Waters Corp. (NYSE:WAT) began to turn the corner on a difficult 2009 during the fourth quarter, posting revenue and profit increases during the three months ended Dec. 31.
The Milford, Mass.-based lab instruments maker said fourth-quarter sales rose 2.5 percent to $428.9 million, compared with Q4 2008 sales of $418.3 million. Net income for the quarter rose 4.8 percent to $104.1 million, or $1.08 per diluted share, compared with $99.4 million, or $1.01 per diluted share, during the fourth quarter of 2008.
Full-year results weren’t quite as rosy, with overall sales dipping 4.9 percent to $1.5 billion, compared with $1.58 billion during 2008. Net income for 2009 was $323.3 million ($3.34 per diluted share), up a hair compared with $322.5 million ($3.21 per diluted share) during the prior year.
Chairman, president and CEO Douglas Berthiaume called 2009 "a most challenging market environment," citing "a steep economic slowdown and volatile capital markets" as factors in the suppressed demand for its products during the year.