Q2 2024 Waters Corp Earnings Call Transcript
Key Points
- Waters Corp (WAT) exceeded both top-line and bottom-line reported guidance for Q2 2024.
- Year-over-year organic constant currency sales improved by 500 basis points compared to Q1 levels.
- Recurring revenue grew by 5%, demonstrating resilience in the business model.
- Wyatt acquisition delivered a 2% M&A contribution to sales, with synergies realized ahead of schedule.
- Gross margin remained flat at 59.3%, and adjusted operating margin was solid at 29.2%.
- Overall sales declined by 4% as reported and in organic constant currency terms.
- Instrument sales declined by 17%, indicating ongoing challenges in this segment.
- Sales in China declined in the low-teens, although this was better than expected.
- Academic and government sales declined by 16%, reflecting weak growth in this segment.
- The company revised its full-year 2024 sales guidance to assume a more gradual pace of improvement, indicating cautious optimism.
Good morning. Welcome to Waters Corporation second-quarter 2024 financial results conference call. (Operator Instructions) This call is being recorded. If anyone has objections, please disconnect at this time.
It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir.
Thank you, Brad. Good morning, everyone, and welcome to the Waters Corporation second-quarter earnings call. Today I'm joined by Dr. Udit Batra, Waters' President and Chief Executive Officer; and Amol Chaubal, Waters' Senior Vice President and Chief Financial Officer.
Before we begin, I will cover the cautionary language. In this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company. We will provide guidance regarding possible future results as well as commentary on potential market and business conditions that may impact Waters Corporation over the third quarter of 2024 and full-year
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
