This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Waters' CEO Discusses Q4 2011 Results - Earnings Call Transcript

In short, we have offered industry-leading products and enjoy superior access to faster growing market segments, positions our organizations have worked high to achieve over a multiyear period.

I think it's also important to note that 2011 was a year of investment for Waters. During the year, we continue to bring new systems to market across all our major product lines and expanded field personnel to support rapidly expanding customer bases in these developing regions. We're confident that we have an adequate foundation to grow top and bottom line results in 2012, while maintaining our reputation for industry-leading customer service and support.

If you'll look at the fourth quarter, our sales grew organically 8%, and our adjusted earnings per share were up 13%. And all these results were a bit ahead of our expectations and represent the impact of continued strong business momentum.

For the Waters division, we saw strongest growth in our pharmaceutical and industrial chemical end markets. The pharmaceutical growth was particularly strong in Western Europe and in the U.S., indicative of a continuation of an instrument upgrade cycle that I cited earlier this year.

The combination of government and university shipments held up reasonably well during the quarter most notably for the SYNAPT G2 system shipments that were delivered to academic institutions throughout the quarter. Going forward, as a the result of continuing austerity measures, we expect less robust global sales to government agencies in Europe, Japan and the U.S. That's a segment that has recently accounted for about 5% of our worldwide sales.

A tough base of comparison limited the growth rate of our food analysis business in the quarter. You may recall, we benefited from food safety-related business in late 2010 especially from sales resulting from dairy product testing in China. As a result of these strong results in the prior year quarter, our Chemical analysis business, which includes food and environmental testing, grew more slowly in this quarter.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs