Waters (NYSE: WAT) reported earnings on April 23. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 30 (Q1), Waters met expectations on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue grew slightly. Non-GAAP earnings per share increased. GAAP earnings per share grew significantly.

Gross margins dropped, operating margins contracted, net margins grew.

Revenue details
 Waters tallied revenue of $430.3 million. The 14 analysts polled by S&P Capital IQ wanted to see revenue of $432.1 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $1.07. The 18 earnings estimates compiled by S&P Capital IQ averaged $1.09 per share. Non-GAAP EPS of $1.07 for Q1 were 7.0% higher than the prior-year quarter's $1.00 per share. GAAP EPS of $1.39 for Q1 were 42% higher than the prior-year quarter's $0.98 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 59.4%, 80 basis points worse than the prior-year quarter. Operating margin was 25.4%, 80 basis points worse than the prior-year quarter. Net margin was 28.1%, 700 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $468.7 million. On the bottom line, the average EPS estimate is $1.24.

Next year's average estimate for revenue is $1.92 billion. The average EPS estimate is $5.30.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 314 members out of 329 rating the stock outperform, and 15 members rating it underperform. Among 90 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 89 give Waters a green thumbs-up, and one give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Waters is outperform, with an average price target of $94.68.

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