Waters said net sales for Q2 2024 decreased 4% and first-half net sales decreased 6%, and that foreign currency translation lowered sales growth by 2% and 1%, respectively. The company said customers delaying purchases of instrument systems had a negative effect on sales.

10-QQuarterly reportFiled Jul 31, 2024Period of report Jun 29, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Waters said net sales for Q2 2024 decreased 4% and first-half net sales decreased 6%, and that foreign currency translation lowered sales growth by 2% and 1%, respectively. The company said customers delaying purchases of instrument systems had a negative effect on sales.
Waters said instrument system sales decreased 14% in Q2 and 17% in the first half, led by mass spectrometry instruments. The company said recurring revenue, which combines precision chemistry consumables and services, increased 4% in both Q2 and the first half.
The company cited lower sales volume, Wyatt acquisition-related retention expenses and purchased intangibles amortization as the main reasons operating income decreased in Q2 and the first half. It said these factors lowered operating income by 8% and 10%, respectively.
Waters said net cash from operating activities in the first half of 2024 was $317 million, up $102 million from $215 million in the first half of the prior year. As of June 29, 2024, total borrowings were $2.0 billion, and net debt borrowings decreased by $350 million in the first half.

Key figures

Quarter ended June 29, 2024

Revenue: $709M
Operating income: $189M
EPS: $2.40

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2024 and First-Half Net Sales Change

Waters said net sales for Q2 2024 decreased 4% and first-half net sales decreased 6%, and that foreign currency translation lowered sales growth by 2% and 1%, respectively. The company said customers delaying purchases of instrument systems had a negative effect on sales.

Source · Based on the MD&A text of the filing

Instrument System Sales Decline and Recurring Revenue Growth

Waters said instrument system sales decreased 14% in Q2 and 17% in the first half, led by mass spectrometry instruments. The company said recurring revenue, which combines precision chemistry consumables and services, increased 4% in both Q2 and the first half.

Source · Based on the MD&A text of the filing

Company Explanation of Operating Income Decline

The company cited lower sales volume, Wyatt acquisition-related retention expenses and purchased intangibles amortization as the main reasons operating income decreased in Q2 and the first half. It said these factors lowered operating income by 8% and 10%, respectively.

Source · Based on the MD&A text of the filing

First-Half Operating Cash Flow and Debt Position

Waters said net cash from operating activities in the first half of 2024 was $317 million, up $102 million from $215 million in the first half of the prior year. As of June 29, 2024, total borrowings were $2.0 billion, and net debt borrowings decreased by $350 million in the first half.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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