NYSE$WAT
Waters Corporation · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Waters' Q3 2024 performance was marked by exceeding sales guidance with 4% growth, driven by instrument resurgence and strong recurring revenue.
Waters Corporation reported a 4% increase in sales to $740 million for Q3 2024, surpassing expectations. GAAP EPS reached $2.71, while non-GAAP EPS was $2.93, both exceeding guidance. The company raised its full-year sales and EPS guidance, anticipating 5% to 7% constant currency growth in Q4.
- Sales exceeded guidance, growing 4% as reported and in constant currency.
- Instruments returned to growth, with recurring revenue growing high single-digits in constant currency.
- All reported regions returned to growth, with sales increasing across all end markets, led by Pharma & Industrial.
- GAAP EPS of $2.71 and non-GAAP EPS of $2.93 significantly exceeded guidance, driven by strong operational performance and favorable market conditions.
Headline financials
Revenue & EPS history
Waters · Revenue · Quarterly
$740M
Revenue by segment
Waters · $712M total across 2 segments · Q3 2023
- Waters$629M+1.0%88.4%
- TA$82.3M-3.3%11.6%
Forward guidance
Waters Corporation anticipates fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0% and non-GAAP EPS to be in the range of $3.90 to $4.10.
Tailwinds
- Expects fourth quarter 2024 constant currency sales growth to be in the range of +5.0% to +7.0%.
- The company expects fourth quarter 2024 non-GAAP EPS to be in the range of $3.90 to $4.10.
- The company is raising its full-year 2024 sales guidance, and now expects organic constant currency sales growth to be in the range of -0.9% to -0.3%.
- The Company is also raising its full-year 2024 non-GAAP EPS guidance to now be in the range of $11.67 to $11.87.
- Strong commercial execution, competitive product portfolio, and excellent operational performance give us confidence in the long-term outlook for Waters.
Headwinds
- Currency translation is expected to decrease fourth quarter sales growth by 1.7%.
- The resulting fourth quarter 2024 reported sales growth is expected in the range of +3.3% to +5.3%.
- Includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.
- Currency translation is expected to decrease full-year sales growth by 1.2%.
- Includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+0.2%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+0.8%
Avg return
30 days after
60%
44 / 73 earnings
Positive
+19.9%
Q3 2024
Best reaction
-13.9%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.1% | +17.7% | +22.9% | |
| Q4 2025 | -13.9% | -15.2% | -22.0% | |
| Q3 2025 | +6.6% | +7.6% | +14.7% | |
| Q2 2025 | -1.6% | -3.1% | -0.1% | |
| Q1 2025 | -2.7% | -1.2% | -0.6% | |
| Q4 2024 | -5.8% | -8.8% | -6.9% | |
| Q3 2024 | +19.9% | +19.7% | +19.1% | |
| Q2 2024 | +7.6% | +0.4% | +5.7% | |
| Q1 2024 | +1.2% | +9.8% | -6.0% | |
| Q4 2023 | -0.4% | -0.6% | +11.1% | |
| Q3 2023 | +1.5% | +1.5% | +16.4% | |
| Q2 2023 | +6.2% | +5.6% | +2.4% | |
| Q1 2023 | -8.1% | -8.6% | -15.7% | |
| Q4 2022 | -3.5% | -3.1% | -11.9% | |
| Q3 2022 | -1.1% | +2.0% | +16.0% | |
| Q2 2022 | -7.3% | -7.6% | -17.8% | |
| Q1 2022 | +13.3% | +8.4% | +10.1% | |
| Q4 2021 | +3.1% | +1.8% | +0.4% | |
| Q3 2021 | -4.7% | -5.9% | -8.4% | |
| Q2 2021 | +1.4% | +1.7% | +8.3% | |
| Q1 2021 | +3.1% | +6.0% | +6.5% | |
| Q4 2020 | +4.6% | +5.5% | -2.7% | |
| Q3 2020 | +2.0% | +1.1% | +2.9% | |
| Q2 2020 | -4.8% | -6.3% | -5.1% | |
| Q1 2020 | -1.2% | -8.7% | +1.5% | |
| Q4 2019 | -2.3% | -3.8% | -12.0% | |
| Q3 2019 | -2.3% | -2.3% | +1.6% | |
| Q2 2019 | -3.9% | -4.4% | -3.8% | |
| Q1 2019 | -13.9% | -11.1% | -14.9% | |
| Q4 2018 | +9.8% | +12.3% | +15.6% | |
| Q3 2018 | -5.7% | -1.8% | +5.2% | |
| Q2 2018 | +0.1% | -0.6% | -4.5% | |
| Q1 2018 | -8.6% | -9.1% | -7.4% | |
| Q4 2017 | -0.2% | +1.6% | -4.8% | |
| Q3 2017 | +1.5% | +6.5% | +4.8% | |
| Q2 2017 | -6.7% | -5.9% | -2.2% | |
| Q1 2017 | +6.7% | +6.0% | +11.4% | |
| Q4 2016 | -0.8% | -0.6% | +6.6% | |
| Q3 2016 | -12.9% | -11.4% | -12.3% | |
| Q2 2016 | +6.0% | +7.1% | +6.5% | |
| Q1 2016 | -3.1% | — | — | |
| Q4 2015 | -5.0% | — | — | |
| Q3 2015 | +4.1% | — | — | |
| Q2 2015 | +2.7% | — | — | |
| Q1 2015 | +2.8% | — | — | |
| Q4 2014 | +4.3% | — | — | |
| Q3 2014 | +7.1% | — | — | |
| Q2 2014 | +3.4% | — | — | |
| Q1 2014 | -9.0% | — | — | |
| Q4 2013 | +5.7% | — | — | |
| Q3 2013 | -4.1% | — | — | |
| Q2 2013 | -4.8% | — | — | |
| Q1 2013 | +3.6% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | +0.7% | — | — | |
| Q2 2012 | +2.1% | — | — | |
| Q1 2012 | +0.3% | — | — | |
| Q4 2011 | +1.0% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -7.2% | — | — | |
| Q1 2011 | +2.2% | — | — | |
| Q4 2010 | +1.8% | — | — | |
| Q3 2010 | +0.6% | — | — | |
| Q2 2010 | +0.7% | — | — | |
| Q1 2009 | +2.3% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q4 2007 | +3.0% | — | — | |
| Q4 2009 | +3.0% | — | — | |
| Q3 2009 | +2.6% | — | — | |
| Q3 2008 | +2.6% | — | — | |
| Q2 2008 | +1.9% | — | — | |
| Q4 2008 | +1.9% | — | — | |
| Q2 2009 | +1.9% | — | — |
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