Waters reports Q2 earnings, cites commercial momentum

By The Science Advisory Board staff writers

August 4, 2021 -- Lab equipment supplier Waters reported that its second-quarter (end-June 30, 2021) sales rose by 31% to $682 million, up from $520 million in 2020.

Waters reported a non-generally accepted accounting principles (GAAP) adjusted free cash flow of $155 million, down from $175 million after funding $37 million in capital expenditures. Year to date, free cash flow increased by 17% to $348 million, the company reported.

On a GAAP basis, the company reported a diluted earnings per share of $2.69 in the second quarter, up from $1.98 for the same period in 2020. Non-GAAP earnings per share were $2.60 year over year from $2.10.

In its earnings report, Waters noted broad commercial momentum in pharmaceutical and industrial end markets, which were up by 34% and 31%, respectively, in the second quarter.

Waters is anticipating a sales growth rate of 13% to 15% for 2021 in constant currency.

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