Benzinga | May 5, 2021 07:46AM EDT

Waters Crushes Q1 Earnings, Q2 Guidance Exceed Wall Street's Consensus

* Waters Corp (NYSE: WAT) reported first-quarter FY21 net sales growth of 31% year-on-year to $608.5 million, beating analyst consensus of $525.29 million.

* Net sales from Waters and TA segments rose 31% to $541.9 million and $66.7 million, respectively.

* Instruments, Service, Chemistry, and Total Recurring net sales rose 49%, 19%, 22%, and 20%, respectively.

* Net sales to Asia, Americas, and Europe rose 44%, 15%, and 36%, respectively.

* China's net sales rose 118%.

* Net sales to Pharmaceutical, Industrial, and Academic & Government markets rose 32%, 28%, and 33%, respectively.

* Non-GAAP EPS of $2.29 beat the analyst consensus of $1.57.

* The company generated $218 million in operating cash flow, and it held $809.8 million in cash and equivalents.

* Guidance: It sees Q2 constant-currency sales growth of 14% to 16%, non-GAAP EPS of $2.15 to $2.25, higher than the analyst consensus of $2.11.

* Price action: WAT shares traded higher by 1.53% at $304.34 in the premarket session on the last check Wednesday.