WASHINGTON (dpa-AFX) - Waters Corporation (WAT), a provider of specialist services to scientists, said its first-quarter net profit dropped to $88.67 million from $94.49 million a year ago, as sales dropped 2 percent to $428 million from $420 million a year ago. Both earnings and revenues came in significantly lower than analysts' estimates.
Douglas Berthiaume, Chairman, President, and Chief Executive Officer, said, 'Weaker sales in certain developing markets and slower release of capital budgets by several larger pharmaceutical firms were key factors that contributed to our top line results. Though the first quarter did not meet our expectations, we are confident in the strength of our competitive position and in the success of our key market initiatives.'
On a per-share basis, earnings dropped to $0.98 from last year's $1.01. On an adjusted basis, earnings per share declined 4 percent to $1.00 from $1.04 in the prior year quarter.
On average, analysts polled by Thomson Reuters were expecting the company to earn $1.09 per share on revenues of $441.84 million. Analysts' estimates typically exclude special items.
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