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Waters Corp Raises Profit Forecast Due to Lab Equipment Demand
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Heartspace News Desk
•Source: Reuters
Photo by Toon Lambrechts on Unsplash
TL;DR
Waters Corporation raised its annual profit outlook due to a strong third quarter where they beat analyst predictions with $3.40 earnings per share on $800 million revenue, driven by higher demand from biotechnology companies. Consequently, the company now anticipates a full-year adjusted profit between $13.05 and $13.15 per share, and shares jumped almost 10% following the news.
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Key takeaways
- Waters Corporation increased its annual profit forecast on Tuesday after exceeding analyst expectations in the third quarter, fueled by stronger demand from biotechnology clients
- Following the announcement, the company's shares experienced a surge of nearly 10% in early trading
- The laboratory equipment manufacturer reported an adjusted third-quarter profit of $3
Waters Corporation increased its annual profit forecast on Tuesday after exceeding analyst expectations in the third quarter, fueled by stronger demand from biotechnology clients. Following the announcement, the company's shares experienced a surge of nearly 10% in early trading.
The laboratory equipment manufacturer reported an adjusted third-quarter profit of $3.40 per share on revenue of $800 million, surpassing previous estimates. Consequently, Waters now projects a full-year adjusted profit between $13.05 and $13.15 per share, an upward revision from its earlier guidance. This robust performance is attributed to increased demand for Waters' analytical tools used in pharmaceutical development and research.
Related Topics
Waters Corpprofit forecastlab equipmentbiotechfinancial performance
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