Waters Corporation (NYSE:WAT) announced its first-quarter earnings on Tuesday, beating Wall Street estimates.
The medical-instrument maker reported first-quarter net income US$1.59 per share on revenue of US$531mln compared with US$1.46 per share on revenue of US$498mln in the previous year’s first quarter.
The Massachusetts-based company beat consensus estimates of US$1.55 per share, but just missed revenue estimate of US$533mln.
Sales grew 5% in the US and fared well internationally too, growing 16% in Europe and 3% in Asia.
The company’s board also authorized a stock buyback of US$3.5bn dollars over the next three years.
Despite growing sales abroad and the share repurchase, the company has rising debt levels and has increased its spending on research and development, according to Zacks.
Shares of the company fell more than 8% in afternoon trading to US$192 in afternoon tradig.