Research Desk Line-up: Mettler-Toledo Intl. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Waters Corp. (NYSE: WAT), ("Waters") which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WAT, following the Company's disclosure of its second quarter fiscal 2017 earnings results on July 25, 2017. The maker of products used in drug discovery and development outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Medical Instruments & Supplies industry. Pro-TD has currently selected Mettler-Toledo International Inc. (NYSE: MTD) for due-diligence and potential coverage as the Company announced on July 27, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Mettler-Toledo Intl. when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WAT; also brushing on MTD. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=WAT

http://protraderdaily.com/optin/?symbol=MTD

Earnings Reviewed

Waters reported Q2 2017 sales of $558 million reflecting a 4% increase versus sales of $537 million in Q2 2016. The Company stated that foreign currency translation reduced sales growth by approximately 1% in the quarter. Waters' revenue numbers topped analysts' estimates of $552.9 million.

On a GAAP basis, Waters' diluted earnings per share (EPS) for Q2 2017 grew 4% to $1.63 compared to $1.57 for Q2 2016. On a non-GAAP basis, including the adjustments, the Company's EPS jumped 11% to $1.76 in the reported quarter from $1.58 in the prior year's comparable quarter. Waters' earnings numbers topped Wall Street's expectations of $1.72 per share.

Segmental Details

During Q2 2017, Waters' sales from the pharmaceutical market grew 3% to $319.65 million on a y-o-y basis. The Company's sales from the industrial market totaled $174.53 million, up 5% y-o-y and 7% on a constant currency basis in the reported quarter. For Q2 2017, Waters' sales from governmental and academic markets jumped 7% to $64.07 million on a y-o-y basis.

In Q2 2017, Waters' recurring revenues, the combination of service and chemistry consumables, posted 5% sales growth, or 7% in constant currency, while instrument system sales grew 3%, or 4% in constant currency, in the reported quarter.

On a geographical basis, Waters' sales in Asia grew 13%, or 14% in constant currency, to $215.70 million and 2% on a y-o-y basis, or 5% in constant currency, to $154.96 million, while the sales growth declined 3% to $196.59 million in the Americas.

Cash Matters

As of July 01, 2017, Waters' cash and short-term investments totaled $3.13 billion and debt totaled $1.91 billion, bringing the Company to a net cash position of $1.2 billion. In Q2 2017, the Company's cash flow came in at $159 million after funding $17 million of capital expenditures.

Waters' accounts receivable days sales outstanding stood at 75 days in Q2 2017, down 1 day on a y-o-y basis. In the reported quarter, inventories were approximately flat in comparison to the prior year's same quarter.

Outlook

For FY17, Waters is forecasting mid-single-digit constant currency sales increase, to be in the range of 5% to 6%. The Company is estimating gross margins for the year in the range of 58.5% to 59%. Higher volume and manufacturing efficiency gains are expected to continue to be offset by negative effects from foreign currency translation. On a non-GAAP basis, Waters' FY17 earnings per fully diluted share are projected to be within a range of $7.30 to $7.45. At the current rates, foreign currency is assumed to negatively affect full year earnings per share growth by approximately 2%.

For Q3 2017, Waters is expecting constant currency sales growth of strong mid-single digits. The Company is anticipating earnings per diluted share in the range of $1.68 to $1.78 for the upcoming quarter.

Stock Performance

At the closing bell, on Tuesday, August 01, 2017, Waters' stock climbed 1.33%, ending the trading session at $175.74. A total volume of 674.17 thousand shares have exchanged hands, which was higher than the 3-month average volume of 495.21 thousand shares. The Company's stock price surged 1.15% in the last three months, 24.07% in the past six months, and 10.13% in the previous twelve months. Moreover, the stock soared 30.77% since the start of the year. The stock is trading at a PE ratio of 26.51 and currently, has a market cap of $13.99 billion.

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SOURCE: Pro-Trader Daily