Waters Corp. (NYSE: WAT) reported Q1 EPS of $2.29, $0.72 better than the analyst estimate of $1.57. Revenue for the quarter came in at $609 million versus the consensus estimate of $525.29 million.

• Sales of $609 million grew 31% as reported and 27% in constant currency
• GAAP EPS of $2.37; non-GAAP EPS of $2.29, a 99% increase from prior year
• Adjusted free cash flow of $193 million, a 60% increase from prior year
• Double-digit sales growth across all end markets and product categories
• Broad-based growth across all geographies, led by triple-digit growth in China

“I remain grateful to our colleagues for their continued hard work and commitment, especially to those who are experiencing the devastating effects of the pandemic,” said Dr. Udit Batra, President and Chief Executive Officer of Waters Corporation. “There is much to be pleased about with our first quarter results, driven by strong growth across each of our major end markets, with pharma leading the way. Thanks to solid execution and instrument sales growing in double-digits, we saw revenue increases across every region, with China’s sales more than doubling. Our transformation plan is well underway, with commercial momentum and a strong leadership team in place, we now turn towards developing a new strategy as we work to more closely align our portfolio with higher growth areas of the market.”

GUIDANCE:

Waters Corp. sees Q2 2021 EPS of $2.15-$2.25, versus the consensus of $2.11.

Waters Corp. sees FY2021 EPS of $9.85-$10.05, versus the consensus of $9.62.

• The Company expects second quarter 2021 constant-currency sales growth in the range of 14% to 16%. Currency translation is expected to increase second quarter sales growth by approximately three percentage points. The Company also expects second quarter 2021 non-GAAP EPS in the range of $2.15 to $2.25. Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the second quarter.

• The Company expects full-year 2021 constant-currency sales growth in the range of 8% to 11%. Currency translation is expected to increase full-year sales growth by one to two percentage points. The Company also expects full-year 2021 non-GAAP EPS in the range of $9.85 to $10.05. Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year.

For earnings history and earnings-related data on Waters Corp. (WAT) click here.