Waters Corporation Reports Strong Q1 2025 Results, Raises Full-Year Guidance

Waters Corporation reported strong financial results for Q1 2025, with sales reaching $662 million, up 4% as reported and 7% in constant currency, driven by an 11% increase in instrument sales largely from pharmaceutical and industrial markets. The company posted GAAP EPS of $2.03 and non-GAAP EPS of $2.25, reflecting growth despite foreign exchange headwinds. Management raised full-year guidance, expecting 5% to 7% constant currency sales growth and non-GAAP EPS between $12.75 and $13.05, signaling anticipated annual EPS growth of 8% to 10%. For Q2 2025, Waters forecasts sales growth of 5% to 7% in constant currency and non-GAAP EPS growth of 10% to 13%. Operational excellence and innovation have helped the company maintain momentum amidst external challenges such as tariffs and currency fluctuations. Analysts maintain a consensus 'Outperform' rating with average price targets implying upside potential around 10% to 14%.