Waters Corp. Q4 FY2023 results: revenue $819 million, down 4.5% on the year

Waters Corp. (WAT) reported revenue of $819 million for Q4 FY2023, the quarter ended 31 December 2023, down 4.5% on the same quarter a year earlier. Net income was $216 million, down 4.8% on the year, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$819 milliondown 4.5%

Net income$216 milliondown 4.8%

Diluted EPS$3.65

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	819	712	n/a	n/a
Cost of revenue	318	291	n/a	n/a
Gross profit	501	420	n/a	n/a
Gross margin	61.2%	59.1%	n/a
Research and development	44.4	42.0	n/a	n/a
Selling, general and administrative	180	187	n/a	n/a
Operating income	264	179	n/a	n/a
Operating margin	32.2%	25.2%	n/a
Interest expense	30.7	30.4	n/a	n/a
Pre-tax income	238	153	n/a	n/a
Income tax	21.4	18.6	n/a	n/a
Effective tax rate	9.0%	12.2%	n/a
Net income	216	135	n/a	n/a
Net margin	26.4%	18.9%	n/a
Diluted EPS	$3.65	$2.27	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	230	158	n/a	n/a
Capital expenditure	41.6	38.0	n/a	n/a
Free cash flow	189	120	n/a	n/a
Free cash flow margin	23.0%	16.8%	n/a
Depreciation and amortisation	47.4	48.1	n/a	n/a
Share-based compensation	4.6	8.5	n/a	n/a
Buybacks	-0.2	0.7	n/a	n/a
Diluted shares, weighted	59m	59m	n/a	n/a
Shares outstanding at period end	59m	59m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	4,627	4,497	n/a	n/a
Cash and equivalents	395	336	n/a	n/a
Receivables	702	631	n/a	n/a
Inventory	516	544	n/a	n/a
Goodwill	1,305	1,308	n/a	n/a
Long-term debt	2,360	2,455	n/a	n/a
Operating lease liabilities	58.9	60.2	n/a	n/a
Shareholders' equity	1,150	906	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	712	819	637	709	740	873	662	771	800	932	1,267	1,645
Cost of revenue	291	318	262	288	302	349	277	321	328	363	n/a	n/a
Gross profit	420	501	375	420	439	524	385	450	472	569	n/a	n/a
Gross margin	59%	61%	59%	59%	59%	60%	58%	58%	59%	61%	n/a	n/a
R&D	42.0	44.4	44.6	46.2	45.3	46.9	46.6	48.5	53.6	46.9	96.0	122
SG&A	187	180	175	173	169	173	175	201	214	240	387	405
Operating income	179	264	134	189	211	292	152	188	192	271	-47.0	-86.0
Operating margin	25%	32%	21%	27%	29%	33%	23%	24%	24%	29%	-4%	-5%
Interest expense	30.4	30.7	25.5	23.7	21.4	19.0	14.3	14.4	26.6	14.3	48.0	60.0
Pre-tax income	153	238	115	169	194	277	143	178	170	264	-88.0	-141
Tax rate	12%	9%	11%	16%	17%	16%	15%	17%	12%	15%	n/a	n/a
Net income	135	216	102	143	162	231	121	147	149	225	-72.0	-136
Net margin	19%	26%	16%	20%	22%	27%	18%	19%	19%	24%	-6%	-8%
Diluted EPS	$2.27	$3.65	$1.72	$2.40	$2.71	$3.88	$2.03	$2.47	$2.50	$3.77	-$0.87	-$1.39
Operating cash flow	158	230	n/a	n/a	n/a	240	n/a	n/a	n/a	165	-3.0	201
Capital expenditure	38.0	41.6	n/a	n/a	n/a	52.1	n/a	n/a	n/a	39.0	39.0	48.0
Free cash flow	120	189	n/a	n/a	n/a	188	n/a	n/a	n/a	126	-42.0	153
Buybacks	0.7	-0.2	n/a	n/a	n/a	0.1	n/a	n/a	n/a	0.1	12.0	2.0
Shares outstanding	59m	59m	59m	59m	59m	n/a	98m	98m	98m	60m	98m	98m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0001193125-24-047491: the filing on EDGAR. All of Waters Corp.'s filings: EDGAR company page.

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