Waters Corporation (NYSE/WAT) reported today second quarter 2014 sales of $482 million, an increase of 7% versus sales of $451 million in the second quarter of 2013. Foreign currency translation increased sales growth by 1%. On a GAAP basis, earnings per diluted share (EPS) for the second quarter were $1.13 compared to $1.03 for the second quarter of 2013. On a non-GAAP basis, including the adjustments in the attached reconciliation, EPS increased 13% to $1.22 compared to $1.08 in the second quarter of 2013. A description and reconciliation of GAAP to non-GAAP EPS is attached and can be found on the Company’s website at http://www.waters.com under the caption Investors.
Through the first six months of 2014, sales for the Company were $912 million, up 4% compared with sales of $881 million in the first six months of 2013. Foreign currency translation increased sales growth during the first half of 2014 by 1%. On a GAAP basis, EPS for the first six months of 2014 were $1.95 compared to $2.42 for the comparable period in 2013. On a non-GAAP basis and including adjustments on the attached reconciliation, EPS were $2.13 in the first six months of 2014 as compared to $2.15 in 2013.
Commenting on the quarter, Douglas A. Berthiaume, Chairman, President, and Chief Executive Officer, said, “Broad-based pharmaceutical demand and strong sales in the U.S. highlighted our organic revenue growth in the second quarter. In addition, stable operating margins contributed to double-digit growth in our adjusted earnings per share and solid cash generation.”
As communicated in a prior press release, Waters Corporation will webcast its second quarter 2014 financial results conference call this morning, July 22, 2014 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose “Investor Relations” and click on the “Live Webcast”. A replay will be available through July 29, 2014 at midnight eastern time, similarly by webcast and also by phone at 203-369-1484.