Waters Corporation (WAT, Financial) just sent a shockwave through the life sciences sector, hitting a fresh 52-week high and smashing Q3 2024 expectations. Shares up nearly 20% at the end of last week. Posting a stellar $740 million in revenue—up 4% year-over-year—Waters crushed analyst predictions, lifting the entire sector. The kicker? GAAP EPS came in at $2.71, with non-GAAP at $2.93, both topping prior guidance. Waters is proving to be a force that's firing up its industry and investors alike.
Waters didn't just grow—it boomed across all markets and regions, led by pharma and industrial clients. Asia spearheaded the global sales hike with a solid 5% increase, while Europe and the Americas added their share to the boost. Instrument sales, which had been lagging, surged back to life, propelled by strong demand for recurring revenue streams. CEO Udit Batra credited their impressive lineup and relentless execution, pointing to Waters' long-term growth story. It's a performance that speaks volumes about the company's resilience and investor appeal.
Looking ahead, Waters has dialed up its full-year forecast with non-GAAP EPS now projected between $11.67 and $11.87, and expects Q4 sales growth to hit 5-7% in constant currency. This bullish guidance signals Waters is navigating economic headwinds like a pro, setting up for an impressive year-end. For investors, Waters and its rising peers look like solid plays in a market hungry for stability and momentum.
