Waters Corp. beats 3rd-quarter profit and revenue expectations

MarketsAssociated Press

Waters Corp. on Tuesday reported earnings of $113.5 million in its third quarter.

The Milford, Massachusetts-based company said it had profit of $1.34 per share. Earnings, adjusted for amortization costs and pretax expenses, came to $1.38 per share.

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The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.

The maker of products used in drug discovery and development posted revenue of $493.2 million in the period, which also beat Street forecasts. Analysts expected $486.5 million, according to Zacks.

Waters shares rose $7.69, or 7.9 percent, to $105.23 in morning trading. The stock has gained 5.2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 3 percent.