Waters Corp.

**Strong Q3 Results Exceed Expectations**: Waters Corporation reported Q3 2024 sales of $740 million, up 4% year-over-year (YoY) in both reported and constant currency. Non-GAAP earnings per share (EPS) were $2.93, demonstrating a 3% increase YoY, while GAAP EPS stood at $2.71. The solid performance highlights operational excellence and effective commercial execution, leading to expectations for continued growth moving into Q4.

**Positive Growth Across All Regions and End Markets**: Each of Waters' three reported geographic regions returned to growth, with significant contributions from the Pharma & Industrial sectors. Notably, Pharma sales grew mid-single digits and instrument growth was reinstated after a seven-quarter decline, indicating a potential upswing in demand and a positive trend for the broader market.

**Increased Guidance for Q4 and Full Year 2024**: The company raised its full-year guidance to reflect better-than-expected Q3 results and a positive outlook for Q4, projecting 5-7% constant currency sales growth for Q4. Full-year 2024 organic constant currency sales growth is now estimated at a decline of just 0.9% to 0.3%, with adjusted EPS forecasts increased to a midpoint of $11.77, reflecting flat to slightly positive growth versus last year.