Waters Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter of 2017
For the year, the company reported net sales of $2,167,423,000 against $2,042,332,000 a year ago. Operating income was $624,339,000 against $567,451,000 a year ago. Income from operations before income taxes was $600,114,000 against $541,919,000 a year ago. Net income was $521,503,000 against $469,053,000 a year ago. Net income per diluted common share was $6.41 against $5.65 a year ago. Adjusted non-GAAP operating income was $651,693,000 against $592,823,000 a year ago. Adjusted non-GAAP income from operations before income taxes was $627,468,000 against $567,291,000 a year ago. Adjusted non-GAAP net income was $539,068,000 against $489,222,000 a year ago. Adjusted non-GAAP net income per diluted common share was $6.62 against $5.89 a year ago. Full year 2016 free cash flow was $555 million or approximately $0.25 of cash flow for each dollar of sales.
For the first quarter of 2017, Sales growth is expected to be in the range of 3% to 5%. At today's rates, currency translation is expected to reduce first quarter sales growth by about 2%. This sales growth rate includes the effect of 2 fewer selling days in the quarter that company assume will reduce sales growth by approximately 1%. These top line factors, combined with moderate increases in expenses, result in an estimated first quarter earnings per diluted share in the range of $1.26 to $1.36.