Waters Corp. Sales Decrease Slightly
Waters Corp. sales fell 1 percent in the third quarter, compared to 2011, due to weakened foreign currency translation, according to an earnings report released by the Milford-based manufacturer of scientific technology instruments. Year-to-date sales growth decreased 3 percent compared to 2011, as well.
Total sales for the quarter ended Sept. 29 were $450 million, down from $455 million in the third quarter of 2011, according to the report. Sales for the nine months ended Sept. 29 were $1.32 billion, compared to $1.33 billion in 2011.
Net income fell from $295 million in 2011 to $285 million in 2012.
Waters Corp. CEO Douglas Berthiaume said despite sales and income declines due to weakened foreign currency, the company saw organic revenue growth in its Asia markets, and earnings per share actually increased to $3.19 year-to-date, compared to $3.18 in the same period last year.
"…Tight expense control, disciplined product pricing and a continuation of our share repurchase program resulted in adjusted earnings per share growth at a rate faster than sales," Berthiaume said.
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