MILFORD, Mass. (AP) -- Waters Corp., which makes products used in drug discovery and development, said Tuesday its net income climbed 28 percent in the fourth quarter on a one-time income tax benefit.
The scientific instrument maker said it received a tax benefit of about $23 million during the final quarter of 2012. Excluding one-time items, Waters said its income was roughly similar to the same quarter a year ago.
Waters said it earned $175.9 million, or $2 per share, in the most recent quarter. If the income tax gain is excluded its income totaled $1.59 per share. A year earlier Waters reported a profit of $137.1 million, or $1.51 per share.
Its revenue edged up to $521.8 million from $521.4 million.
Analysts were forecasting net income of $1.58 per share and $522.2 million in revenue, according to FactSet.
For 2012, Waters' net income grew 7 percent to $461.4 million, or $5.19 per share, from $433 million, or $4.69 per share. Revenue slipped to $1.84 billion from $1.85 billion.
In morning trading Waters shares lost $1.45 to $90.44.