Waters Slashes FY23 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Wednesday, specialty measurement company Waters Corp. (WAT) slashes its adjusted earnings and sales growth outlook for the full-year 2023 and provided guidance for the third quarter.

For fiscal 2023, the company now projects adjusted earnings in a range of $12.20 to $12.30 per share on sales growth in a range of 3.0 to 4.0 percent, with organic constant currency sales growth of 0.5 to 1.5 percent.

Previously, the company expected adjusted earnings in the range of $12.55 to $12.75 per share on sales growth in a range of 5.5 to 7.5 percent, with organic constant currency sales growth of 3 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $12.45 per share on sales growth of 5.40 percent to $3.13 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company expects adjusted earnings in a range of $2.50 to $2.60 per share on sales growth in the range of 1.0 to 3.0 percent, with organic constant currency sales decline of 4 to 2 percent.

The Street expects the company to report earnings of $3.01 per share on a sales growth of 13.2 percent to $769.19 million for the quarter.

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