UPDATE 2-Waters Corp Q2 slips below market view, shares fall
* Q2 adj EPS $0.78 vs est $0.79 * Q2 sales $362.8 mln vs est $363.0 mln
* Raises '09 EPS view to $3.28-$3.38 from $2.95-$3.30
* Shares down as much as 7 pct (Recasts, adds analyst comments, updates share movement)
By Anuradha Ramanathan and Vidya L Nathan
BANGALORE, July 28 (Reuters) - Waters Corp (WAT.N: Quotazione) posted a second-quarter profit that missed market estimates by a cent, on weak sales to industrial customers involved in the manufacture of consumer goods, sending its shares down 7 percent.
"The buy side was looking for a beat. So it was a little disappointing in that regard... That is why the stock is down today," Leerink Swann analyst Isaac Ro said.
Shares of the company fell $2.44 to $50 in afternoon trade on the New York Stock Exchange. They touched a low of $48.64 earlier.
However, the life sciences tools maker raised its 2009 profit forecast on strong demand for its research-oriented instruments. [ID:nWNBB4011] Waters is expected to benefit from the Obama Administration's stimulus plan, which includes $10 billion for the National Institutes of Health (NIH), of which $8 billion is earmarked for funding medical studies and the rest to upgrade research facilities.
Waters estimates that it will begin to see the benefit of the federal stimulus plan on healthcare spending by the fourth quarter, a company executive said on a conference call with analysts. Continua...