WS News
06 May 2025, 16:43
Waters Corporation Delivers Strong Q1 2025 Results and Raises Full-Year Guidance
Waters Corporation reported first quarter 2025 sales of $662 million, up 4% as reported and 7% in constant currency, reaching the high end of its guidance range. Growth was driven by an 11% increase in instrument sales (constant currency), particularly within pharmaceutical and industrial markets. Recurring revenues rose 4% in constant currency.
GAAP EPS came in at $2.03, while non-GAAP EPS was $2.25, up 2% despite a 5-point FX headwind. Operating income margin rose to 22.9%, and free cash flow remained strong at $234 million.
By region, Asia led with 13% constant currency growth, followed by 6% in the Americas and 1% in Europe. Pharmaceutical market sales grew 8% in constant currency, industrial 6%, and academic & government 3%.
Given the robust start, Waters raised its 2025 full-year constant currency sales growth outlook to 5%–7% and non-GAAP EPS to $12.75–$13.05 (up from previous estimates), reflecting 8%–10% growth year-over-year (10%–12% in constant currency). Q2 non-GAAP EPS is expected to be $2.88–$2.98.
CEO Dr. Udit Batra highlighted operational discipline, strong demand, and successful product innovation as key drivers. The company also noted improved FX conditions and agility in mitigating tariff impacts.
Waters Corporation reported first quarter 2025 sales of $662 million, up 4% as reported and 7% in constant currency, reaching the high end of its guidance range. Growth was driven by an 11% increase in instrument sales (constant currency), particularly within pharmaceutical and industrial markets. Recurring revenues rose 4% in constant currency.
GAAP EPS came in at $2.03, while non-GAAP EPS was $2.25, up 2% despite a 5-point FX headwind. Operating income margin rose to 22.9%, and free cash flow remained strong at $234 million.
By region, Asia led with 13% constant currency growth, followed by 6% in the Americas and 1% in Europe. Pharmaceutical market sales grew 8% in constant currency, industrial 6%, and academic & government 3%.
Given the robust start, Waters raised its 2025 full-year constant currency sales growth outlook to 5%–7% and non-GAAP EPS to $12.75–$13.05 (up from previous estimates), reflecting 8%–10% growth year-over-year (10%–12% in constant currency). Q2 non-GAAP EPS is expected to be $2.88–$2.98.
CEO Dr. Udit Batra highlighted operational discipline, strong demand, and successful product innovation as key drivers. The company also noted improved FX conditions and agility in mitigating tariff impacts.
