Waters Corp

WAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$556.00	Xjrtk	Gzfjfhtn

Waters Earnings: Weakness in China Cuts Into Results and 2023 Outlook, but Early Rebound Signs Seen

Julie Utterback

Aug 2, 2023

Wide-moat Waters reported weak second-quarter results, as biopharmaceutical clients in China reined in spending on its tools, causing management to push down its sales and adjusted EPS guidance for 2023. However, at first glance, this further reset of 2023 expectations does not materially affect our $323 fair value estimate, and Waters management highlighted some early signs of a rebound to which shares are reacting positively.

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