UPDATE 2-Waters Corp Q1 profit rises; ups full-year outlook
(Recasts; adds details, analyst comments, updates share movement)
By Aradhana Aravindan
BANGALORE, April 22 (Reuters) - Waters Corp (WAT.N: Quotazione), a maker of instruments used in drug research, reported a 24 percent rise in quarterly profit, helped by higher margin expansions and strong global sales, and raised its full-year outlook, sending its shares up as much as 9 percent.
The company, which competes with Thermo Fisher Scientific Inc (TMO.N: Quotazione) and Applied Biosystems Group ABI.N, also forecast second-quarter earnings that could meet or beat analysts' estimates.
"While this quarter was a bit of a struggle, we think the company is pointed in the right direction with its strong product platform," Deutsche Bank analyst Ross Muken said in a note to clients.
Muken raised his price target on the stock to $78 from $73 and kept his "buy" rating.
For the latest first quarter, the company benefited from new product cost reductions, favorable product mix and currency translation, John Ornell, Chief Financial Officer, said in a conference call with analysts.
Shares of the Milford, Massachusetts-based company were trading up more than 5 percent at $57.39 in afternoon trade on the New York Stock Exchange.
OUTLOOK RAISED Continua...