Waters Corporation (NYSE: WAT) reported today third quarter 2012 sales of $450 million, a 1% decrease in comparison to sales of $455 million in the third quarter of 2011. For the quarter, foreign currency translation reduced sales growth by 3%. On a GAAP basis, earnings per diluted share (E.P.S.) for the third quarter were $1.12 compared to $1.10 for the third quarter in 2011. On a non-GAAP basis, E.P.S. were up 4% to $1.18 in the third quarter of 2012 from $1.14 in the third quarter of 2011. A reconciliation of GAAP to non-GAAP E.P.S. is attached.
Through the first nine months of 2012, sales for the Company were $1,322 million, a decline of 1% in comparison to sales of $1,330 million in the first nine months of 2011. Foreign currency translation reduced sales growth during the first nine months of 2012 by 3%. E.P.S. for the first nine months of 2012 were $3.19 compared to $3.18 for the comparable period in 2011. On a non-GAAP basis and including adjustments on the attached reconciliation, E.P.S. grew 3% in the first nine months of 2012 to $3.35 from $3.26 in 2011.
Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, “Stable pharmaceutical demand and strong sales in Asia allowed us to organically grow our revenue in the third quarter despite challenging market conditions. At the same time, 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.”
As communicated in a prior press release, Waters Corporation will webcast its third quarter 2012 financial results conference call this morning, October 23, 2012 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose “Investor” and click on the Live Webcast. A replay of the call will be available through October 30, 2012, similarly by webcast and also by phone at 402-220-4610.About Waters Corporation: For over 50 years, Waters Corporation (NYSE: WAT) has created business advantages for laboratory-dependent organizations by delivering practical and sustainable innovation to enable significant advancements in such areas as healthcare delivery, environmental management, food safety, and water quality worldwide. Pioneering a connected portfolio of separations science, laboratory information management, mass spectrometry and thermal analysis, Waters technology breakthroughs and laboratory solutions provide an enduring platform for customer success.