Waters Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and Full Year of 2013
For the full year, net sales were $1,843,641,000 against $1,851,184,000 a year ago. Operating income was $511,490,000 against $528,600,000 a year ago. Income from operations before income taxes was $487,625,000 against $509,252,000 a year ago. Net income was $461,443,000 or $5.19 per diluted share against $432,968,000 or $4.69 per diluted share a year ago. Adjusted Non-GAAP gross profit was $1,107,930,000 against $1,120,691,000 a year ago. GAAP operating income was $511,490,000 against $528,600,000 a year ago. Adjusted Non-GAAP operating income was $541,574,000 against $547,524,000 a year ago. Adjusted Non-GAAP net income was $438,807,000 or $4.93 per share against $444,123,000 or $4.81 per share a year ago.
The company announced that tax rate in the first quarter of 2013 is expected to be approximately 14%, and for the second quarter through fourth quarter, are expected to be about 16%. For the first quarter of 2013, the company expects organic sales growth of about 4% in the first quarter. Currency translation will reduce sales by almost 1%, resulting in reported sales growth of about 3%. The company's non-GAAP earnings per fully diluted share are expected to be in the range of $1.07 to $1.12.
For the year 2013, the company announced that Gross margins are expected to be about 59.5%, a modest decline due largely to the currency effects. Net interest expense is expected to be approximately $26 million. The company currently expects full year operating tax rate to be about 15.5%.