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

The 10-second takeaway
 For the quarter ended June 29 (Q2), Waters missed estimates on revenues and whiffed on earnings per share.

Compared to the prior-year quarter, revenue was unchanged. Non-GAAP earnings per share shrank. GAAP earnings per share contracted.

Margins dropped across the board.

Revenue details
 Waters booked revenue of $451.1 million. The 14 analysts polled by S&P Capital IQ anticipated sales of $466.4 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 $1.08. The 18 earnings estimates compiled by S&P Capital IQ forecast $1.21 per share. Non-GAAP EPS of $1.08 for Q2 were 7.7% lower than the prior-year quarter's $1.17 per share. GAAP EPS of $1.03 for Q2 were 5.5% lower than the prior-year quarter's $1.09 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 58.3%, 200 basis points worse than the prior-year quarter. Operating margin was 25.0%, 230 basis points worse than the prior-year quarter. Net margin was 19.8%, 180 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $466.1 million. On the bottom line, the average EPS estimate is $1.27.

Next year's average estimate for revenue is $1.90 billion. The average EPS estimate is $5.21.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 316 members out of 331 rating the stock outperform, and 15 members rating it underperform. Among 97 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 96 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 $100.54.

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