Waters(US:WAT)2025-05-06 10:05Financial Performance - First quarter 2025 sales were $662 million, a 4% increase from $637 million in Q1 2024, and a 7% increase in constant currency[3] - GAAP diluted EPS for Q1 2025 was $2.03, up from $1.72 in Q1 2024; non-GAAP EPS was $2.25, reflecting a 2% growth[4] - Instrument sales grew by 11% in constant currency, driven by strong performance in the pharmaceutical and industrial markets[6] - Sales in the pharmaceutical market reached $391 million, a 5% increase from $374 million in Q1 2024[18] - For the three months ended March 29, 2025, GAAP net income was $121,381,000, an increase from $102,196,000 for the same period in 2024, representing a growth of 18.8%[28] - Adjusted Non-GAAP earnings per diluted share for the three months ended March 29, 2025, was $2.25, compared to $2.21 for the same period in 2024, reflecting a 1.8% increase[28] Guidance and Projections - The company raised its full-year 2025 constant currency sales growth guidance to +5.0% to +7.0%[7] - Full-year 2025 non-GAAP EPS guidance was increased to a range of $12.75 to $13.05, indicating a year-over-year growth of approximately +8% to +10%[8] - Second quarter 2025 constant currency sales growth is expected to be in the range of +5.0% to +7.0%[9] - Second quarter 2025 non-GAAP EPS is projected to be between $2.88 and $2.98, reflecting a year-over-year growth of approximately +10% to +13%[9] - Projected sales growth rate for the twelve months ending December 31, 2025, is expected to be between 4.0% and 6.0%[32] - Projected GAAP earnings per diluted share for the twelve months ending December 31, 2025, is estimated to be between $11.88 and $12.18[32] Cash and Assets - Cash and cash equivalents increased to $382,872,000 as of March 29, 2025, up from $325,355,000 at the end of 2024, marking a growth of 17.7%[26] - Total assets rose to $4,591,576,000 as of March 29, 2025, compared to $4,553,795,000 at the end of 2024, indicating a 0.8% increase[26] - Free cash flow for the three months ended March 29, 2025, was $233,811,000, slightly down from $233,840,000 for the same period in 2024[30] - The company reported a net cash provided by operating activities of $259,553,000 for the three months ended March 29, 2025, compared to $262,870,000 for the same period in 2024[28] Liabilities and Obligations - Total liabilities decreased to $2,629,179,000 as of March 29, 2025, from $2,725,288,000 at the end of 2024, a reduction of 3.5%[26] - The company recognized a retention bonus obligation of $2,545,000 related to the Wyatt acquisition, which is not considered a normal ongoing business expense[23] Market Performance - Asia reported sales of $220 million, a 6% increase from $207 million in Q1 2024, with a constant currency growth rate of 13%[18] - The company emphasized its commitment to operational excellence and mitigating impacts from tariffs and policy changes[5]