter was highlighted by solid revenue growth from each of our major customer-defined end markets, balanced product growth between instrument systems and recurring revenue, operating leverage and strong free cash flow generation," CEO Chris O’Connell said in the press release.