Waters(WAT)2024-11-01 10:04Financial Performance - Sales for Q3 2024 were 712 million in Q3 2023[2] - GAAP EPS for Q3 2024 was 2.27 in Q3 2023; non-GAAP EPS was 2.84 in Q3 2023[3] - Recurring revenue grew by 6% as reported and 7% in constant currency during the quarter[6] - The company raised its full-year 2024 non-GAAP EPS guidance to a range of 11.87[9] - Fourth quarter 2024 constant currency sales growth is expected to be between 5% and 7%[10] - The company expects full-year 2024 reported sales growth to be in the range of -0.8% to -0.2%[8] - For the three months ended September 28, 2024, Waters Corporation reported net sales of 711,692,000 in the same period of 2023[18] - The total recurring revenue for the three months ended September 28, 2024, was 392,261,000 in the same period of 2023[18] - The company reported a constant currency growth rate of 4% for total net sales in the three months ended September 28, 2024[18] - Organic constant currency growth for the nine months ended September 28, 2024, was reported at -3%, indicating a challenging market environment[19] Market Segments - Sales in the pharmaceutical market increased by 2% as reported and 3% in constant currency[5] - Instrument system sales increased by 1% as reported and in constant currency[6] - Sales in Asia increased by 5% as reported and 6% in constant currency during the quarter[6] - The Asia region experienced a 7% decline in sales, totaling 745,932,000 in the previous year[19] - The Pharmaceutical market reported net sales of 1,233,177,000 in the prior year[19] - The Chemistry product line saw an 8% growth in sales, reaching 128,650,000 in the previous year[18] - The Americas region's sales were 804,827,000 in the prior year[19] Financial Position - Total assets decreased from 4.512 billion as of September 28, 2024[23] - Total liabilities decreased from 2.909 billion during the same period[23] - Cash, cash equivalents, and investments decreased from 331.458 million[23] - Accounts receivable decreased from 669.534 million[23] - Inventories slightly increased from 518.994 million[23] Income and Cash Flow - The company reported a net income of 6.83[22] - Net income for the three months ended September 28, 2024, was 134,552 thousand for the same period in 2023[24] - Net cash provided by operating activities for the nine months ended September 28, 2024, was 372,687 thousand in the same period of 2023[24] - Net cash used in investing activities for the nine months ended September 28, 2024, was 1,404,321 thousand in the same period of 2023[24] Projections - Projected organic constant currency sales growth rate for the twelve months ending December 31, 2024, is estimated at (0.9%)[25] - Projected GAAP earnings per diluted share for the twelve months ending December 31, 2024, is expected to be between 10.75[25] - Adjusted non-GAAP earnings per diluted share for the twelve months ending December 31, 2024, is projected to be between 11.87[25] - The company experienced a currency translation impact of (1.2%) on sales growth rate as reported for the twelve months ending December 31, 2024[25] Other Financial Metrics - The company recognized a retention bonus obligation of 8.13, reflecting a 29.4% increase[22] - Stock-based compensation for the three months ended September 28, 2024, was 8,490 thousand in the same period of 2023[24] - The company reported a net change in debt of (125,181) thousand for the same period in 2023[24]