WAT - Waters reports misses Q1 top and bottom consensus; initiates Q2 and updates FY23 outlook

May, 09 2023 06:56 AM Waters Corporation

2023-05-09 06:56:34 ET

Waters press release ( NYSE: WAT ): Q1 Non-GAAP EPS of $2.49 misses by $0.13 .
Revenue of $685M (-0.9% Y/Y) misses by $12.86M .
The Company now expects full-year 2023 organic constant currency sales growth in the range of 3% to 5%. Currency translation is expected to have minimal impact on full-year organic sales growth. The Wyatt transaction is expected to increase full-year reported sales growth by approximately 2.5%. The resulting full-year 2023 reported sales growth is expected in the range of 5.5% to 7.5% vs. estimated growth of 7.10% Y/Y.
The Company continues to expect full-year 2023 non-GAAP EPS in the range of $12.55 to $12.75 vs. consensus of $12.71. The Company expects the transaction to become accretive to non-GAAP EPS starting in the first quarter of 2024.
The Company expects second quarter 2023 organic constant currency sales growth in the range of 1% to 3%. Currency translation is expected to decrease second quarter sales growth by approximately 1%. Assuming a mid-May close, the Wyatt transaction is expected to increase second quarter reported sales growth by approximately 1.5%. The resulting second quarter 2023 reported sales growth is expected in the range of 1.5% to 3.5%.
The Company expects second quarter 2023 non-GAAP EPS in the range of $2.52 to $2.62 vs. consensus of $2.89. This also includes the impact of the Wyatt transaction, which is expected to decrease second quarter 2023 non-GAAP EPS by approximately 3%.

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