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Waters Reports Second Quarter 2014 Financial ResultsMILFORD, Mass. --(Business Wire)-- 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. 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. With revenue of $1.9 billion in 2013, Waters is driving scientific discovery and operational excellence for customers worldwide. CAUTIONARY STATEMENT This release may contain "forward-looking" statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words, "feels", "believes", "anticipates", "plans", "expects", "intends", "suggests", "appears", "estimates", "projects", and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, uncertainties relating to organizational/leadership transition plans; the impact on demand among the Company's various market sectors from economic, sovereign and political uncertainties; fluctuations in expenditures by the Company's customers, in particular large pharmaceutical companies; introduction of competing products by other companies and loss of market share; pressures on prices from competitors and/or customers; regulatory, economic and competitive obstacles to new product introductions; other changes in demand from the effect of mergers and acquisitions by the Company's customers; increased regulatory burdens as the Company's business evolves, especially with respect to the U.S. Food and Drug Administration and U.S. Environmental Protection Agency, among others; shifts in taxable income in jurisdictions with different effective tax rates; the outcome of tax examinations or changes in respective country legislation affecting the Company's effective tax rate; the ability to access capital, maintain liquidity and service our debt in volatile market conditions, particularly in the U.S., as a large portion of the Company's cash is held and operating cash flows are generated outside the U.S.; environmental and logistical obstacles affecting the distribution of products; risks associated with lawsuits and other legal actions, particularly involving claims for infringement of patents and other intellectual property rights; and foreign exchange rate fluctuations potentially affecting translation of the Company's future non-U.S. operating results. Such factors and others are discussed more fully in the sections entitled "Forward-Looking Statements" and "Risk Factors" of the Company's annual report on Form 10-K for the year ended December 31, 2013 and Form 10-Q for the period ended March 29, 2014 as filed with the Securities and Exchange Commission, which "Forward-Looking Statements" and "Risk Factors" discussions are incorporated by reference in this release. The forward-looking statements included in this release represent the Company's estimates or views as of the date of this release report and should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.
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