Waters fourth quarter sales increase 13% to $484 million

Waters Corporation (NYSE/WAT) reported fourth quarter 2010 sales of $484 million, an increase of 13% from sales of $429 million in the fourth quarter of 2009. In the quarter, foreign currency translation was about neutral to sales growth. On a GAAP basis, earnings per diluted share (E.P.S.) for the fourth quarter were $1.36 compared to $1.08 for the fourth quarter of 2009. On a non-GAAP basis, including the adjustments in the attached reconciliation, E.P.S. grew 23% to $1.38 from $1.12 in the fourth quarter of 2009.

“In the fourth quarter, a combination of strong uptake of our new system offerings, continued business expansion in Asian markets and an improvement in economic conditions drove sales growth. In addition, our continued focus on driving operational efficiency contributed to both record cash generation and record earnings per share.”

For the full year, sales for the Company were $1.64 billion, an increase of 10% over sales of $1.50 billion in 2009 with foreign currency translation about neutral to sales growth. E.P.S. for 2010 were $4.06 compared to $3.34 in 2009. On a non-GAAP basis, including adjustments in the attached reconciliation, E.P.S. grew 19% to $4.09 from $3.45 in 2009.

Commenting on the Company's 2010 performance, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, "In the fourth quarter, a combination of strong uptake of our new system offerings, continued business expansion in Asian markets and an improvement in economic conditions drove sales growth. In addition, our continued focus on driving operational efficiency contributed to both record cash generation and record earnings per share."