MILFORD, Mass. (AP) _ Waters Corp. (WAT) on Tuesday reported first-quarter profit of $109 million.
On a per-share basis, the Milford, Massachusetts-based company said it had net income of $1.51. Earnings, adjusted for one-time gains and costs, came to $1.60 per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.
The maker of products used in drug discovery and development posted revenue of $513.9 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $545.5 million.
For the current quarter ending in July, Waters expects its per-share earnings to range from $2.05 to $2.15. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.23.
The company expects full-year earnings in the range of $9.05 to $9.25 per share.
Waters shares have increased 28 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 16 percent. The stock has increased 16 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WAT at https://www.zacks.com/ap/WAT