Waters said operating income for 2024 was $826 million, up from $818 million in 2023. The company explained that cost savings from recent workforce reductions and the absence of $26 million in severance costs associated with the workforce reduction incurred in 2023 were offset by higher annual incentive compensation, a full year of amortization associated with the Wyatt acquisition and merit increases. It added that foreign currency translation lowered operating income by $43 million.

1. 01

   Waters said operating income for 2024 was $826 million, up from $818 million in 2023. The company explained that cost savings from recent workforce reductions and the absence of $26 million in severance costs associated with the workforce reduction incurred in 2023 were offset by higher annual incentive compensation, a full year of amortization associated with the Wyatt acquisition and merit increases. It added that foreign currency translation lowered operating income by $43 million.

2. 02

   Waters said net sales in 2024 were flat compared with 2023, with China sales declining 10%, offsetting sales growth in most other geographies. The company cited increased government regulations and lower customer spending due to macroeconomic conditions as factors in the China decline, and said sales excluding China grew 2%.

3. 03

   Waters said net cash provided by operating activities in 2024 was $762 million, up from $603 million in 2023. Net debt borrowings as of the end of 2024 were $730 million lower than as of the end of 2023, while total outstanding debt was $1.6 billion, consisting of $1.3 billion in senior unsecured notes and $0.4 billion borrowed under its credit agreement.

4. 04

   Waters said the Board of Directors authorized in December 2024 an extension of the existing share repurchase program through January 21, 2028, with remaining authorization of $1.0 billion. The company said it made no open market share repurchases in 2024, and entered into a Shelf Agreement with NYL in July 2024 for up to $200 million in Shelf Notes, though it has not issued any Shelf Notes pursuant to the agreement.

Key figures

Fiscal year ended December 31, 2024

Revenue

$3.0B

Operating income

$826M

Net income

$638M

EPS

$10.71

Operating cash flow

$762M

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

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.