aters Corp (NYSE:WAT) stock on Wednesday was the top percentage gainer on the S&P 500 (SP500), after the company reported a quarterly top and bottom line beat despite a weak performance in China.
Shares of WAT gained 7.3% to $294.39 in late afternoon trading.
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WAT provides lab equipment, instruments, supplies and software for scientists across the world. It makes analytical tools for processes such as chromatography, mass spectrometry, and thermal analysis.
Waters (WAT) earlier in the day delivered Q2 adjusted earnings per share of $2.80, which beat estimates by 21 cents. Revenue rose 3.8% Y/Y to $741M, beating consensus by $7.8M.
“We saw solid growth across the U.S. and Europe, while navigating a difficult market in China,” WAT CEO Udit Batra said in a statement.
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Sales of WAT’s products in the industrial market increased 10%, while that in the academic and government markets rose 23%. That helped offset a 2% decline in sales in the pharmaceutical market.
Waters (WAT) said its $1.36B acquisition of light scattering instrument maker Wyatt Technology in February contributed 2% sales in Q2.
However, pharma weakness resulted in China sales declining in the high teens, and prompted WAT to cut its FY 2023 guidance for a second time this year. The company now sees organic constant currency sales growth in the range of 0.5% to 1.5% from an earlier outlook of 3% to 5%.
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FY 2023 adjusted earnings per share is now expected to be $12.20 to $12.30 from an earlier range of $12.55 to $12.75. The consensus estimate is $12.42.
