For the second quarter, Waters (WAT) saw a decline in net income.
Earnings and Revenue
Both EPS and revenues failed to meet Wall Street expectations as The company posted EPS of $1.09 a share and revenues of $451.5 million. Analysts were expecting EPS of $1.16 a share and revenues of $459.3 million. The company's reported EPS came in below the low estimate of 15 analysts of a profit of $1.12.
The company's net income for the quarter fell 2.3% to $97.7 million. Revenue climbed 0.9% from $447.6 million in the same period last year.
Company Fundamental Trends
This marks the second quarter in a row that the company's net income has fallen after profits tumbled 6.2% in the first quarter. Year over year revenue increases in the past five quarters have averaged 7%.
History Against Expectations
The company has now missed estimates in the last two quarters. In the first quarter, it missed expectations by 9 cents with net income of $1 versus a mean estimate of net income of $1.09 per share.
"Operational efficiency allowed us to achieve our profitability objectives in light of challenging market conditions associated with a generally weaker global economic environment," said Douglas Berthiaume, Chairman, President and Chief Executive Officer.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.