Waters reports solid performance for first quarter of 2016

Waters has announced its financial results for the first three months of 2016, during which it delivered a sales total of $475 million (325.95 million pounds).

This represents a three percent year-on-year increase, or five percent in constant currency terms. On a non-GAAP basis, its earnings per share figure increased four percent to $1.26 from $1.21 in the first quarter of 2015.

Its strong momentum in the bio/pharmaceutical market was offset by flat performance in other markets, while in geographic terms its fastest growth was seen in Asian markets like China and India, with the US and Europe recording a more modest performance.

The firm's steady service and chemistry consumables growth also contributed the solid first-quarter results.

Christopher O'Connell, president and chief executive officer, said: "We are pleased with our solid start to 2016, led by continued strength in bio/pharmaceutical end markets and balanced contribution from key products and geographies."

In 2015, the company achieved a sales total of $2.04 billion, an increase of three percent compared to the year before.