While reporting financial results for the second quarter on Wednesday, specialty measurement company Waters Corp. (WAT) slashes its adjusted earnings and sales growth outlook for the full-year 2024 and provided guidance for the third quarter, which was below analysts\' estimates.
For fiscal 2024, the company now projects adjusted earnings in a range of $11.55 to $11.65 per share on sales decline of 2.2 to 0.7 percent, with organic constant currency sales decline of 2.0 to 0.5 percent.
Previously, the company expected adjusted earnings in the range of $11.75 to $12.05 per share on sales growth in a range of 0.0 to 2.0 percent, with organic constant currency sales between a decline of 0.5 percent and a growth of 1.5 percent.
On average, 18 analysts polled by Thomson Reuters expect the company to report earnings of $11.78 per share on sales decline of 0.10 percent to $2.95 billion for the year. Analysts\' estimates typically exclude special items.
For the third quarter, the company expects adjusted earnings in a range of $2.60 to $2.70 per share on sales between a decline of 0.5 percent and growth of 1.5 percent, with constant currency sales growth of 1 to 3 percent.
The Street is looking for earnings of $2.89 per share on a sales growth of 3.2 percent to $734.53 million for the quarter.
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