Waters Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of 2016
For the year, the company reported net sales of $2,042,332,000 against $1,989,344,000 a year ago. Operating income was $567,451,000 against $517,908,000 a year ago. Income from operations before income taxes was $541,919,000 against $490,740,000 a year ago. Net income was $469,053,000 against $431,620,000 a year ago. Net income per share diluted was $5.65 against $5.07 per share a year ago. Adjusted Non-GAAP operating income was $592,823,000 against $561,695,000 a year ago. Adjusted Non-GAAP net income was $489,222,000 against $466,464,000 a year ago. Adjusted Non-GAAP EPS was $5.89 against $5.48 per share a year ago. Full year 2015 free cash flow was $484 million.
For the first quarter of 2016, the company is estimating that sales will grow at a rate of about 3% to 5%. At present rates, currency translation is expected to reduce the first quarter sales growth by between 1 and 2 percentage points. Rolling these factors together, it expects first quarter earnings per diluted share to be in the range of $1.17 to $1.27. Moving below the operating income line, net interest expense is expected to be around $29 million. The company currently expects operating tax rate to be about 14%.
On a non-GAAP basis, full year 2016 earnings per diluted share are projected to be within the range of $6.10 to $6.35.