Waters Corporation (NYSE/WAT) reported today second quarter 2013 sales of $451 million, flat with sales of $451 million in the second quarter of 2012. Foreign currency translation decreased sales growth by 2%. On a GAAP basis, earnings per diluted share (E.P.S.) for the second quarter were $1.03, compared to $1.09 for the second quarter in 2012. On a non-GAAP basis, E.P.S. were down 8% to $1.08 in the second quarter of 2013 from $1.17 in the second quarter of 2012. A reconciliation of GAAP to non-GAAP E.P.S. is attached.
Through the first six months of 2013, sales for the Company were $881 million, up 1% compared with sales of $872 million in the first six months of 2012. Foreign currency translation decreased sales growth during the first half of 2013 by 3%. On a GAAP basis, E.P.S. for the first six months of 2013 were $2.42 compared to $2.08 for the comparable period in 2012. On a non-GAAP basis and including adjustments on the attached reconciliation, E.P.S were down 1% to $2.15 in the first six months of 2013 from $2.17 in 2012.
Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, “A late-quarter unexpected slowdown in instrument system orders offset strong recurring revenue growth and contributed to an overall disappointing performance in the second quarter. We believe that underlying demand for instrument systems is, in fact, stronger than indicated by our weak sales growth in the quarter, as order delays and a meaningful backlog build combined in late June to negatively affect our sales and earnings.”
As communicated in a prior press release, Waters Corporation will webcast its second quarter 2013 financial results conference call this morning, July 23, 2013 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose “Investors” and click on the Live Webcast. A replay of the call will be available through July 30, 2013, similarly by webcast and also by phone at 203-369-0390.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.