MILFORD, Mass.--(BUSINESS WIRE)--Waters Corporation (NYSE: WAT) reported second quarter 2016 sales of $537 million, an 8% increase versus sales of $495 million in the second quarter of 2015. Foreign currency translation did not materially impact sales growth. On a GAAP basis, earnings per diluted share (EPS) for the second quarter were up 24% to $1.57 compared to $1.27 for the second quarter of 2015. On a non-GAAP basis, including the adjustments in the attached reconciliation, EPS increased 20% to $1.58 from $1.32 in the second quarter of 2015. A description and reconciliation of GAAP to non-GAAP EPS is attached and can be found on the Company’s website at http://www.waters.com under the caption “Investors”.

Through the first six months of 2016, sales for the Company were $1,012 million, up 6% compared with sales of $955 million in the first six months of 2015. Foreign currency translation decreased sales growth during the first half of 2016 by 1%. On a GAAP basis, EPS for the first six months of 2016 were up 13% to $2.72 compared to $2.41 for the comparable period in 2015. On a non-GAAP basis and including adjustments in the attached reconciliation, EPS increased 13% to $2.85 in the first six months of 2016 as compared to $2.52 in 2015.

Commenting on the Company’s performance, Christopher J. O’Connell, President and Chief Executive Officer said, “Continued strength in bio/pharmaceutical end markets and improvement in industrial end markets, as well as relatively balanced instrument and recurring revenue growth, highlighted our second quarter results. Disciplined execution of our business plan contributed to operating leverage and strong earnings per share growth, while we continued to invest in innovation to drive future growth.”

The sales growth percentages below are on an as reported basis and are the same as the sales growth percentages on a constant currency basis, as detailed in the attached reconciliation of GAAP to non-GAAP sales.

Results from the Company’s end markets in the quarter were highlighted by 12% sales growth from the broadly defined bio/pharmaceutical market and 7% sales growth from the industrial market, offset by a 4% decline in sales within the government and academic market.

The Company’s recurring revenues, the combination of service and consumables, posted 10% sales growth in comparison to a strong prior year’s result, while instrument system sales grew about 7% in the quarter.

Geographically, the Company’s sales growth rate in Asia was 9%, with continued strong demand from China. Sales in Europe increased by 12%, while sales in the U.S. increased by 5% in the quarter.

As communicated in a prior press release, Waters Corporation will webcast its second quarter 2016 financial results conference call this morning, July 26, 2016 at 8:00 a.m. eastern time. To listen to the call, connect to www.waters.com, choose “Investors” and click on the “Live Webcast”. A replay will be available through August 2, 2016 at midnight eastern time, similarly by webcast and also by phone at 402-998-0509.

About Waters Corporation

Waters Corporation (NYSE: WAT) develops and manufactures advanced analytical science technologies for laboratory-dependent organizations. For more than 50 years, the Company has pioneered a connected portfolio of separations science, laboratory information management, mass spectrometry and thermal analysis systems.